BlackRock, the largest asset manager, has introduced a new product called LifePath Paycheck, aimed at assisting workers in turning their retirement savings into a consistent income stream that mirrors their pre-retirement paycheck. This initiative comes at a time when individuals are transitioning from traditional defined benefit plans, such as pensions, to defined contribution plans like
Personal
Employee Stock Purchase Plans (ESPPs) can be a valuable benefit offered by publicly traded companies. These plans allow employees to purchase company shares at a discounted price, providing an opportunity for potential financial gains. However, before enrolling in your company’s ESPP, it is essential to understand the rules and risks associated with this option. While
President Joe Biden’s latest attempt at student debt relief has faced scrutiny after his initial plan was blocked by the Supreme Court last summer. The U.S. Department of Education has outlined a new relief package that aims to target specific groups of borrowers in order to withstand legal challenges. This article will delve into the
The federal tax deadline of April 15 has come and gone for most filers, and if you missed it, experts urge you to take immediate action. Filing your return and paying your balance as soon as possible is crucial to avoid accruing additional penalties and interest. The IRS emphasizes that until you file and pay
The Biden administration recently announced a final rule that seeks to enhance protections for retirement savers by regulating the investment advice provided by advisors, brokers, and insurance agents. This rule, issued by the U.S. Department of Labor, expands the definition of when a financial professional must act as a “fiduciary,” requiring them to prioritize the
Since the passing of the Secure Act in 2019, non-eligible designated beneficiaries who have inherited an individual retirement account now face a 10-year window to deplete the funds. These beneficiaries include heirs who are not a spouse, minor child, disabled, or chronically ill individuals. This timeline can create significant tax consequences for the heirs if
Teenagers today are showing an increased interest in their long-term financial health, with a recent survey revealing that 83% of 13- to 18-year-olds have already given some thought to their retirement. However, the same survey also highlighted a lack of understanding when it comes to basic retirement planning. Many teens mistakenly believe that saving money
President Joe Biden recently introduced his Plan B for student loan forgiveness, emphasizing his desire to make community college tuition-free in order to eliminate the need for loans altogether. This shift towards free college education has been deemed a more effective strategy in addressing the college affordability crisis by experts in the field. While loan
Federal Reserve Bank of Chicago President Austan Goolsbee recently expressed his views on the difficulty of reaching the 2% inflation target by 2024 at the Society for Advancing Business Editing and Writing’s annual conference. Despite the Fed’s commitment to this goal, Goolsbee acknowledged that the path to achieving it is becoming increasingly challenging due to
The U.S. is on the brink of a significant increase in the number of centenarians in the next few decades. According to a Pew Research Center analysis of U.S. Census Bureau data, it is estimated that by 2054, there will be approximately 422,000 Americans aged 100 and above. This marks a significant increase from the