Personal finance

SKLA | iStock | Getty Images Close to 26 million Americans have applied for student loan forgiveness, and the Biden administration has already approved 16 million of the requests, the White House said on Thursday. Yet its entire loan cancellation plan could be in jeopardy due to the legal challenges brought by Republicans, it warned.

Martin Barraud | Caiaimage | Getty Images After another 0.75 percentage interest rate hike from the Federal Reserve, financial experts have tips for investors amid volatility in the stock and bond markets.   Continuing to fight inflation, the central bank on Wednesday announced its fourth consecutive three-quarters of a percentage point interest rate increase.  The

FatCamera | E+ | Getty Images For some Medicare beneficiaries, an Advantage Plan ends up not being a good fit. If you’re in this situation and are thinking about dropping your plan to return to basic Medicare — Part A (hospital coverage) and Part B (outpatient services) — there are some things to consider before

Bargain hunting is certainly not new. But with the Covid pandemic came a surge in “thrifting,” or buying and selling pre-owned goods. At first, some families under financial pressure looked to secondhand shopping as a way to save. Then it became mainstream. More from Personal Finance:66% of workers are worse off financially than a year

The U.S. Treasury Department in Washington. Al Drago/Bloomberg via Getty Images Investors purchased Series I bonds in record numbers from the U.S. Department of the Treasury on Friday, just beating a key deadline to lock in a historically high rate of return. I bonds are a nearly risk-free asset tied to the rate of inflation.

Skynesher | E+ | Getty Images As inflation has pushed the cost of living higher, those eligible for Social Security retirement benefits may be tempted to claim benefits sooner than they had planned. Social Security beneficiaries stand to get a record 8.7% cost-of-living adjustment in 2023 that will help them contend with higher costs. But

Jetcityimage | Istock | Getty Images The U.S. Department of the Treasury on Tuesday announced Series I bonds will pay 6.89% annual interest through April 2023, down from the 9.62% yearly rate offered since May. It’s the third highest rate since I bonds were introduced in 1998, and investors may lock in this rate for six months

Voters file down the hall as early voting begins for the midterm elections at the Citizens Service Center in Columbus, Georgia, on Oct. 17, 2022. Cheney Orr | Reuters Investment advisers say it’s not wise to try to time the market, but it does make sense to periodically adjust your portfolio. So with the midterm

Catherine Yeulet | Getty Images As investors brace for another interest rate hike from the Federal Reserve, many are closely watching signals about the future of the economy. This week, investors are expecting the fourth 0.75 percentage point increase, which may continue to affect government bond yields. As the Fed takes further action to fight

Michael H | Digitalvision | Getty Images The fear of missing out, or FOMO, can be a powerful psychological force — and it may lead unwary investors to lose bundles of money, according to financial advisors. A group of British psychologists defined FOMO as a fear “that others might be having rewarding experiences from which

Fg Trade | E+ | Getty Images A key federal program providing benefits to elderly, blind and disabled people — Supplemental Security Income — is turning 50 years old. The program, which currently serves nearly 8 million beneficiaries, was created by legislation signed by President Richard Nixon on Oct. 30, 1972. But even as Supplemental

amriphoto Amid the nationwide flurry of tax cuts, two states are voting on whether to enact a “millionaire tax” on top earners in November. In California, Proposition 30 would add a 1.75% levy on annual income of more than $2 million, in addition to the state’s top income tax rate of 13.3%, beginning Jan. 1. 

Asia-pacific Images Studio | E+ | Getty Images After nearly a year of stock market volatility, high inflation and rising interest rates, a growing chorus of experts are warning investors about a recession. Goldman Sachs CEO David Solomon recently told investors there’s a “good chance” the U.S. economy is heading for a recession, and JPMorgan

Charles Rettig, IRS Commissioner, testifies during the Senate Finance Committee hearing in Washington, D.C., June 8, 2021. Tom Williams | Pool | Reuters The IRS said it has passed a milestone of hiring 4,000 new customer service workers as the agency prepares for the 2023 tax filing season. Hired over the past several months with

Brandon Bell | Getty Images It’s no secret that higher prices are taking a bite out of household budgets. They also appear to have made some people change their retirement savings habits: Inflation has caused 54% of adults to either reduce or stop their contributions, according to a new report from Allianz Life. Additionally, 43%

Soaring prices are making it hard for many Americans to afford expenses each month. Costs are rising for nearly every major expense from housing and food to medical care. Employee wages aren’t keeping up. Having the money that’s coming in each month going out just as fast is becoming increasingly common.  Due to high inflation,

Zoom In IconArrows pointing outwards The average cost to attend a private college in 1970 was about $3,000 a year. Today, it costs more than $50,000. How we got to this point, and its seemingly endless consequences on families and U.S. society, are the issues explored in Will Bunch’s new book, “After the Ivory Tower

Fly View Productions | E+ | Getty Images For individuals or families that get — or could get — health insurance through the public marketplace, the opportunity to choose coverage for 2023 is nearing. Open enrollment, when you can pick a health plan for next year, runs Nov. 1 through Jan. 15 for the federal

Soon more job descriptions will include salary ranges. New York City’s Wage Transparency Law goes into effect on Nov. 1, making it mandatory for employers to share the salary or hourly wage in postings. A growing number of states, including California, Connecticut, Colorado, Maryland, Nevada, Rhode Island and Washington are rolling out their own pay

Rohit Chopra, director of the Consumer Financial Protection Bureau, testifies during a Senate Banking, Housing and Urban Affairs Committee hearing on April 26, 2022. Tom Williams | Cq-roll Call, Inc. | Getty Images The nation’s consumer watchdog is upping its efforts to clamp down on so-called junk fees that some banks charge consumers. The Consumer