Personal finance

The U.S. Department of Education in Washington, D.C. Caroline Brehman | CQ-Roll Call, Inc. | Getty Images Seven Republican-led states have sued the U.S. Department of Education to block the Biden administration from carrying out its sweeping new student loan forgiveness plan. In the lawsuit, the states — Alabama, Arkansas, Florida, Georgia, Missouri, North Dakota

Thomas Barwick Molly Richardson, 35, regularly contributes to her 401(k) plan, but the structural engineer says she isn’t too worried about retirement yet. “It’s always something I felt like I could wait until I’m 50 to figure out,” she said. Like many other working adults, Richardson says she has more pressing expenses for now, such

President Joe Biden announces a new plan for federal student loan relief at Madison Area Technical College Truax Campus, in Madison, Wisconsin, on April 8, 2024. Kevin Lamarque | Reuters President Joe Biden may try to forgive student debt again as early as next month, in a sweeping redo effort that could impact tens of

Hero Images | Getty Images Since most Americans aren’t eligible for Medicare before age 65, many younger retirees rely on Marketplace health insurance, which offers lower monthly premiums through the end of 2025 thanks to boosted tax breaks. But retirees can face a costly tax surprise without proper planning, experts say. As of open enrollment

Hinterhaus Productions | Digitalvision | Getty Images Travel spending among American households continues to outpace its pre-pandemic levels, a trend underpinned by a zeal for international trips, according to new Bank of America research. “A key part of travel momentum lies within vacationing abroad,” Taylor Bowley and Joe Wadford, economists at the Bank of America

Ascentxmedia | E+ | Getty Images With the Federal Reserve poised to start cutting interest rates, experts are divided on what’s ahead for the U.S. economy. While some worry the economy could be in for a broad decline, or recession, others hope the central bank can effectively avoid a downturn and execute a “soft landing.”

Vm | E+ | Getty Images Owning isn’t always what it’s cracked up to be. For many reasons — including affordability — more Americans are choosing to rent everything from cars and apartments to clothing and furniture these days, according to a report by Intuit Credit Karma. Far beyond the traditional tuxedo, the rental industry

The Good Brigade | Digitalvision | Getty Images Despite being a hallmark of the American Dream, buying a home is less affordable for many these days. Higher mortgage rates and a shortage of houses on the market relative to demand have kept prices elevated and created a financial crunch for many would-be buyers. The median

Morsa Images | Digitalvision | Getty Images Retirees who are worried about the high costs of prescription drugs are set to get new relief starting in 2025. Starting in January, Medicare drug plan enrollees will have their annual out-of-pocket drug costs capped at $2,000. Between 2025 and 2029, on average, about 1.4 million participants in

Jamie Grill | Getty Images It may not be the season’s new hot toy, but gifting a child money toward college could have a more lasting impact. Daniel Trujillo, 39, a certified public accountant in Albuquerque, New Mexico, said he was blown away when his friend suggested putting money into a college savings account in

Piranka | E+ | Getty Images The season of fall foliage and pumpkin spice lattes is approaching. Meanwhile, the job market might also turning over a new leaf. A “September surge,” or the idea that more job postings become available after Labor Day, is tied to an end of a summer slowdown as job recruiters

Xavier Lorenzo | Moment | Getty Images A lack of attention to taxes may be costing investors big bucks. Many investors are probably familiar with the concept of asset allocation, which entails selecting the right mix of stocks and bonds (say, 60/40) to balance investment risk and return. But where those assets are held —

Getty Images When cracks start to show in the labor market, young adults are often the first to feel it. To that point, about 16% of 18- to 24-year-olds are not employed and not enrolled in high school or college, according to a recent report by the Federal Reserve Bank of St. Louis, which refers

The U.S. Department of Education announced additional details about the rollout of the new Free Application for Federal Student Aid for the upcoming year, which may address some of the issues that plagued last year’s college aid application cycle. The 2025-26 FAFSA will be available to limited groups of students in a series of beta

Images By Tang Ming Tung | Digitalvision | Getty Images Employers are increasingly putting workers’ 401(k) plan savings on autopilot. But the positive impact of automated retirement savings is more muted than initially thought, new research finds. Previously “underexamined” factors — like workers cashing out 401(k) balances when they leave a job — “meaningfully reduce”

PN_Photo | Getty Images So far, 2024 has been a huge year for data breaches. There had already been more than 1 billion personal records compromised before the National Public Data breach that has been making headlines, according to Michael Bruemmer, head of global data breach resolution at consumer credit reporting company Experian. National Public

A Dollar General store in Germantown, New York, on Nov. 30, 2023. Angus Mordant/Bloomberg via Getty Images Three of the nation’s largest retailers — Dollar General, Dollar Tree and Kroger — charge fees to customers who ask for “cash back” at check-out, amounting to more than $90 million a year, according to the Consumer Financial

Without financial aid, the price tag at some four-year colleges and universities — after factoring in tuition, fees, room and board, books, transportation, and other expenses — is now nearing $100,000 a year. But even though college is getting more expensive, students and their parents rarely pay the full amount. Aside from their income and savings, most families rely on

Shaunl | E+ | Getty Images Consumers in the market for a home have been patiently waiting for the Federal Reserve to cut interest rates — a move it seems poised to make in September. But without action from Congress, there could be another change at the end of that month that makes it temporarily

Source: Getty Images During a strong year for the stock market, a lesser-known strategy could help rebalance your portfolio and save on future taxes. The tactic, known as tax-gain harvesting, involves strategically selling your profitable brokerage account assets during lower-income years. That could include early years of retirement or periods of unemployment. As of Aug.