MoMo Productions The following is an excerpt from “This week, your wallet,” an audio program produced by CNBC’s Personal Finance team. Listen to the latest episode here. Social Security is the largest federal program in the U.S. The vast majority of older Americans get Social Security benefits, which either partially or even fully fund their
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Luke Chan | E+ | Getty Images Almost half — 46% — of 401(k) investors don’t know what investments are in their workplace retirement plan, according to a new CNBC Your Money Survey. But that’s not necessarily bad news, financial advisors said. That’s because most employers that offer a 401(k) plan automatically enroll workers into
Getty Images When it comes to earning a decent yield on their savings, consumers may wonder: Should I choose a money market fund or a high-yield savings account? The purpose of each is similar. They generally serve as repositories for emergency funds or savings earmarked for the short term, perhaps to buy a car, home
Westend61 | Westend61 | Getty Images Experts have been pointing to a coming downturn for the U.S. economy. The question was when. Now, however, some firms and experts are walking back those predictions, calling into question the validity of once-trusted recession indicator known as the yield curve inversion. “While it is true that the yield
In this article LUV Follow your favorite stocksCREATE FREE ACCOUNT Whenever you’re traveling somewhere by plane, you have to pack, get to the airport, go through security, find your gate and — in the last step before you can finally relax while being taken to your destination —board the aircraft. “Boarding is one of the
oatawa | Getty As the U.S. Department of the Treasury and IRS roll out proposed regulations for crypto tax reporting, experts say it’s critical for investors to accurately report and track activity. Stemming from the 2021 federal infrastructure bill, the agencies on Friday unveiled the long-awaited tax reporting proposal for cryptocurrency, non-fungible tokens and other
For a growing number of families, financial aid is key when it comes to paying for college. With tuition on the rise, most college-bound students now rely on a combination of resources to make it work, including income and savings, free money from scholarships and grants and, of course, student loans, according to education lender Sallie
Violetastoimenova | E+ | Getty Images By some measures, Americans have never been more in the red. In the second quarter of 2023, total credit card debt surpassed $1 trillion for the first time ever, which helped bring total household debt to $17.06 trillion, also a fresh record, according to the New York Federal Reserve. But
Consumers have remained remarkably resilient amid a series interest rate hikes aimed at cooling inflation. However, there are recent signs of a shift. Shoppers are still buying more than last year, but spending growth is slowing as the economy settles down, according to Jack Kleinhenz, the National Retail Federation’s chief economist. “There are ongoing economic
A Miami supermarket in July 2023. Joe Raedle | Getty Images News | Getty Images The forecast for the post-pandemic U.S. economy once called for a recession. Now many experts are backing off those predictions. In the latest about-face, 69% of economists surveyed by the National Association for Business Economics said they see a “soft
Maki_shmaki | Istock | Getty Images Consider this a public service announcement for all treasure hunters: Uncle Sam wants a piece of your loot. Someone who makes a valuable discovery — whether gold coins, meteorites or even cash — generally owes tax on that haul, which is known as “found” property. The tax is twofold:
After falling sharply last year, retirement account balances are bouncing back in 2023 — but there are still signs of trouble. Helped in part by improved market conditions, retirement account balances increased in the first half of the year. However, the share of participants that tapped hardship withdrawals rose, as well, according to recent reports
After more than a year of recession predictions, some experts have backed off past forecasts and now embrace what’s known as a “soft landing” for the economy. Even so, one financial advisor is stressing the importance of preparing for future stock market volatility. A soft landing could include an economic slowdown and unemployment ticking higher
Djelics | E+ | Getty Images Income-hungry investors have long flocked to mortgage-backed real estate investment trusts — and why not? Many of them pay a handsome, double-digit dividend. But such vehicles haven’t done so well lately. That’s because when interest rates rise and yields balloon, their valuations tend to suffer, which is what happened
In this article CARS 7270.T-JP 6201.T-JP IHEB-AU 7203.T-JP Follow your favorite stocksCREATE FREE ACCOUNT There are more than 275 million cars on the road in the U.S. But in recent years, car ownership has gotten more expensive than ever — due to the Covid-19 pandemic, supply chain issues, stubborn inflation and the Federal Reserve’s interest
Students on the campus of the University of North Carolina at Chapel Hill. Jonathan Drake | Reuters Like many would-be college students, Abigail Mokuba, 16, says “cost is a concern” when it comes to which schools to consider. The rising high school senior from Baltimore said she is still researching colleges but plans to apply
Twenty/20 After facing the reality of how expensive fresh flowers could be when planning her own wedding, Della Larca founded Florèal Blooms, her luxury silk flower rental business, three and half years ago from her basement in Butler, New Jersey. Larca’s business swelled last year, and she recently moved to a larger workspace to accommodate
A class at Princeton University in New Jersey. Princeton University, Office of Communications When it comes to elite college admissions, most expert agree: The Supreme Court‘s ruling on the affirmative action admission policies of Harvard University and the University of North Carolina could have an immediate impact on who gets in and why. And that may have far-reaching
KPMG is offering high schoolers paid internships to help fix accounting’s staffing shortage. By her own admission, Autumn Kimborough, 17, didn’t have a passion for accounting. But the rising high school senior from Flossmoor, Illinois, heard about a well-paid summer internship at KPMG, which included a $250 clothing stipend, and got excited. For the first time,
The Mega Millions jackpot grew to $910 million on July 26, 2023. Tayfun Coskun | Anadolu Agency | Getty Images The Mega Millions jackpot has grown to an estimated $910 million, with the next high-stakes drawing on Friday at 11:00 p.m. ET. The big prize has only exceeded $1 billion four times, most recently reaching
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