Personal finance

Martin Barraud | Ojo Images | Getty Images Many Americans are likely familiar with financial thresholds that are adjusted for inflation each year. They include contribution limits to 401(k) plans, cost-of-living adjustments for Social Security benefits and federal income tax brackets, to name a few. These tweaks help households keep pace with the rising cost

Getty Images If you’re a higher earner and looking to boost tax-free retirement savings, there’s a lesser-known strategy that could be worth considering. While Roth individual retirement accounts offer tax-free growth and other benefits, some investors earn too much for direct contributions. For 2024, the adjusted gross income limits for Roth IRA contributions are $161,000 for

Blackcat | E+ | Getty Images Many consumers are finding it hard to keep up with their bills. To that point, 37% of Americans have been charged a late fee on some kind of bill in the last 12 months, according to a new report by NerdWallet. Credit card late fees were the most common,

Pixelseffect | E+ | Getty Images The pace of hiring remains strong for lower-earning Americans, holding steady above its pre-pandemic baseline even as the demand for higher-income workers has waned slightly, according to new data from Vanguard. The hires rate for the bottom third of workers by income (who earn less than $55,000 a year)

IRS Commissioner Danny Werfel testifies before the House Appropriations Committee in Washington, D.C., on May 7, 2024. Kevin Dietsch | Getty Images The IRS will expand Direct File, its free tax filing program, nationwide starting in 2025, the agency and the U.S. Department of the Treasury announced on Thursday. “After a successful pilot, we are

Prostock-studio | Istock | Getty Images Poor performance may drive some people to break up with a financial advisor, but judging an advisor’s results is not only about the profits, or lack thereof, on your investments. Often, it is about trust, some experts say. “The No. 1 reason people tend to go with an advisor

Delaware College of Art and Design in Wilmington, Delaware. Google Earth The Delaware College of Art and Design is set to close, the institution announced on May 23, citing low enrollment numbers for the upcoming school year, due in part to issues with the new Free Application for Federal Student Aid. Experts have continuously warned that

Goodboy Picture Company | E+ | Getty Images For most Americans, living well in retirement depends on how much they can save in their working years. But for millions of older individuals, unpaid student loan debts may put that goal out of reach, according to new research from the Schwartz Center for Economic Policy Analysis

Woman at home looking at the bills and taxes.  Hirurg | E+ | Getty Images As buy now, pay later programs become more common, some shoppers are using this payment structure to make ends meet. Americans owe $17.5 trillion across credit cards, mortgages, auto loans and other forms of debt, according to the Federal Reserve

Noam Galai / Noamgalai.com | Moment | Getty Images Roth individual retirement account conversions are up in 2024 — but there are key things to know before converting funds, experts say. There was a 44% year-over-year increase in the number of Roth conversions during the first quarter of 2024, according to data from Fidelity Investments. 

Alessandro Biascioli | Istock | Getty Images When it comes to claiming Social Security retirement benefits, experts agree it’s generally best to delay. Yet many people still claim early — either at the earliest possible age of 62 or before their full retirement age. Those early claims result in reduced Social Security benefits for life.

Ryanjlane | E+ | Getty Images Sometimes, it pays to pay with cash.   More merchants are offering a lower price to customers who use cash rather than credit card for a purchase. That means opting for paper over plastic may save you money in some cases. Just how much? Typically, cash discounts run about

Fatcamera | E+ | Getty Images To understand why women are still fighting to catch up to men economically, author Josie Cox turns to the past. She doesn’t have to look too far back. The Women’s Business Ownership Act, which allowed women to obtain business financing without a male co-signer, didn’t pass until 1988, Cox,

Elena Perova | Istock | Getty Images High inflation is subsiding, but many Americans have yet to see relief from elevated prices at the grocery store. “Grocery prices skyrocketed during the pandemic, and in many cases, they’ve kept going up, even though the pandemic is over,” Sen. Elizabeth Warren, D-Mass., said at a Wednesday Senate

Between the six-figure price tag and hefty student loan tab, more students are questioning whether a four-year degree is worth it — and deciding the answer is no. Since the pandemic, a growing number have opted out. Although college enrollment declines leveled off in fall 2023, there were 900,000 fewer undergraduates enrolled in college in the spring 2024 term compared

U.S. Senator Elizabeth Warren (D-MA) faces reporters during a break in a bipartisan Artificial Intelligence (AI) Insight Forum for all U.S. senators at the U.S. Capitol in Washington, September 13, 2023. Julia Nikhinson | Reuters Elizabeth Warren wants more student loan borrowers to know that it is now easier to part with their debt in

Sturti | E+ | Getty Images If your kids are working summer jobs, it’s a prime opportunity to help them open a retirement account and start saving for the future, experts say. Roth individual retirement accounts can be “triple-tax efficient” for teenagers, according to certified financial planner Carol Fabbri, managing partner of Fair Advisors in

Longhua Liao | Moment | Getty Images Some investors may worry about market volatility ahead, given a contentious presidential race, lingering inflation, sinking consumer sentiment and uncertainty over Federal Reserve interest rate cuts. Financial analyst Tom Lee has a more optimistic outlook. “Since Covid, companies went through a huge stress test, and they showed that

D3sign | Moment | Getty Images The IRS has extended the Free File program through 2029, continuing its partnership with a coalition of private tax software companies that allow most Americans to file federal taxes for free. This season, Free File processed 2.9 million returns through May 11, a 7.3% increase compared to the same

Skynesher | E+ | Getty Images New technologies have given people access to more information and new tools to manage their money. Robo-advisors can build and rebalance portfolios based on customer preferences. However, automation doesn’t factor in people’s emotional needs. Experts say adding behavioral science to investing knowledge can help financial advisors get better results