Recent statistics surrounding 401(k) savings reveal an optimistic trend in retirement planning among American workers. The average total savings rate, which encompasses both employee contributions and employer matches, has nudged upward to 12.7% in 2023. This reflects a modest increase from the 12.1% reported in the previous year. The findings, drawn from a comprehensive survey
Personal
In 2023, a transition of student loan accounts from NelNet to Mohela has sparked considerable alarm among lawmakers, who allege that the transfer was fundamentally flawed. An investigative letter sent to key government agencies—including the Consumer Financial Protection Bureau (CFPB) and the Department of Education—revealed profound issues resulting in millions of inaccuracies in consumer credit
As we approach the end of the year, the cryptocurrency market, specifically Bitcoin, showcases significant growth and volatility, compelling investors to make strategic decisions regarding their portfolios. With Bitcoin prices recently surpassing the landmark $100,000 mark, and boasting an impressive year-to-date increase exceeding 130%, many investors find themselves in a dilemma: should they hold their
Since the U.S. elections in November, the cryptocurrency market has experienced significant growth, highlighted by Bitcoin reaching unprecedented heights above $107,000. This surge has been largely attributed to the anticipated regulatory environment under President Donald Trump, who has articulated a pro-cryptocurrency stance. The excitement surrounding digital assets has captivated many investors; however, not all financial
As we approach the year 2025, the emphasis on retirement savings continues to grow. Financial experts recommend that individuals take proactive steps to enhance their 401(k) contributions as the new limits now allow for greater deferral options. Workers will be able to defer a maximum of $23,500 into their 401(k) plans, an increase from the
As financial analysts turn their attention to the horizon of monetary policy, the anticipated decision by the Federal Reserve to cut interest rates once again is causing a stir among investors and savers alike. Experts agree that the imminent rate cut—predicted to occur during the Fed’s upcoming meeting—promises both opportunities and challenges for individuals looking
As we navigate through a dynamic economic landscape, recent trends suggest a significant shift in American consumers’ perceptions of their financial futures. With the Federal Reserve poised to reduce interest rates, households are beginning to feel more optimistic about their financial prospects. The New York Federal Reserve’s latest report highlights a notable increase in consumer
In recent weeks, Congress took a significant stride toward reforming Social Security regulations that have long been viewed as unjust by many public service employees. On November 12, the House of Representatives overwhelmingly passed the Social Security Fairness Act with a vote of 327 to 75. This legislation seeks to abolish the Windfall Elimination Provision
As the landscape of American taxation approaches 2025, the uncertainty surrounding potential reforms has heightened, particularly with Congress deliberating over the economic vision put forth by President-elect Donald Trump. The implications of this uncertainty cannot be understated, especially considering the precedent set by his previous tax reform: the Tax Cuts and Jobs Act (TCJA) enacted
When contemplating the complexities of retirement planning, particularly concerning Roth IRAs, one aspect stands out: the significance of your current tax bracket. Choosing to convert a traditional or nondeductible IRA into a Roth IRA can offer substantial long-term gains but also incurs immediate tax implications that require careful consideration. This article delves into the strategic