As parents navigate the delicate balance of teaching their children about finances, the challenge of introducing them to concepts like saving and investing becomes crucial. One effective tool in fostering a healthy financial outlook is opening a Roth Individual Retirement Account (IRA) for your child. However, the real complexity arises in instilling the importance of
Personal
As we approach the deadline of 2025, financial advisors and their clients are increasingly concerned about significant tax changes on the horizon. The expiration of numerous tax benefits established by the Tax Cuts and Jobs Act (TCJA) of 2017 presents a potential financial cliff that could dramatically affect individuals and families across the United States.
The landscape of Social Security benefits is set to undergo significant changes in 2025, affecting millions of retired Americans as well as higher-income workers. The Social Security Administration (SSA) recently announced a 2.5% cost-of-living adjustment (COLA) for benefit payments, a news item that has drawn attention primarily for its impact on retirees. However, the issue
The Social Security Administration (SSA) has formally announced a modest cost-of-living adjustment (COLA) of 2.5% for the year 2025. This figure marks a notable turning point in the trajectory of annual benefit adjustments, as it represents the smallest increase since 2021, when beneficiaries received a mere 1.3%. Such adjustments play a critical role in helping
As Social Security beneficiaries await the announcement of the cost-of-living adjustment (COLA) for 2025, many are bracing themselves for the possibility of disappointment. Current projections suggest a modest increase of 2.5%, a figure that, while better than nothing, represents the lowest adjustment since 2021. Independent Social Security analyst Mary Johnson posits that this adjustment could
Navigating the labyrinth of taxes can be a daunting task for many U.S. taxpayers. One common avenue for managing this complexity is the option to file for an extension. In April 2023, approximately 19 million taxpayers made use of this provision to extend their filing deadline for federal income tax returns by six months. While
In American culture, discussions around personal finances often rank among the most uncomfortable topics. A recent survey conducted by U.S. Bank, which included 3,500 participants, indicates that many individuals are more willing to disclose their political preferences than dive into matters of money. This discomfort mirrors findings from a Wells Fargo study that equated the
In our digitally interconnected world, the rise of cryptocurrency has brought both opportunities and significant threats. Federal authorities are sounding the alarm over a burgeoning trend in scams that exploit emotional connections forged through social media, dating apps, and professional networking sites. These scams, often referred to as “romance investment frauds,” are predatory in nature,