Remote work has become a significant trend in the U.S. labor market, especially during the Covid-19 pandemic. Economists have noted that this shift towards remote work is one of the most substantial changes seen in the labor market over the past couple of decades. Nick Bunker, an economic research director at Indeed, emphasized the staying
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Retirees often have various sources of income, such as Social Security, pensions, retirement plans, or other investments, which may require them to withhold taxes or make quarterly payments to the IRS to avoid penalties. While the quarterly estimated tax deadlines for 2024 are April 15, June 17, Sept. 16, and Jan. 15, 2025, there is
In retirement, one of the unavoidable financial obligations that come with funnelling money into pretax retirement accounts is required minimum distributions (RMDs). These mandatory withdrawals can be a nuisance for retirees who do not necessarily need the money, as they can trigger higher taxes. However, financial experts suggest that although RMDs may seem like an
As the upcoming presidential election approaches, both former President Donald Trump and Vice President Kamala Harris have unveiled their economic agendas, which include significant tax changes that could have a profound impact on millions of Americans. The Tax Cuts and Jobs Act (TCJA) passed during Trump’s administration will see many of its provisions expire after
The federal minimum wage has been stagnant at $7.25 per hour for the past 15 years. This lack of increase has left many workers struggling to make ends meet, unable to keep up with the rising cost of living. While some states have taken initiative to set their own higher minimum pay rates, there are
Vice President Kamala Harris recently announced an economic plan that includes an expanded child tax credit of up to $6,000 for families with newborn children. This proposal aims to build on the previous child tax credit enacted through the American Rescue Plan in 2021. Harris’ plan would provide up to $6,000 in total tax relief
As investors approach retirement, they are faced with a significant threat known as “sequence of returns risk.” This risk, also referred to as “sequence risk,” is often overlooked and misunderstood by retirees, but its impact on their retirement nest egg can be detrimental. The issue arises when poor investment returns coincide with withdrawals, particularly in
Former President Donald Trump has suggested a significant change to Social Security, proposing an end to taxes on benefit income. This proposal aims to alleviate the burden on seniors, allowing them to retain more of their monthly checks. However, the critical flaw in Trump’s plan is the absence of a concrete strategy to compensate for
As the economy continues to face uncertainties, financial advisors emphasize the importance of having a sufficient amount of emergency savings set aside. Despite some positive indicators, such as second-quarter economic growth, a significant portion of Americans mistakenly believe that the U.S. is currently in a recession. While some financial institutions have raised recession forecasts, others
Former President Donald Trump and Vice President Kamala Harris have both voiced their support for ending taxes on tips. Harris made her statement during a rally in Las Vegas, and Trump shared a similar idea at a rally in the same service economy hotspot. While this proposal has garnered some bipartisan support in Congress, it