Personal finance

Asia-pacific Images Studio | E+ | Getty Images After nearly a year of stock market volatility, high inflation and rising interest rates, a growing chorus of experts are warning investors about a recession. Goldman Sachs CEO David Solomon recently told investors there’s a “good chance” the U.S. economy is heading for a recession, and JPMorgan

Brandon Bell | Getty Images It’s no secret that higher prices are taking a bite out of household budgets. They also appear to have made some people change their retirement savings habits: Inflation has caused 54% of adults to either reduce or stop their contributions, according to a new report from Allianz Life. Additionally, 43%

Shapecharge | E+ | Getty Images Investors crashed the Treasury Department website for Series I bonds on Friday as they clamored to lock in a record-high interest rate before a key deadline. I bonds have proven to be a bright spot for investors amid declines in the broad stock and bond markets this year. They

Zoom In Icon Arrows pointing outwards The average cost to attend a private college in 1970 was about $3,000 a year. Today, it costs more than $50,000. How we got to this point, and its seemingly endless consequences on families and U.S. society, are the issues explored in Will Bunch’s new book, “After the Ivory

Fly View Productions | E+ | Getty Images For individuals or families that get — or could get — health insurance through the public marketplace, the opportunity to choose coverage for 2023 is nearing. Open enrollment, when you can pick a health plan for next year, runs Nov. 1 through Jan. 15 for the federal

In this article TRU Follow your favorite stocksCREATE FREE ACCOUNT From credit cards to mortgages, it’s suddenly a lot more expensive to borrow money. The Federal Reserve has raised its benchmark short-term rate 3 percentage points since March in an effort to curb unrelenting inflation, with another rate hike likely on the way next week. “Borrowers are feeling

Izusek | E+ | Getty Images Consumers are funneling money into annuities as the stock market tanks and higher interest rates raise payouts for buyers. Annuity sales in the third quarter of 2022 approached $80 billion, just edging out the $79.4 billion record set in Q2, according to estimates published by Limra, an insurance industry

PeopleImages Federal regulators on Wednesday adopted rule changes intended to make it easier for consumers to understand what they’re invested in and how much it’s costing them. Under amendments approved by the Securities and Exchange Commission, investment company ads will need to promote “transparent and balanced presentations” of fees and expenses. Additionally, shareholder reports from

Rohit Chopra, director of the Consumer Financial Protection Bureau, testifies during a Senate Banking, Housing and Urban Affairs Committee hearing on April 26, 2022. Tom Williams | Cq-roll Call, Inc. | Getty Images The nation’s consumer watchdog is upping its efforts to clamp down on so-called junk fees that some banks charge consumers. The Consumer

Mstudioimages | E+ | Getty Images Americans now expect they will need $1.25 million to retire comfortably, according to a new study from Northwestern Mutual. That figure represents a 20% increase from the $1.05 million respondents cited last year. That’s not necessarily good news for individuals who have seen their retirement savings decline in the

Insta_photos | Istock | Getty Images If you’re eager to secure 9.62% annual interest for Series I bonds for six months, the deadline is quickly approaching. You must purchase I bonds and receive your confirmation email by Oct. 28 to lock in the record 9.62% rate, according to TreasuryDirect. The rate is expected to drop

The Biden administration announced Tuesday it is making permanent changes to its public service loan forgiveness plan to make it easier for borrowers to have their loans forgiven. “Our team has worked to turn public service loan forgiveness from a promise broken into a promise kept,” U.S. Secretary of Education Miguel Cardona said during a

Porquenostudios | Istock | Getty Images For those with student debt, the last few months may have given you whiplash. First, President Joe Biden said in August that he’d be forgiving up to $20,000 for millions of borrowers. But before much celebrating could happen, Republicans brought a slew of challenges to the policy, leaving it

BartekSzewczyk | Getty If you’ve already maxed out 401(k) plan contributions for 2022 and you’re eager to save more for retirement, some plans have an under-the-radar option, experts say. For 2022, you can defer $20,500 into a 401(k), plus an extra $6,500 for investors 50 and older. But the total plan limit is $61,000 per

In this article LC Follow your favorite stocksCREATE FREE ACCOUNT As rising prices continue to outpace wage gains, families are finding less cushion in their monthly budget. As of September, 63% of Americans were living paycheck to paycheck, according to a recent LendingClub report — near the 64% historic high hit in March. A year

Sarah O’Brien hard at work writing about personal finance. Salvatore Agostino One of the best benefits of being a personal finance reporter is my keen ability to recognize the many money mistakes I’ve made in my life. I’ve already divulged a few in the first iteration of this confessional two years ago. While some of

Families don’t like to skimp when it comes to the holidays, under any conditions. But with rising prices and fears of a recession, holiday shoppers are feeling less generous this season. Many consumers are planning to make fewer purchases — and at a discount, according to a recent holiday retail report by Deloitte. Still, households

When it comes to getting into college, every little bit helps. Often college hopefuls turn to applying early to their top school to gain that edge. By demonstrating a preference to a particular college, studies have shown, an early application can give you a leg up, which goes a long way in the hyper-competitive world

Caroline Purser | The Image Bank | Getty Images The Biden administration could start discharging millions of Americans’ student debt as soon as Sunday. This is possible as some of the legal challenges brought against the sweeping policy by critics have failed in courts. A taxpayers group in Wisconsin earlier this week requested that the

Xavierarnau | E+ | Getty Images Social Security benefits will go up by more than $140 per month on average in 2023, as a record 8.7% cost-of-living adjustment kicks in. Exactly how much of an increase the approximately 70 million Americans who rely on the program for income will see will vary. More than 65