Employers have increasingly adopted automated retirement savings programs, such as auto-enrollment and auto-escalation, to encourage workers to save more for their future. These policies were initially believed to have a significant positive impact on employees’ retirement savings. However, new research suggests that the actual benefits may not be as substantial as previously thought. Factors like
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Retirees who have been struggling with the high costs of prescription drugs can breathe a sigh of relief starting in 2025. New changes to Medicare Part D prescription drug coverage will bring about significant improvements for millions of participants, resulting in substantial cost savings and increased access to necessary medications. New Out-of-Pocket Cap In January
Despite the widespread knowledge of asset allocation among investors, the concept of tax allocation is often overlooked, resulting in significant financial losses. Advisors emphasize the importance of strategically locating assets in different types of accounts to minimize taxes and maximize after-tax returns for wealthier individuals. Asset location becomes especially crucial for investors in the 24%
The U.S. Department of Education has unveiled new details regarding the release of the 2025-26 Free Application for Federal Student Aid (FAFSA). This initiative aims to address the challenges faced during the previous college aid application cycle. The upcoming FAFSA will be accessible to select groups of students through beta tests starting on October 1,
When it comes to managing your investments, it’s crucial to explore various strategies that can help you maximize your portfolio’s potential. One lesser-known approach that has been gaining attention is tax-gain harvesting. This tactic involves strategically selling profitable assets in your brokerage account during lower-income years to take advantage of favorable tax rates. By implementing
The cost of attending college continues to rise, with some institutions charging nearly six figures a year when factoring in tuition, fees, room and board, books, and transportation. According to The Princeton Review’s “The Best 389 Colleges” list, eight schools have sticker prices of over $90,000 for the 2024-25 academic year, a figure that is
Minnesota Gov. Tim Walz shared a personal story at the Democratic National Convention to highlight the crucial role that Social Security survivor benefits played in helping his family after the death of his father when he was just 19 years old. This type of financial support allowed his mother and younger brother to maintain their
Recent years have seen an increase in enforcement efforts by the federal government when it comes to seriously delinquent tax debts. The IRS and Treasury Department are required by federal law to notify the State Department when an individual has a tax debt exceeding $62,000 in 2024, which includes federal tax liabilities, penalties, and interest.
Federal Reserve Chair Jerome Powell recently hinted at a potential interest rate cut, signaling a significant shift in monetary policy. This news has left many investors wondering how to navigate their investment strategies in light of this impending change. Financial advisors are weighing in on the potential impact and what adjustments, if any, should be
In a recent data breach, background check company National Public Data, owned by Jerico Pictures Inc., reported that over 2.7 billion personal records may have been exposed. The breach included sensitive information such as Social Security numbers, names, email addresses, phone numbers, and mailing addresses. A third-party bad actor gained unauthorized access to the data