For many people, retirement is a lifelong goal, and you’ll need to save consistently for decades to achieve it. But for more and more workers, retirement is becoming unreachable, no matter how hard they work for it. Roughly 40% of people believe they’ll never be able to retire at all, according to a recent survey […]
A major reason banks were rolling in so much dough last quarter is the explosive growth of the U.S. personal savings rate, which hit the highest mark since the 1980s in March and a historic 33% rate in April. By the numbers: The rate of savings as a percentage of disposable income was by far the […]
Many parents dream about giving their children an Ivy League education but not everyone does the math to see how much the degree will cost them. CNBC ran the numbers, and we can tell you how much money you would need to save to send your child to Harvard. First, some assumptions. For saving, we […]
President Trump has proposed creating universal savings accounts for Americans to help households save, a policy that is already available to residents in some other countries. Universal savings accounts, or USAs, are tax-free investment vehicles that have fewer limits and restrictions than other traditional savings methods. For example, people could withdraw funds whenever they pleased, […]
If you own your home, how much do you pay for property taxes? Does it seem like too much? If you disagree with how much you’re paying in property taxes, you can appeal the assessment. Most people don’t, though — perhaps because they are unaware they can, or because they just don’t have the time […]
Business owners who received a forgivable loan through the Paycheck Protection Program are likely getting more leeway on how to spend those funds. The Senate passed legislation Wednesday night that restructures how entrepreneurs can use loans issued through a new federal relief program for small businesses ailing from the economic contagion unleashed by the coronavirus […]
I know: You probably have a lot on your mind and don’t want to think about taxes until you absolutely have to. But it’s actually to your benefit to start thinking about your 2020 taxes now, even if you have months until you need to file them. The decisions you’re making right now and over […]
Chanda Torrey found retirement wonderful for the first two weeks. Then, not so much. Torrey, 50, of West Palm Beach, Fla., retired in mid 2019 as a Red Cross regional chief development officer. At first, she thought retirement was “paradise,” she says. “But after a few months, I didn’t know who I was. Not having […]
With many Americans facing an uncertain financial future as a result of the coronavirus pandemic, more people are saving up cash. The personal savings rate — the amount people are saving as a percentage of their disposable income — skyrocketed to 33% in April. It had been around 8% for months, but then ticked up […]
The Trump administration on Wednesday announced new guidance pertaining to defined contribution plans – like 401(k) accounts – and what investments the funds are able to access. Retirement savers will now have access to private equity investments through defined contribution plans, the Department of Labor said in an information letter. “This Information Letter will help […]
The IRS has now made 159 million coronavirus stimulus payments, the agency told CNET, but if you’re in the group still waiting to receive your check, you might be wondering if something is holding up your money. Maybe you’re even thinking your stimulus check isn’t coming at all. If you’re looking for answers, we have […]
Amid the coronavirus pandemic, millions of employees have been shut out of their offices and required to work from home. The massive change has many companies evaluating what they can do to make the transition smoother for their workers. One growing answer: a home-office fund. Companies are paying for their remote employees’ desks, chairs and […]
