Personal finance

Sen. Elizabeth Warren, D-Mass., questions Treasury Secretary Janet Yellen during the Senate Banking, Housing, and Urban Affairs Committee hearing on May 10, 2022. Tom Williams | Reuters Sen. Elizabeth Warren, D-Mass., along with 22 more Democratic lawmakers, want to save millions of Americans time and money by pushing the IRS to create its own free

MARK RALSTON | AFP | Getty Images So you didn’t win the $555 million Mega Millions jackpot last night. The glass half-full view? Phew! You dodged a huge tax bill.  Of course, you get another shot in the next drawing to land a windfall — and then give a boatload of it to Uncle Sam.

Considering the impact of inflation, consumers are spending more on back-to-school supplies — and then some — as retailers pass along credit card fees in the form of higher prices. This year, total back-to-school spending is expected to match the 2021 record high of $37 billion, according to the National Retail Federation. The so-called swipe

Getty Images With increased fears of a possible recession, investors seeking steady income may turn to stocks paying quarterly dividends, which are part of company profits sent back to investors. Historically, dividends have significantly contributed to an asset’s total return, sometimes providing a boost during economic downturns. From 1973 to 2021, companies paying dividends earned

In this article DAL Tim Boyle | Getty Images News | Getty Images Air travel has been rocky this summer — and baggage problems factor among many other issues for travelers like flight cancellations and delays. Nearly 220,000 bags were “mishandled” by U.S. airlines in April 2022, meaning they were lost, damaged, delayed or stolen,

In this article PRI Images By Tang Ming Tung | Stone | Getty Images The reality of inflation and the specter of a recession appear to be weighing heavily on middle-class households. Among those whose income falls in the $30,000-to-$100,000 range, 75% say their earnings are falling behind the cost of living, and 77% think

Carol Yepes | Moment | Getty Images Most federal student loan borrowers who’ve been pursuing public service loan forgiveness have faced some confusion and frustration along the way. The program, which allows those who work for the government or specific nonprofits to get their debt canceled after 10 years, has been plagued by problems. Borrowers

David Sachs | The Image Bank | Getty Images It’s no secret that the first half of 2022 has ushered in a lot of expensive changes for consumers: The S&P 500 Index fell 20.6% in the largest first half decline since 1970, pulling down investors’ portfolios with it. The Federal Reserve in June approved a

Pollyana Ventura | Istock | Getty Images The expanded child tax credit, and monthly payments that came with it, expired last year. But eligible Puerto Rico residents can still claim the sums of up to $3,600 per child. Now, Code for America, a non-profit tech organization, is making it possible for Puerto Rico residents to

Morsa Images | DigitalVision | Getty Images For some retirees, there’s an extra cost associated with Medicare premiums that can ambush their household budgets. Most Medicare enrollees pay the standard premium amounts for Part B (outpatient care) and Part D (prescription drugs). Yet an estimated 7% of Medicare’s 64.3 million beneficiaries end up paying extra

Momo Productions | Digitalvision | Getty Images The pandemic-era surge in remote work may be an unlikely ally in the fight to tame stubbornly high inflation. As many employees have enjoyed commute-free workdays, less stress and better work-life balance, their employers have also benefited from remote work by paying lower wages than they otherwise might,

An activist holds a placard demanding a $15 an hour minimum wage and tips for restaurant workers during a rally to call for additional relief for restaurants in Washington, D.C., on Feb. 8, 2022. Mandel Ngan | AFP | Getty Images Record high inflation has pushed the value of the federal minimum wage down to

Beyond highlighting the overwhelming burden of student loan debt, the last few years of economic turmoil have also shed light on the sky-high cost of college. “Sometimes students feel the sense of ‘My parents are going to make it work,'” said Jennifer Finetti, director of student advocacy at ScholarshipOwl. “I think a lot of students don’t

Westend61 | Westend61 | Getty Images The job market is still hot, but that won’t last forever. In fact, there have already been some signs of a shift, according to John P. Morgan, president of talent development and transition firm Lee Hecht Harrison. To be sure, the most recent data shows strong job growth in

A person shops for groceries on March 10, 2022 in the Prospect Lefferts Garden neighborhood of Brooklyn. Michael M. Santiago | Getty Images News | Getty Images Inflation hit a new 40-year high in June, and policymakers are working feverishly to tame it — perhaps even risking recession to do so.   Jerome Powell, chair

In this article WTW Superb Images | The Image Bank | Getty Images In another sign of a tight labor market, U.S. companies plan to give workers their largest pay increase in 15 years in 2023, with an average bump of 4.1%. That’s the finding from a new survey by Willis Towers Watson, a compensation

Jean Chatzky Donna Ward | Getty Images Entertainment | Getty Images Like many Americans, you may be worried about a potential recession. To be sure, predictions as to whether we’re headed for a recession vary among Wall Street analysts. However, most consumers are convinced one is on the way, two separate surveys from Morning Consult/CNBC

Kevin Dietsch | Getty Images Social Security beneficiaries will be in line to receive a record high cost-of-living adjustment in 2023 due to inflation. The question is exactly how high it may be. Based on new consumer price index data for June released Wednesday, The Senior Citizens League, a nonpartisan senior group, now estimates the

Getty Images Inflation has continued to rise, but some retirees won’t feel the brunt of many soaring costs, experts say. Annual inflation jumped by 9.1% in June, growing at the fastest pace since late 1981, the U.S. Department of Labor reported on Wednesday. Higher prices have many worried, even those earning six figures. Some 65%

A customer reaches down to pick up a bottle of water from a street vendor in Paris on June 17, 2022. Stefano Rellandini | Afp | Getty Images The value of the euro relative to the U.S. dollar has sunk near a two-decade low — and that’s good news for Americans traveling to Europe this