Washington leaders at odds over proposed tax increases

zimmytws | iStock | Getty Images Congressional leaders can agree on one thing – Social Security needs to be fixed before the program’s funds are unable to pay full benefits in 2035. But that is where the consensus ends. Leaders from both the Republican and Democratic parties have each recently discussed the issue on Capitol … Read more

What you can do to prepare your finances for a recession

Jamie Grill | Getty Images All the talk about a looming recession may have you worried about your finances. You aren’t alone: ​​Some 74% of US consumers are concerned about a recession, according to a new survey from Empower Retirement and Personal Capital. In addition, 85% are worried about inflation and 56% are already seeing … Read more

Student loan payments could restart in September. How to prepare now

Carol Yepes | Moment | Getty Images It’s right there on the US Department of Education’s website: Student loan payments to restart after Aug. 31, 2022. Skeptical? It’s understandable. The Education Department has repeatedly set an end date for the payment break on federal student loans, which began in March 2020, and then revised it … Read more

44% of Americans work a side hustle to make ends meet

Americans are increasingly turning to side hustles to make more money amid economic uncertainty and persistent high inflation. Some 44% of Americans are working at least one extra job to make ends meet each month, according to a survey from Insuranks, a small business insurance marketplace. The online survey of more than 1,000 adults working … Read more

Social Security isn’t bankrupt. What we know about future benefits

A Social Security Administration office in San Francisco. Getty Images A new Social Security trustees report points to a slightly longer time horizon for the program’s trust funds. But even with a new depletion date of 2035 – a year later than projected last year – the program still faces a 75-year deficit. A one-year … Read more

70% of retirees wish they’d started saving for retirement earlier

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

Education Department to cancel 200,000 student loan borrowers’ debt

US Secretary of Education Miguel Cardona The Washington Post | The Washington Post | Getty Images The US Department of Education has agreed to cancel the student loans of around 200,000 people who brought a class action lawsuit against the government, claiming they were stuck with federal debts from schools that were found to have … Read more

What stagflation is, and how to prepare for it

Runaway inflation has raised fears that the economy is headed towards a return of stagflation but a host of Wall Street banks such as Goldman Sachs and HSBC believe there remain opportunities for investors to safely navigate this tricky backdrop. UCG | Getty Images What is stagflation? Stagflation is a term coined in the 1970s … Read more

Monthly costs to finance new, used vehicles hit record high

Fg Trade | Istock | Getty Images For consumers in search of an affordable new car, there’s little relief on the horizon. The monthly costs to finance a vehicle purchase have hit record highs. Consumers face monthly payments averaging $ 656 for a new car, financed at 5.1% over 70.5 months (nearly six years), according … Read more

High inflation prompts older Americans to tap savings, take on debt

MStudioImages | E + | Getty Images For many older Americans, record high prices are jeopardizing their financial security just as they approach or live in retirement, according to a recent survey from The Senior Citizens League, a nonpartisan senior group. The online survey was conducted online in the first quarter and included 3,056 participants, … Read more