Personal finance

Only 41% of investors with more than $1 million have a plan for passing on their wealth to future generations, UBS says. kate_sept2004 via Getty Images As retirees consider their legacy, a popular income tax-saving strategy has become more common, experts say. The strategy, known as a Roth individual retirement account conversion, transfers pretax or nondeductible

If it seems like your paycheck disappears as quickly as it hits your bank account, you’re not alone. More than 60% of Americans live paycheck to paycheck as of September 2023, according to a LendingClub report. Even people in higher income brackets are affected. More than half of Americans earning over $100,000 a year live

D3sign | Moment | Getty Images More retirement savers have taken loans from their 401(k) accounts over the past year, suggesting that U.S. households are borrowing more readily as they feel the pinch of inflation, experts said. “I think 401(k) loans — like credit card debt — are kind of leading indicators of economic stress

In this article MTCH BMBL Follow your favorite stocksCREATE FREE ACCOUNT D3sign | Moment | Getty Images Channing Muller moved to Chicago in May from Chattanooga, Tennessee. Her main goal in the new city was to find a partner. Already a Bumble user, before long, she was subscribed to three more dating apps: The League,

Taiwanese woman walking down the city street with umbrella and coffee on a rainy day Mixetto | E+ | Getty Images For a couple of years, stocks have largely had an inverse relationship with economic data. The better the numbers have been — whether weekly jobless claims, consumer sentiment or housing starts — the worse

Fg Trade | E+ | Getty Images Unlike younger adults, those in their 30s oftentimes have more financial responsibilities on their plate. “The 30s can be sometimes more stressful because your responsibilities have gone up and you’re still not at your earnings potential of your 40s and 50s,” said certified financial planner Shaun Williams, partner

Momo Productions | Digitalvision | Getty Images Over the last three years, while student loan payments were on pause, many borrowers probably thought, “I could get used to this.” Fortunately, you may be able to finish paying off your student debt sooner than you thought, experts say. They shared tips on how to make that

A young woman receives help from a financial advisor. Richvintage | E+ | Getty Images It can be far too easy for adults in their 20s to overlook retirement altogether. After all, it’s still decades away, with many other shorter-term goals — such as buying a home or paying off student debt — closer on

zimmytws | iStock | Getty Images There’s renewed focus on the Social Security retirement age, thanks to recent Republican presidential debates. The Social Security board of trustees projects the program’s combined funds will run out in 2034, when just 80% of benefits may be payable. To prevent that, lawmakers may generally raise taxes, cut benefits

Westend61 | Westend61 | Getty Images You may want to think twice before scanning that QR code. The codes — a digital jumble of black and white squares, often used for storing URLs — have become seemingly ubiquitous, found on restaurant menus and in retail stores, for example. However, they can pose risks for the

U.S. President Joe Biden gestures as he delivers remarks on aid to Ukraine from the White House in Washington, U.S., December 6, 2023.  Kevin Lamarque | Reuters The Biden administration announced Wednesday that it would forgive an additional $4.8 billion in student loan debt, for 80,300 borrowers. The relief is a result of the U.S.

Morsa Images | Digitalvision | Getty Images About 8 million Americans rely on federal benefits that provide income to the elderly, blind and disabled who have little or no income or resources. Yet the program — Supplemental Security Income, or SSI — has not been updated in about 40 years. A bill called the SSI

A simplified Free Application for Federal Student Aid is set to roll out by the end of the month. However, the new FAFSA may launch with outdated inflation figures, which could mean many students “will get less financial aid than they deserve,” according to higher education expert Mark Kantrowitz. “It is a pretty big deal,” he said. “We are

itsskin | Getty High interest rates have pushed many would-be home sellers and buyers to the sidelines in 2023. Yet there are signs both sides may be more willing to take on a high-rate mortgage if other key factors aligned. More than half — 54% — of homeowners said they would move if they found

Luis Alvarez | Digitalvision | Getty Images The U.S. economy inched closer to a so-called “soft landing” after a new batch of labor data, economists said. A soft landing is a good thing. It would mean the Federal Reserve has accomplished the difficult task of taming inflation without triggering a recession. Job openings, a barometer

People exit the Supreme Court building in Washington, D.C. on Tuesday, June 27, 2023. Minh Connors | The Washington Post | Getty Images The Supreme Court is set to hear oral arguments Tuesday on a case that could affect broad swaths of the U.S. tax code and federal revenue. The closely watched case, Moore v.

Young people using cellphones. Filippobacci | E+ | Getty Images Gen Z women are driving spending trends on TikTok. Women in their 20s spend more time on the short-form video app than male peers of their generation, and it’s exposing them to a financial risk. “TikTok is a Gen Z women-centric app and it is

Eric Audras | PhotoAlto Agency RF Collections | Getty Images If you’ve poured cash into money market mutual funds, you could see a higher 2023 tax bill in April. But other investments could reduce your 2024 taxes, experts say. Investors and institutions have funneled cash into money market funds amid rising interest rates, and balances

For many families, financial aid is key when it comes to paying for college. But students must first fill out the Free Application for Federal Student Aid to access any assistance. And this year, the FAFSA has been significantly delayed. For the 2024-2025 school year, a new, streamlined FAFSA form will be available on or before

Vesna Andjic | E+ | Getty Images With roughly one month left in 2023, there’s still time to reduce your tax bill or boost your refund, experts say. Typically, you can expect a federal refund when you overpay annual taxes or withhold more than the total owed. The average refund for 2023 was $3,054, as