AFTER WEEKS OF STALLED negotiations in Congress, President Donald Trump took it upon himself to issue a series of presidential executive orders, or memorandums, designed to reinvigorate the U.S. economy. One of those executive measures, called the “Memorandum on Deferring Payroll Tax Obligations in Light of the Ongoing COVID-19 Disaster,” includes a directive to suspend […]
Sarah Ackerman of Randolph, New Jersey, has been piling money into her retirement accounts during the coronavirus recession. And it’s paid off. Since the shutdown began in March, Ackerman has cut her expenses by $300 to $500 per month by working from home and driving less, providing a boost to her savings. She used to […]
A college education in the U.S. comes at a high cost. Tuition rates have reached record highs over the past few years, with no relief in sight. So, it’s not surprising that many students and their parents worry about paying for a college education, especially when undergraduate tuition, room and board, and fees at public […]
A new report from Fidelity Investments shows that the coronavirus pandemic’s toll on the economy did not keep Americans from growing their workplace retirement accounts. The average IRA balance increased compared to last quarter and last year to $111,500, according to Fidelity. The average 401(k) balance increased to $104,400, a 14% jump compared to last […]
Vesting is an important concept in the world of employer retirement plans. For most people, they’ll encounter the term vesting when they’re dealing with their employer-sponsored retirement plans such as a 401(k) or 403(b) plan. In this context, vesting refers to how much of your employer match is actually owned by you. Here’s how it […]
Many new lawyers feel frustrated with their student loans — and some say they’re depressed due to their debt — according to a new report from the American Bar Association. The July 2020 survey of 1,084 lawyers found that student loan debt affects nearly every facet of their lives: 48% said they had postponed having […]
President Donald Trump intended his executive action over the weekend to offer some of the financial support the next stimulus bill would have provided. But when negotiations stalled, his team drafted up executive orders that focused on a few key areas, leaving plenty for room for a larger financial rescue package from Congress — including […]
While millions of people could lose most or all of the $600 bonus in their weekly unemployment benefits, threatening to slow consumer spending and the nation’s economic recovery, one thing could help cushion the blow: Americans have been saving lots of money during the COVID-19 crisis. The savings rate – the portion of monthly income […]
COVID-19 pandemic has caused us to rethink many parts of daily existence, such as our health, jobs, where we live, our financial future, education, travel and the simple handshake. But according to data released Tuesday, many savers are still financially on the path to retirement. The combination of a stronger market, pandemic-related stimulus opportunities and […]
Most Americans aren’t saving enough for retirement. And unless you’re putting aside around 15% of your income, chances are good that you’re one of them. Saving this much of your take-home money may seem daunting and may even feel downright impossible. But the reality is that if you don’t set yourself up for a secure […]
U.S. credit card debt continued to fall in June as overall consumer borrowing grew after three months of declines amid the coronavirus pandemic, according to a Friday report from the Federal Reserve. The report shows that consumer revolving debt – which is comprised mostly of credit card debt – dropped to $992.4 billion from $994.7 […]
Saving for retirement is one of the biggest financial goals you can aim for, and it’s not always easy to achieve. The average worker expects to need roughly $1.9 million to retire comfortably, a survey this week from Charles Schwab revealed. For Millennials and Generation X, the number is $2 million, while Baby Boom generation […]
