Personal finance

Sporrer/Rupp | Image Source | Getty Images As talk of Social Security reform heats up heading into the November election, one congressional proposal to expand the federal program has received a new endorsement from California lawmakers. In August, a joint resolution passed both the state’s senate and its assembly. Now, it goes to Capitol Hill

If you’re expecting relief from President Joe Biden‘s plan to forgive up to $20,000 in student loans, you may have state income tax liability, depending on where you live.  While legislation is evolving, it’s possible that seven states — Arkansas, California, Indiana, Minnesota, Mississippi, North Carolina and Wisconsin — may tax student loan forgiveness, according

A Social Security Administration office in San Francisco. Getty Images The Social Security Administration’s average wait time for an initial disability decision hit an all-time high in August of more than six months, or 198 days — almost three times higher than it was a decade ago. That is just one of many signs that

Cecilie Arcurs | Getty Images There’s about one month until the Oct. 17 tax deadline extension, and experts say filers need to prepare, especially for more complicated returns. An estimated all-time high of 19 million American taxpayers filed an extension for their 2021 returns, according to the IRS. Kevin Brady, a certified financial planner and

The party may be over for “buy now, pay later.” The Consumer Financial Protection Bureau said Thursday that these installment payments come with “several areas of risk of consumer harm,” including data harvesting, debt accumulation and “loan stacking” — or juggling multiple payment plans at once. Buy now, pay later lenders — including companies such

Pekic | E+ | Getty Images The U.S. Department of Education continues to put out new information on how President Joe Biden’s historic student loan forgiveness plan will work. Some of the latest details include how forgiveness will be applied to your balance: which federal student loans can get the relief, and in what order.

Andresr | E+ | Getty Images For retirement “super savers,” good financial habits appear to go far beyond fattening up their nest eggs, a new study shows. Most of these workers — whose 401(k) contributions are at least 15% of their pay or 90% or more of the maximum allowed — also pay their bills

Globalstock | E+ | Getty Images If you feel like your income hasn’t kept up with rising prices, you’re not alone. More than half, 55%, of respondents in a new survey from Bankrate.com say their incomes have not kept up with rising household expenses amid persistent high inflation. Only 33% of respondents said their incomes

Fizkes | Istock | Getty Images There’s good news for the millions of people with federal student loans who’ve made payments on that debt during the Covid pandemic: many of them will be eligible to get the money back. The U.S. Department of Education says that many borrowers eligible for President Joe Biden‘s student loan

Getty Images If you haven’t been sending part of your income to the IRS in recent months, this week is the last chance to avoid a tax penalty. The deadline for third-quarter estimated taxes is Sept. 15, applying to income from self-employment, small businesses, investments, gig economy work and more, according to the agency. “It’s

Klaus Vedfelt | Getty Images An 8.7% Social Security cost-of-living adjustment could be possible in 2023, based on government inflation data released Tuesday. The estimate comes from The Senior Citizens League, a nonpartisan senior group, which found that increase would boost the $1,656 average monthly retirement benefit by $144.10. Such an annual increase in benefits

Peopleimages | Istock | Getty Images As open enrollment season gets underway, you may find yourself having to decide whether a health savings account should be part of your 2023 medical coverage. These tax-advantaged accounts let users save for medical expenses. Many companies will soon — or already have started to — hold their annual

Sollina Images | Tetra Images | Getty Images Despite falling gas prices, inflation was higher than expected in August, curbing optimism for lower day-to-day expenses. But some retirees won’t feel the sting of elevated costs, experts say. Annual inflation rose by 8.3% in August, fueled by growing costs for food, shelter and medical care services,

Olena Ruban | Moment | Getty Images By next month, tens of millions of Americans should be able to start applying for student loan forgiveness. For a number of reasons, experts say borrowers should fill out their application sooner rather than later. These are 4 dates that should be on your radar, including three before

James Harden of the Philadelphia 76ers looks to pass against the Toronto Raptors during game five of the Eastern Conference First Round on April 25, 2022. Tim Nwachukwu | Getty Images For NBA player James Harden, boosting financial know-how among young adults is personal. Harden, a point guard and shooting guard who recently signed a

Helen Cortez / EyeEm | Getty Images Determining who benefits most from student loan forgiveness — the poor, middle class or wealthy — may sound like a straightforward exercise. But an exact calculation is difficult, according to economists and education experts. Aside from challenges related to the available data, future financial benefits that will accrue

Flashpop | Stone | Getty Images There’s a surefire way to save money on plane tickets — but those savings may not be worth it for some travelers, depending on their tolerance for certain headaches. The money-saving strategy likely doesn’t come as a surprise: Booking a flight with one or multiple stops is generally less

In this article CTRN Peopleimages | Istock | Getty Images Citi is expanding a program to encourage homeownership in diverse communities, as part of a new set of initiatives to broaden access to its lending products. The program, called HomeRun, seeks to help eliminate the key barriers to homeownership, particularly with regard to cost and

Like many borrowers, Halid Hamade, 28, is poised to benefit — at least somewhat — from student loan forgiveness. After President Joe Biden announced he will forgive $10,000 in federal education debt and up to $20,000 for recipients of Pell Grants who meet the income threshold, Hamade said he was happy. Still, “it’s not enough,”

A student walks to class at Rice University in Houston on Aug. 29, 2022. Brandon Bell | Getty Images News | Getty Images The application for student loan forgiveness will be ready by early October, the U.S. Department of Education says. After people apply, they could see the relief within six weeks. related investing news