As individuals approach retirement, one of the most significant financial considerations they face is how their tax burden may change. For the majority of retirees, the expectation is that they will experience a lower tax rate than they did during their working years. While this is often the case, especially for those with lower incomes,
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In a significant monetary policy decision, the Federal Reserve has decided to lower its benchmark interest rate by 25 basis points, a decision that followed the surprising win of President-elect Donald Trump in the recent 2024 election. This move comes amid a climate of economic uncertainty, characterized by elevated inflation levels that have strained the
The recent political shifts in the U.S. have significant ramifications for wealth distribution and fiscal policy, particularly regarding capital gains taxation. With the election of Donald Trump and an anticipated Republican majority in Congress, the dynamics surrounding capital gains taxes appear to create more favorable conditions for high earners. Historically, capital gains taxes have been
The passing of a spouse can bring forth an overwhelming wave of emotions and burdens, yet one of the lesser-known challenges awaiting surviving partners is the reality of increased taxes. This situation often catches retirees off guard, prompting a crucial need for financial foresight and careful planning. With the right strategies in place, couples can
The growing consensus among parents highlights a significant gap in financial education within the current school curriculum, as demonstrated in a recent survey commissioned by the SIFMA Foundation, a dedicated advocate for financial literacy. While a substantial majority of parents acknowledge the critical importance of teaching their children about investing, a mere 22% express complete
As artificial intelligence (AI) continues to permeate our daily lives, its influence in personal finance has become increasingly evident. From generating assistance in resume crafting to offering financial insights, AI has transformed how individuals, particularly younger generations, manage their money. Recent findings reveal a significant percentage of Gen Z and millennials are leveraging AI tools
The Internal Revenue Service (IRS) has recently announced the updated contributions limits and income thresholds for Roth individual retirement accounts (IRAs) for the year 2025. Notably, the maximum allowable contribution to a Roth IRA remains steady at $7,000, a consistent figure since 2024. For individuals aged 50 and above, the catch-up contributions also remain unchanged
Impulse buying has long been a challenge for consumers, leading to unnecessary expenditures and an overwhelming burden of debt. In an age of instant gratification and aggressive marketing strategies, individuals often find themselves purchasing items they do not need, creating financial strain. The allure of flashing sale signs and the pressure of fleeting deals can