The Federal Reserve recently made headlines by announcing a significant interest rate cut of 50 basis points, marking its first adjustment since the onset of the COVID-19 pandemic. The decision, conveyed at the conclusion of a two-day meeting, sets a notable precedent as Americans grapple with the implications of reduced borrowing costs amidst a fluctuating
Personal
In an unprecedented bipartisan effort, lawmakers in Washington are attempting to rectify longstanding inefficiencies within the Social Security system. A movement led by Representative Abigail Spanberger (D-Va.) and Representative Garret Graves (R-La.) aims to amend the Social Security Fairness Act, which targets unfair regulations that diminish the benefits of retirees receiving pensions alongside Social Security.
The landscape surrounding inherited individual retirement accounts (IRAs) has drastically transformed since the implementation of the Secure Act in 2019. For beneficiaries of pretax IRAs, particularly those who inherited these accounts post-2020, the absence of informed financial strategy could lead to significant tax repercussions. The law introduced the “10-year rule,” reshaping how heirs can manage
As the 2024 tax season approaches, individuals often find themselves grappling with the worry of unexpected tax liabilities. The good news is that proactive measures can be taken now to minimize the chance of a surprise tax bill later. Experts emphasize the importance of evaluating your tax responsibilities—particularly if there have been changes in your
In the world of retirement planning, transitioning funds from a 401(k) plan to an Individual Retirement Account (IRA) is a frequent, often necessary step. This move usually coincides with important life events such as job changes or retirement. However, many investors find themselves unknowingly making a critical error during this process: leaving their money in
Open enrollment season can be a complex period for any individual, but when you introduce the dynamics of a relationship, it can become even more intricate. The overlapping timelines of workplace enrollment periods, the multiplicity of benefits offered, and each partner’s unique approach to risk can lead to confusion and uncertainty. Couples must navigate the
As the holiday season approaches, many travelers begin pondering their plans for Thanksgiving, Christmas, and New Year’s. Navigating through crowded airports and high prices can quickly turn a joyful experience into a stressful one. Therefore, effective planning is essential, especially in October, to benefit from optimal booking conditions. According to Hayley Berg, the lead economist
As the clock ticks towards the expiration of critical tax provisions set in motion by the Tax Cuts and Jobs Act (TCJA) of 2017, lawmakers face a high-stakes decision-making process that could alter the financial landscape for millions of American families and small businesses. With the temporary benefits of the TCJA slated to vanish post-2025,
With the upcoming election looming just around the corner, investors may find themselves inundated with various tax policy proposals that could significantly impact their financial decisions. These proposals, put forth by both Democratic candidate Vice President Kamala Harris and Republican former President Donald Trump, can often evoke strong emotions and trigger impulsive reactions. It is
As the upcoming election gains momentum, investors are closely monitoring the potential impact of proposed capital gains tax changes. Democratic presidential nominee Vice President Kamala Harris recently put forward a plan to implement a 28% tax on long-term capital gains for individuals earning more than $1 million annually, which is an increase from the current