Firefighters pull up to a burning house during the Kincade fire in Healdsburg, California, on Oct. 27, 2019. Josh Edelson | Afp | Getty Images As climate change threatens the US with more natural disasters, it’s becoming increasingly costly for Americans to insure their homes — and it’s only expected to get worse, according to … Read more
How employee stock purchase plans work Typically offered to all employees, ESPPs may allow you to purchase company stock at a discount of up to 15%, capped at $25,000 per year for tax-qualified plans. The plan collects after-tax contributions from each paycheck during an “offering period,” and uses the funds to buy company stock on … Read more
JGI/Jamie Grill | Tetra images | Getty Images As the US economy shrinks for a second straight quarter — one definition of a recession — many Americans aren’t prepared for an economic downturn. However, financial advisors say there’s plenty that is in your control. Fewer than half of Americans feel “financially secure enough” for another … Read more
andresr | E+ | Getty Images Covid-19 relief and record-low interest rates boosted many Americans’ finances during the pandemic. That has been especially true for millennials, who have on average built significant wealth. Millennials, born between 1981 and 1996, have more than doubled their total net worth, reaching $9.38 trillion in the first quarter of … Read more
Late. Elizabeth Warren, D-Mass., Questions Treasury Secretary Janet Yellen during the Senate Banking, Housing, and Urban Affairs Committee hearing on May 10, 2022. Tom Williams | Reuters Bill would replace Free File, allow for ‘return-free’ filing The Senate bill, known as the Tax Filing Simplification Act, directs the IRS to create a free, online service, … Read more
Daniel Grill | Getty Images Why inflation could lead to surprise tax bills Each fall, the IRS makes inflation adjustments for the coming year on a range of tax provisions. The IRS boosted federal income tax brackets for 2022 and adjusted many other provisions, including standard deductions, 401 (k) plan limits and more. But other … Read more
Inflation has continued to rise, but some retirees will not feel the brunt of many soaring costs, experts say. Annual inflation jumped by 9.1% in June, growing at the fastest pace since late 1981, the US Department of Labor reported on Wednesday. Higher prices have many worried, even those earning six figures. Some 65% of … Read more
seksan Mongkhonkhamsao | Moment | Getty Images 1. Review tax withholdings When starting a new job, you fill out Form W-4, covering how much your employer withholds from your paychecks for federal taxes. But you need to revisit those withholdings, especially for major life changes such as marriage, having children or starting a side business. … Read more
The demand for Series I bonds, an inflation-protected and nearly risk-free asset, has skyrocketed as investors seek refuge from soaring prices and stock market volatility. While annual inflation rose by 8.6% in May – the highest rate in more than four decades, according to the US Department of Labor – I bonds are currently paying … Read more
Sporrer / Rupp | Image Source | Getty Images The biggest piece of advice that people in retirement would pass along to their younger selves is simple: start saving earlier for the end of your career. Roughly 70% of retirees said that changing their habits to save or invest more and earlier is the top … Read more