Personal finance

Laylabird | E+ | Getty Images Most Americans will have a lower tax burden in retirement than during their working years. However, that may not be the case for some retirees, especially for higher earners and big savers, which could have a significant impact on their financial plans, according to financial advisors. “Substantial evidence” suggests

The Federal Reserve Building in Washington, D.C. Joshua Roberts | Reuters The Federal Reserve announced it will lower its benchmark rate bya quarter point, or 25 basis points, days after President-elect Donald Trump won the 2024 election. Economic uncertainty was a prevailing mood heading into Election Day after a prolonged period of high inflation left many

Donald Trump speaks at a rally on Nov. 5, 2024 in Grand Rapids, Michigan. Scott Olson | Getty Images News | Getty Images President-elect Donald Trump won Tuesday’s presidential election partly by addressing Americans’ economic anxieties over higher prices. Nearly half of all voters said they were worse off financially than they were four years

Republican presidential nominee and former U.S. President Donald Trump arrives to speak at his rally during the 2024 U.S. Presidential Election, in Palm Beach County Convention Center, in West Palm Beach, Florida, U.S., November 6, 2024. Brendan Mcdermid | Reuters On the campaign trail, Republican presidential candidate Donald Trump made a notable promise to retirees:

Courtneyk | E+ | Getty Images First-time homebuyers in the U.S. are getting older. The median first-time homebuyer has reached an all-time high of 38 years old — three years older than in July 2023, according to the National Association of Realtors’ 2024 Profile of Home Buyers and Sellers report. This summer, NAR polled 5,390 buyers

A person arrives to vote at a polling station on Election Day, in The Villages, Florida.  Miguel J. Rodriguez Carrillo | Afp | Getty Images In a heated presidential race, there’s one age cohort — voters ages 50 and up — who may help decide the ultimate winner. “We expect the 50-plus electorate to be

Mario Tama | Getty Images News | Getty Images Retail therapy is thinly coating voters’ anxieties from the presidential election — and their wallets know it. About 27% of polled shoppers say they are “doom spending” — that is, spending cash despite concerns about the economy and foreign affairs — according to a new report

Bloomberg | Bloomberg | Getty Images Regardless of the outcome of the U.S. presidential election, there could be some clear winners for exchange-traded funds, or ETFs, experts say.  Whoever becomes president next — former President Donald Trump or Democratic nominee Kamala Harris — will leave their mark on U.S. policy, and that poses challenges to the status quo going

Karrastock | Moment | Getty Images People are using artificial intelligence for tasks like writing and editing resumes and cover letters — and even to get personal finance advice. While some of those insights can be valuable, financial advisors caution that AI shouldn’t be your only resource. A new report by Experian found that 67%

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%,