Personal finance

Director of the National Economic Council Lael Brainard speaks at the White House in Washington, D.C., on January 11, 2024. Drew Angerer | Getty Images President Joe Biden‘s top economic advisor on Thursday unveiled plans to address trillions in expiring tax breaks enacted by former President Donald Trump. After 2025, several provisions from the Tax Cuts and

Pixelseffect | E+ | Getty Images Consumers saw prices for some goods and services deflate in May, amid a backdrop of broadly easing inflationary pressures. Whereas inflation is a measure of how quickly consumer prices are rising, deflation is the opposite: It gauges how quickly they’re declining. There are currently some “micro pockets” of deflation

John Paraskevas/Newsday RM via Getty Images Inflation fell slightly in May, as positive trends like lower gasoline prices were counteracted by others like stubbornly high costs for housing. Trends under the surface suggest the fight against inflation continues to bear fruit, albeit slowly, economists said. The consumer price index, a key inflation gauge, rose 3.3%

Chris Wattie | Reuters The Federal Reserve announced Wednesday that it will leave interest rates unchanged. Fresh inflation data issued earlier in the day showed that consumer prices are gradually moderating though remain above the central bank’s target. The Fed’s benchmark fed funds rate has now stood within the range of 5.25% to 5.50% since

U.S. President Joe Biden gestures after speaking about student loan debt relief at Madison Area Technical College in Madison, Wisconsin, April 8, 2024. Andrew Caballero-Reynolds | AFP | Getty Images Mishima Hughson filed for bankruptcy in December, joining the ranks of hundreds of thousands of Americans who undergo the process each year. Along the way,

Sturti | E+ | Getty Images It’s no secret that buying a home has gotten more expensive in the U.S. But the cost of keeping and maintaining a home has gotten significantly pricier, too, which might come as a surprise to some buyers.  The “hidden costs” of homeownership add up to an average $18,118 annually, or

Joe Biden and Donald Trump 2024. Brendan Smialowski | Jon Cherry | Getty Images Presumptive nominees President Joe Biden and former President Donald Trump have both pledged to extend expiring tax breaks for most Americans — but questions remain on how to pay for it. Trillions in tax breaks enacted by Trump via the Tax Cuts and Jobs Act

Martonaphoto | Moment | Getty Images A federal benefit program for people with disabilities and older adults made its first benefit payments 50 years ago. In 1974, Supplemental Security Income, or SSI, began sending the first monthly checks starting at around $140 per individual, or $210 per couple. In 2024, the maximum monthly benefit is

Ascentxmedia | E+ | Getty Images It can feel like the U.S. economy has divided consumers into groups of haves and have nots — and retirees are no exception. Research has found a great wealth transfer is underway, with research and consulting firm Cerulli Associates estimating an $84 trillion to shift from older to younger

Urbazon | E+ | Getty Images If you’re living and working abroad and still need to file 2023 taxes, the deadline is only one week away. While the regular tax deadline was April 15 for most taxpayers, there’s an automatic two-month extension to June 17 for those U.S. citizens and resident aliens, including dual citizens,

Experts are torn about where exactly the housing market is headed in the latter half of the year. “Mostly, we think the housing market is going to improve over the next half of the year,” Glenn Kelman, chief executive of Redfin, a real estate brokerage site, said on a May 22 appearance on CNBC’s “Money

The original house used in the “Home Alone” movies on Nov. 8, 2021. Erin Hooley/Chicago Tribune/Tribune News Service via Getty Images An array of iconic homes are for sale — and buyers will almost certainly pay extra for that pedigree. However, that premium is hard to quantify since some uber-wealthy buyers will pay almost anything

Joe Biden and Donald Trump 2024. Chip Somodevilla | Alex Wong | Getty Images Trillions in expiring tax breaks are at stake this election season — and those sunsets could raise taxes for most Americans after 2025 without extensions from Congress. The Tax Cuts and Jobs Act of 2017, or TCJA, temporarily reduced taxes for most

Maca And Naca | E+ | Getty Images Your student loan bill may get smaller next month. Here’s why: A feature of the Biden administration’s latest income-driven repayment plan that will reduce millions of borrowers’ monthly payments kicks in on July 1. For some borrowers, “it’s a dramatic drop,” said higher education expert Mark Kantrowitz.

Alvaro Gonzalez | Moment | Getty Images Despite a strong labor market, some applicants are facing more competition on the job hunt. But prolonged unemployment and lower income for 2024 could offer the chance for tax planning, experts say. One “silver lining” of a job layoff can be a temporary lower federal income tax bracket,

Andresr | E+ | Getty Images College graduates who recently received their diplomas may be dreading the next milestone: The start of their federal student loan payments. Each year, roughly 2 million people in the U.S. are awarded a bachelor’s degree, according to an analysis by higher education expert Mark Kantrowitz. Roughly 60%, or 1.2

Jamie Grill | Getty Images Mega backdoor Roth conversions can significantly boost tax-free retirement savings — but this maneuver is not available for all investors and mistakes are common, experts say. When investors make too much to save directly to a Roth individual retirement account, backdoor strategies can bypass the IRS income limits. A mega

Some Americans believe that real estate is the best long-term investment. If you’re among them, real estate investment trusts, or REITs, might be the easiest way to tap the market.  About 36% of surveyed Americans ranked real estate as the top long-term investment, more than cited stocks or mutual funds (22%), gold (18%), and savings

Justin Paget | Digitalvision | Getty Images The work-from-home trend is here to stay. Many companies have continued to let employees work remotely for at least some of the workweek — four years on from the early days of the Covid-19 pandemic — due to the win-win nature of the arrangement: Remote work is more

Sally Anscombe | Moment | Getty Images When saving for retirement, investing sooner typically boosts growth over time. But you can lose money by maxing out your 401(k) too early in the year — unless the plan has a special feature. Most 401(k) plans offer an employer match, which uses a formula to deposit extra