Savings rates for 401(k) plans have reached record highs in recent years, as both Vanguard and Fidelity reports indicate. In 2023, the average combined savings rate was estimated at 11.7%, matching a record high from 2022. Additionally, a separate Fidelity report found a combined rate of 14.2% for the first quarter of 2024, based on
Personal
The latest trend on TikTok for building wealth is the “no-spend month,” where users are encouraged to refrain from making non-essential purchases for a specified period. While this challenge may seem like a good way to save money and break the habit of overspending, there are some factors to consider before diving in. The “no-spend”
The U.S. Department of Education has recently made a proposal to extend the eligibility of the Public Service Loan Forgiveness program to early childhood educators. The aim is to alleviate the financial burden on workers in this sector who often struggle with low wages. This move has been lauded as a step in the right
The recent Supreme Court decision in the case of Moore v. United States has sparked a debate about the constitutionality of wealth taxes. The case centered around a Washington state couple who faced taxes on income from an investment in an India-based company that didn’t distribute dividends. This tax, known as the “mandatory repatriation tax,”
As Generation X individuals begin to approach retirement age, the looming pressure of saving for their golden years is becoming increasingly burdensome. A report from Natixis Investment Managers revealed that a staggering 48% of Gen Xers believe they will not have enough money to fully enjoy their retirement. Furthermore, 31% of those surveyed expressed fears
Wealth transfer from one generation to the next through homeownership is a crucial aspect of building financial stability and security within families. However, issues such as heirs’ property and appraisal bias can significantly impact the ability of individuals to pass on their property and accumulate wealth. According to estimates, more than $32 billion in assessed
The latest government inflation data indicates that the rate of price increases for food has slowed down in recent months. However, despite this, the majority of American shoppers still feel overwhelmed by the high prices they encounter in grocery stores. According to a report by Intuit Credit Karma, 80% of Americans have experienced a significant
The U.S. Department of the Treasury and the IRS have taken a stand against tax loopholes that have allowed large partnerships to evade paying their fair share of taxes. This plan is aimed at closing a major tax loophole known as “related party basis shifting,” which has cost the government an estimated $50 billion in
The recent decision by the Federal Reserve to keep interest rates unchanged has far-reaching implications for consumers, especially those who carry a balance on their credit card. With only one rate cut expected before the end of the year, the likelihood of a significant reduction in credit card interest charges is slim. This means that
As of May, the average car payment in the United States stands at a steep $760 per month, marking a significant increase from the $535 average seen just a few years ago. This surge can be attributed to a combination of high vehicle prices and soaring interest rates. Despite a slight decrease from the peak