Senate Minority Leader Chuck Schumer, D-N.Y., and Sen. Elizabeth Warren, D-Mass., announced a resolution Thursday that would broadly cancel federal student loan debt due to the coronavirus crisis. The resolution calls on President Donald Trump to take executive action to forgive up to $50,000 in debt for borrowers. The economic aftermath from the pandemic, which
Personal finance
Sarah Casillas | DigitalVision | Getty Images The IRS has a message for about 9 million Americans: You could still be eligible for a $1,200 stimulus check. The government has sent out about 160 million stimulus checks since legislation authorized those payments in the spring. Still, millions of Americans have yet to receive any money
Ariel Skelley The cost of investing in your 401(k) plan at work is hitting new lows. Too bad hidden fees can chomp away at your savings. Generally, it’s cheaper to invest in your retirement plan at work, versus going out on your own to shop for mutual funds. For example, the average expense ratio for
Getty Images Working parents are feeling the sting of the coronavirus pandemic — and it’s hitting women especially hard. School shutdowns have left many trying to juggle work, childcare and helping their kids with distant learning. Since the crisis began, 40% of working parents have had to change their employment situation, according to a new
The Federal Reserve said Wednesday it would keep its benchmark interest rate near zero for as long as it takes to help the economy bounce back from the coronavirus crisis. The Fed said the ongoing coronavirus pandemic will “weigh heavily” on the near-term outlook and poses “considerable risks” for the medium term. In addition to holding rates near rock bottom, the
Thomas Barwick | Getty Images The Aug. 31 deadline for reversing mandatory withdrawals from retirement accounts has passed, but a lucky few may still be able to return the money and save on taxes this year. Earlier this year, President Donald Trump signed the CARES Act into law. The law contained a provision that would
A driver navigates along a flooded road as the outer bands of Hurricane Sally come ashore on Sept. 15 in Bayou La Batre, Alabama. Joe Raedle | Getty Images If you’re a homeowner in Hurricane Sally’s anticipated path, you may want to add insurance-claim preparation to your pre-storm to-do list. The slow-moving Category 1 storm
Hundreds of jobless people wait outside the Kentucky Career Center for help with their unemployment claims on June 19 in Frankfort, Kentucky. John Sommers II/Getty Images Americans who are hoping for more financial assistance may have to wait until after the November election before Congress can strike a deal. Yet experts say continued financial assistance
There’s still about one month to go before the Social Security Administration announces its cost-of-living adjustment to benefits for 2021. And seniors who rely on those monthly checks in retirement might be in for disappointment, based on recent data. New estimates indicate the Social Security COLA for 2021 could be about 1.3%, which is among
These days, the idea of packing your bags and retiring to an exotic location might sound tempting. While coronavirus restrictions have put a damper on travel, people are certainly planning, or at least accessing their options, for when the pandemic passes, said Dan Prescher, senior editor at the expat website International Living. The site has
This year, Christmas might not be so merry for the travel industry. While Labor Day travel was down only slightly this year, the upcoming winter holidays could be a different story. That’s according to figures from vacation property management software firm Guesty. The firm found that Labor Day accommodations bookings were 5% lower than in
shapecharge | E+ | Getty Images As households struggle to make ends meet, more Americans have been forced to halt or raid their retirement savings in this coronavirus-induced recession. Nearly 3 in 10 people have decreased the amount of money they’re setting aside for retirement or stopped saving altogether due to the economic fallout of
Hero Images | Hero Images | Getty Images Retirees with a heavy reliance on U.S. Treasury bonds for income may want to rethink their investment strategy. With yields on Treasurys at historically low levels, these stalwart income-producers may be doing less for you than you intend. While they still provide the safety you might seek,
When I drove my son to school for the first time since March, I was overcome with gratitude for the faculty and staff who have worked countless hours preparing to bring students back to the classroom safely. As a mother, sending my child to school in-person this fall felt like the greatest gift — even
Stephen Maturen | Getty Images Recent stock market highs and lows have investors already bracing themselves for one more looming uncertainty: the presidential election. If you’re like most investors, you’re already anticipating that the outcome of this year’s race for the White House will have an impact on your money. The vast majority of
House Speaker Nancy Pelosi, D-Calif., holds her weekly press briefing on Capitol Hill on Aug. 13, 2020. Jim Watson | AFP | Getty Images The U.S. House of Representatives won’t be rolling out the payroll tax deferral to its employees. Sept. 1 was the first day of President Donald Trump’s order deferring the 6.2% employees pay
Events and entertainment workers protest unemployment on Aug. 19 in Las Vegas. BRIDGET BENNETT/AFP via Getty Images) It’s a hard time to try to plan your finances. Unemployment benefits and another round of stimulus checks are up in the air. Evictions are banned, but only temporarily. Much of the uncertainty is due to the fact
Older couple meeting with a financial advisor Getty Images For retiring workers who are given the pension choice of a lump sum or lifetime payments, one thing may play into their decision: whether they think the employer will be able to meet its long-term commitments. And as some companies work to regain their financial footing
Maybe you know a “super saver.” It’s the person who somehow manages to follow a budget, has emergency savings and puts away a ton for retirement. Although this type of financial discipline may be enviable, it can also mean making some sacrifices, based on the findings in a recent report from Principal Financial Group. These
Getty Images Penalties are about to get way steeper for taxpayers who still haven’t filed a 2019 income tax return and owe the IRS a balance. July 15 was the deadline to submit your return and pay any taxes owed, as the Treasury Department pushed back the due date in light of the coronavirus pandemic.