Personal finance

milan2099 | E+ | Getty Images When it comes to retirement, we all want to have the most income possible. But exactly how to achieve that goal is confounding question for most people. In her new book, “How to Retire: 20 Lessons for a Happy, Successful and Wealthy Retirement,” Christine Benz, director of personal finance

Collectively, Americans are having a harder time keeping up with their credit card bills. Part of the problem: Carrying a balance comes at a high cost.  Credit card rates spiked along with the Federal Reserve’s string of 11 rate hikes starting in March 2022. The average annual percentage rate rose from 16.34% at that time to

Pgiam | Istock | Getty Images The IRS has announced new 401(k) contribution limits for 2025. In its release Friday, the agency increased the employee deferral limit to $23,500, up from $23,000 in 2024. The change applies to workplace plans, including 401(k)s, 403(b)s and most 457 plans, along with the federal Thrift Savings Plan.  The

Mrs | Moment | Getty Images Rebecca Finch couldn’t think of a better gift for her 86th birthday. She received a notice in early September from Navient that the lender would forgive the private student loan on which she was a co-signer. “We’ve waived the remaining balance on your private student loan in the amount

Xavierarnau | E+ | Getty Images The IRS has unveiled the individual retirement contribution limits for 2025. In its announcement Friday, the agency said the 2025 IRA contribution limit will be $7,000, unchanged from 2024. IRA catch-up contributions for investors age 50 and older will also stay the same, at $1,000. The annual individual limit applies to contributions to

Cecilie_Arcurs | E+ | Getty Images The IRS has announced new 401(k) catch-up contribution limits for 2025. In its release on Friday, the agency boosted the 401(k) contribution limit to $23,500 for 2025. But catch-up contributions for savers age 50 and older will remain unchanged at $7,500. The limits apply to workplace plans, including 401(k)s,

D3sign | Moment | Getty Images The IRS has unveiled the Roth individual retirement account contribution and income limits for 2025. For 2025, the total contribution limit to Roth IRAs remains $7,000, unchanged from 2024, according to the IRS’ announcement on Friday. If you are 50 or over, catch-up contributions also remain unchanged at $1,000.

Impulse spending has a cure. So-called “slow shopping” promotes the importance of taking time to think through each purchase to make more mindful buying decisions, according to consumer savings expert Andrea Woroch. “This is definitely a shopping trend worth adopting to help you avoid impulse purchases and taking on debt,” she said.  ‘Slow shopping’ can

The US Department of Treasury in Washington, DC, on February 22, 2024.  Mandel Ngan | AFP | Getty Images The U.S. Department of the Treasury has announced new Series I bond rates.  Linked to inflation, newly purchased I bonds will pay 3.11% annual interest from November 1 through April 30, 2025, which is down from

Solstock | E+ | Getty Images Halloween trick-or-treaters and jack-o-lanterns can be downright scary — for your homeowners insurance policy. There is a 14% jump in homeowners insurance claims on Halloween compared to other days of the year, according to Travelers Insurance. Theft on premises claims jump 46%. Trips or falls, thefts, fire and pet-related accidents

dowell | Moment | Getty Images The earnings limit for the 0% capital gains bracket will rise in 2025, which could offer tax planning opportunities, financial experts say. At sale, profitable assets owned for more than one year qualify for lower taxes — known as long-term capital gains. Those rates are 0%, 15% or 20%,

When I was a teenager, I bought my first car. It was a Toyota Tercel with a few hundred miles on it and cost less than $10,000. Granted, this was 30 years ago. Now that I have a daughter turning 17, I envisioned a similar scenario. She has worked — and saved — since the

As the run-up to the U.S. presidential election has highlighted, there is a growing share of “childless cat ladies” in this country. There is also a larger share of single women with children. As marriage rates fell, the number of women heading families rose. Often, this comes with financial challenges. Many single mothers shoulder the

Westend61 | Westend61 | Getty Images There’s still time to lower your taxes or boost your refund for 2024, financial experts say. Typically, there’s a refund when you overpay taxes during the year via withholdings or estimated payments. You can expect a tax bill when you don’t pay enough. Since the Tax Cuts and Jobs

At the national level, the middle class is typically defined as households that earn between two-thirds and double the household median income. Based on 2023 figures, that means those with an annual income between $53,740 and $161,220. Compared to its peak, inflation in the U.S. has eased substantially. According to the Bureau of Labor Statistics,

Nazar_ab | E+ | Getty Images For most people, buying a home will be the biggest financial transaction they will make. It’s also generally considered a path to build wealth and increase your net worth, financial experts say. In the second quarter of 2024, U.S. homeowners with mortgages had a net homeowner equity of over

Getty Images If you’re weighing a year-end Roth individual retirement account conversion, waiting too long could be risky, financial experts say.   Roth conversions move pretax or nondeductible IRA funds to a Roth IRA, which can start tax-free growth. The trade-off is upfront taxes on the converted balance, which boosts your adjusted gross income. The strategy has

The “phased rollout“ of the new Free Application for Federal Student Aid is on track for the upcoming academic year, the U.S. Department of Education says. So far, the 2025-26 FAFSA has been available to limited groups of students in a series of beta tests that began on Oct. 1. It will become available to all students

Blueflames | Getty Images The rate of inflation has come down from pandemic era highs. Yet many Americans still say they are living paycheck to paycheck, according to new research from Bank of America. That may apply whether household income is less than $50,000 or more than $150,000. How tight household budgets are is a

Betsie Van der Meer | Getty Only one cohort of shoppers thinks they have enough financial runway to spend cash this holiday season without rolling into debt — and even so, many in that group anticipate struggling. About half, or 52%, of shoppers with incomes of $100,000 or more believe they can “easily afford” holiday