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Ronnie Kaufman | DigitalVision | Getty Images Some future retirees could end up getting more time to amass a heap of money that won’t be taxed when they or their heirs tap it. Under a provision in a federal retirement bill that cleared the House of Representatives last month, required minimum distributions, or RMDs, from…
William F. Galvin, Secretary of the Commonwealth of Massachusetts, at a press conference on Sep. 10, 2018. Galvin championed a state rule governing investment advice, which a judge invalidated in March 2022. Michael Swensen for The Boston Globe via Getty Images The fight to protect consumers from bad investment advice has been a multi-year saga….
Student loans remain a substantial hurdle for nearly everyone with a college degree. For those currently struggling under the weight of education debt, President Joe Biden used his executive powers to extend the pause federal student loan payments until September. Nearly 43 million federal borrowers are hoping massive student loan forgiveness might be Biden’s next major move. “We have an opportunity…
A person shops for groceries at Lincoln Market on March 10, 2022 in the Prospect Lefferts Garden neighborhood of Brooklyn borough in New York City. Michael M. Santiago | Getty Images New government inflation data shows prices are surging in one key area – food. Now some states are looking at helping to reduce that…
courtneyk | E+ | Getty Images If you’re scrambling to finish your taxes, it’s easy to overlook the forms needed for a complete and accurate return. Such careless errors may delay your refund, according to the IRS. In most states, you’ll need to file your federal return and pay your bill by April 18 to…
U.S. President Joe Biden. Drew Angerer | Getty Images The Biden administration is moving to make it easier for people who claim they’ve been defrauded by their colleges to get their federal student debt forgiven. Since President Joe Biden has been in office, the U.S. Department of Education has canceled around $2 billion in student…
Eakgrunge | Istock | Getty Images Less risk often means lower returns. But that’s not the case with I bonds, an inflation-protected and government-backed asset, which may soon pay an estimated 9.62%. I bonds currently offer 7.12% annual returns through April, and the rate may reach 9.62% in May based on the latest consumer price index data. Annual…
Peopleimages | Istock | Getty Images In just a matter of months, mortgage rates have surged from just over 3% for a 30-year fixed loan to just north of 5%. As potential homebuyers follow those figures, there is one thing they may be overlooking: their credit score. The three-digit number has a big impact on…
Small changes in the price of gasoline may not seem like much. However, every 10-cent increase at the pump costs consumers overall a combined $11 billion or more over the course of a year, according to Ryan Sweet, a senior director at Moody’s Analytics. Gas prices are up nearly 50% from a year ago and…
Asiavision | E+ | Getty Images If you haven’t filed your taxes because you owe money, it may be a costly mistake, financial experts say. That’s because the late filing penalty for federal taxes is 5% of your unpaid balance per month capped at 25%, whereas the late payment fee is 0.5%, said certified financial planner Larry Harris, director…
A driver uses the Uber app to drop off a passenger. Chris J. Ratcliffe | Bloomberg via Getty Images When Sergio Avedian, 55, started driving full time for Uber and Lyft in 2016, he used to make $3,000 a week. Now, it’s impossible to make that kind of money,” he said. Coming out of the…
Thomas Barwick | Digitalvision | Getty Images A shortened workweek may become the reality for many employees in California. Legislation is now working its way through the state legislature that would make the standard workweek 32 hours for companies with more than 500 workers. There would be no cut in pay, and those who work…