Gen Z is making waves in the investment world by starting early in their financial journey. According to the 2024 Schwab Modern Wealth survey, Gen Z adults have already begun investing and saving at the young age of 19 on average. This is a stark comparison to previous generations, as baby boomers began investing at
Personal
When evaluating your preparedness for retirement, it is common to compare your 401(k) balance to others, but a more accurate comparison may be with people in your specific field rather than just your age group. Recent data from Fidelity shows that the average 401(k) balance for investors on their platform was $125,900 in the first
Quarterly estimated tax payments are a crucial aspect of tax planning for anyone who does not have taxes withheld from their income. This includes individuals with contract jobs, freelancers, gig economy workers, small business owners, and even those who have received a large distribution from a retirement account or profit from selling an asset. These
The real estate market is experiencing a shift as more homeowners are listing their properties for sale. However, these homes are not moving as quickly as expected, leaving potential buyers facing high prices and interest rates. According to Zillow, new listings from home sellers have surged by 13% from the previous year, indicating a growing
The debate surrounding the topic of imposing higher taxes on corporations and wealthy Americans has reached a critical point in Congress. Lawmakers and experts are currently considering several Democratic proposals aimed at addressing income inequality and the federal budget deficit. One of the key arguments in favor of these proposals is the belief that higher
In a recent announcement, the U.S. Treasury Department and Internal Revenue Service revealed that the federal government has allocated over $1 billion in tax credits to incentivize the purchase of electric vehicles. This new initiative allows buyers of new and used EVs to receive upfront cash incentives ranging from $4,000 to $7,500, depending on the
As the 2025 tax cliff looms closer, both President Joe Biden and former President Donald Trump have vowed to extend expiring tax breaks for most Americans. However, the issue at hand is how to finance these extensions. Trillions of dollars in tax breaks introduced by Trump through the Tax Cuts and Jobs Act of 2017
The Supplemental Security Income (SSI) program, designed to support people with disabilities and older adults, has been in place for 50 years. However, the maximum monthly benefit in 2024 is $943 for individuals and $1,415 for couples. This average benefit amount of $698 falls well below the federal poverty level of $1,255 for individuals. With
As an American living and working abroad, it is essential to be aware of the upcoming tax deadline. The regular tax deadline was on April 15 for most taxpayers, but there is an automatic two-month extension for those who live outside the country, including U.S. citizens, resident aliens, and dual citizens. This extension means that
The U.S. economy seems to have created a division between those who are considered to be the haves and the have-nots, and this segregation extends to retirees as well. According to Cerulli Associates, there is an estimated $84 trillion that will shift from older to younger generations by 2045. However, this wealth transfer may not