The U.S. economy seems to have created a clear division between those who have enough and those who do not. This division is also apparent among retirees, with an estimated $84 trillion expected to shift from older to younger generations by 2045. However, despite this massive wealth transfer, there are concerns about a looming retirement
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As the 2025 tax cliff looms, there is a significant amount of uncertainty surrounding the expiration of trillions of dollars in tax breaks that were introduced as part of the Tax Cuts and Jobs Act of 2017 (TCJA). These expiring provisions could potentially lead to a tax increase for the majority of Americans if Congress
In the current labor market scenario, job seekers are facing increased competition which is leading to uncertainty in terms of job prospects. However, amidst this challenge, there are potential opportunities for tax planning that individuals can leverage. According to experts, prolonged unemployment or lower income for the year 2024 could actually provide a silver lining
Mega backdoor Roth conversions can be an attractive option for boosting tax-free retirement savings for high-income individuals. However, this complex maneuver is not available for all investors, and common mistakes can derail the benefits of this strategy. In this article, we will explore the pitfalls of mega backdoor Roth conversions and provide insights on how
The work-from-home trend has become a permanent fixture in today’s modern workforce. Even four years after the onset of the Covid-19 pandemic, many companies have embraced remote work as a positive and profitable arrangement for both employers and employees. This shift has challenged the traditional five-day, in-office workweek, making it clear that remote work is
Generation X, also known as the sandwich generation, faces unique challenges when it comes to managing their finances. They are sandwiched between the financial responsibilities of caring for their adult children and aging parents while also planning for their own retirement. This generation has often been overshadowed by the baby boomers and millennials, but they
When it comes to saving for retirement, it is crucial to make the most of your employer-sponsored 401(k) plan. While investing in your 401(k) early can boost growth over time, there is a risk of losing money by maxing out your contributions too soon in the year. However, some 401(k) plans offer a unique feature
In recent times, there has been a noticeable cooling off in the labor market, presenting challenges for individuals seeking new job opportunities. Julia Pollak, chief economist at ZipRecruiter, highlighted the increased competitiveness in job searching, urging job seekers not to lose hope despite the tough conditions. The U.S. Bureau of Labor Statistics reported a decline
In the world of social media, a trend has emerged that glorifies the idea of dating a man in finance. This trend is exemplified in a video posted by content creator Megan Boni, where she jokingly sings about her desire for a wealthy trust fund finance guy on TikTok. The video quickly went viral, garnering
Taking time off work is often seen as a luxury rather than a necessity for many Americans. Despite the fact that 62% of workers prioritize having paid time off, only 46% actually use all the vacation days available to them. Elizabeth Grace Saunders, a time management coach, emphasizes the importance of taking breaks to refresh