When it comes to planning for retirement, financial experts often stress the importance of monitoring savings rates and the total nest egg. However, one crucial factor that often gets overlooked is life expectancy. While estimating how long you will live is uncertain and uncomfortable, it plays a significant role in determining how much money you
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Lawmakers have been showing an increasing interest in implementing taxes targeted at the ultra-rich. However, a recent Supreme Court ruling has raised concerns about the future of such wealth tax proposals. In the case of Moore v. United States, the Supreme Court upheld the “mandatory repatriation tax,” a one-time tax on certain foreign investments established
Many Americans find themselves struggling with summer travel expenses long after the summer months have passed. According to a recent survey by Bankrate, 36% of Americans plan to take on debt in order to fund their summer vacations. This trend is particularly prevalent among Millennials (47%) and Gen Zs (42%), showing that younger generations are
As of now, individuals who purchase health insurance through the federal marketplace benefit from the premium tax credits, which help make their insurance more affordable. These credits can be used to lower premiums upfront or claimed as a tax break when filing taxes. The American Rescue Plan Act temporarily enhanced this credit during the COVID-19
As President Joe Biden and former President Donald Trump prepare to face off in the first presidential debate of the 2024 general election, one of the key issues that will be discussed is tax policy. Experts believe that this debate will provide insight into where the presumptive nominees stand on crucial tax matters, particularly the
The recent pause on major parts of the Saving on a Valuable Education (SAVE) plan has left millions of student loan borrowers disappointed and confused about the future of their repayments. One such borrower, Cody Gude, was eagerly awaiting a drop in his monthly payment from $200 to $100, which would have provided him with
A looming retirement savings crisis is becoming increasingly evident for individuals with 401(k) plans and other retirement balances that fall short of what is necessary for a comfortable retirement. However, there is a glimmer of hope for some workers known as “super savers” who are successfully growing their retirement nest eggs. These super savers dedicate
As retirement approaches, individuals with substantial pre-tax retirement savings such as a 401(k) or an IRA must be mindful of the potential tax implications that could arise in the future. Required minimum distributions (RMDs) are mandatory withdrawals from pre-tax retirement accounts that trigger regular income taxes. With the recent changes brought about by Secure 2.0
The ongoing problems with the new Free Application for Federal Student Aid have resulted in significant delays in the distribution of financial aid award letters. As of June 14, only 45% of high school graduates have successfully completed the FAFSA, indicating a troubling decline from the previous year’s completion rate of 52%. This decline has
The recent surge in inflation has led to significant changes in retirement plans for many Americans, especially those nearing retirement age. According to a new study conducted by Prudential Financial, 43% of 65-year-olds have postponed their retirement due to inflation, while one third of 55-year-olds are considering delaying their retirement dates. This shift in retirement