What retirees need to know about qualified charitable distributions

What retirees need to know about qualified charitable distributions

David Jakle | Image Source | Getty Images If you’re retired and giving to charity this holiday season, experts say there’s a way to trim your 2022 tax bill while supporting your favorite cause. Despite economic uncertainty, the majority of American adults plan to donate similar amounts this year as they did last year, a … Read more

60% of Americans live paycheck to paycheck heading into 2022 holiday

60% of Americans live paycheck to paycheck heading into 2022 holiday

Just as the holiday shopping season gets into full swing, families are finding less slack in their budgets than before. As of October, 60% of Americans were living paycheck to paycheck, according to a recent LendingClub report. A year ago, the number of adults who felt stretched too thin was closer to 56%. related investing … Read more

401(k) balances fell 23% year-over-year due to market volatility: Fidelity

401(k) balances fell 23% year-over-year due to market volatility: Fidelity

Months of market swings have taken a heavy toll on retirement savers. The average 401(k) balance sank for the third consecutive quarter and is now down 23% from a year ago to $97,200, according to a new report by Fidelity Investments, the nation’s largest provider of 401(k) plans. The financial services firm handles more than … Read more

Credit card balances jump 15% as Americans fall deeper in debt

Credit card balances jump 15% as Americans fall deeper in debt

In an economy that has produced the highest inflation rate since the early 1980s, Americans are struggling to keep up with day-to-day expenses. More consumers are now relying on credit cards to get by, which has helped propel total credit card debt to $930 billion in the third quarter, just shy of the all-time record, according to … Read more

As retail credit card interest rates soar, know this before you apply

As retail credit card interest rates soar, know this before you apply

That offer for a store credit card may sound tempting as you’re shopping this holiday season. But you may want to think twice before you accept. As the Federal Reserve raises interest rates, credit card annual percentage rates — a measure for the yearly cost of borrowing money — are climbing higher. That is especially … Read more

Colorado couple retired early and built a net worth of $1.5 million

Colorado couple retired early and built a net worth of .5 million

Debbie Emick remembers the moment that changed her outlook on money forever. In 2014, shortly after she and her husband, Chris, had welcomed their second daughter into the world, Debbie received bad news: Symptoms of a chronic illness discovered in 2012 were worsening. Nevertheless, she was determined to hold on her career as an elementary … Read more

President Biden decides on nomination for IRS Commissioner

President Biden decides on nomination for IRS Commissioner

The Internal Revenue Service building in Washington. SAUL LOEB/AFP via Getty Images New role a ‘challenging assignment,’ former IRS commissioner says Biden’s nomination comes at a critical time for the agency. After another difficult filing season, the IRS is still wrestling with a backlog. As of Nov. 4, there were 4.2 million unprocessed individual returns … Read more

What the ‘millionaire tax’ in Massachusetts means for the wealthy

What the ‘millionaire tax’ in Massachusetts means for the wealthy

If you make more than $1 million a year in Massachusetts, you may soon be subject to a “millionaire tax” approved by voters this week through a ballot initiative. The new law creates a 4% tax on annual income above $1 million, on top of the state’s current 5% flat income tax, aiming to fund … Read more

It may be cheaper to eat out on Thanksgiving as grocery prices soar

It may be cheaper to eat out on Thanksgiving as grocery prices soar

With grocery prices up sharply from a year ago, Thanksgiving is hitting households a lot harder this year.   Per-pound prices for turkey, the holiday’s biggest staple, are up 17% year over year, according to the latest inflation data. Turkey is forecast to be 23% pricier in the fourth quarter due to both inflation and … Read more

Voters approve higher minimum wage in Nebraska and Washington, D.C.

Voters approve higher minimum wage in Nebraska and Washington, D.C.

Activists demonstrate in support of a $15-per-hour minimum wage and tips for restaurant workers in Washington, D.C. on Feb. 8, 2022. Mandel Ngan | AFP | Getty Images Voters in Nebraska and in the District of Columbia on Tuesday approved higher minimum wages, while the results in a similar Nevada ballot measure are still pending. … Read more