Retirees who are concerned about the high costs of prescription drugs will soon have a new relief starting in 2025. Medicare drug plan enrollees will have their annual out-of-pocket drug costs capped at $2,000, providing significant financial benefits to those who rely on Medicare Part D coverage. According to a report from AARP, between 2025
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When it comes to investing, many people focus on asset allocation to balance risk and return. However, where these assets are held, known as asset location, is equally important. For wealthier investors, strategic asset location can have a significant impact on after-tax returns. But unfortunately, many investors are not paying enough attention to this crucial
The U.S. Department of Education recently unveiled the details of the rollout of the 2025-26 Free Application for Federal Student Aid (FAFSA) with the hope of addressing the issues that marred the previous year’s college aid application cycle. The upcoming FAFSA will be introduced to select groups of students in a beta testing phase beginning
In the realm of financial planning, particularly in a year marked by significant stock market growth, there exists a nuanced strategy that can be employed to both rebalance your investment portfolio as well as minimize your future tax obligations. This approach, known as tax-gain harvesting, involves strategically divesting yourself of profitable assets within your brokerage
The cost of attending college has continued to rise in recent years, with some institutions now approaching a staggering six figures annually. Among the elite schools listed in The Princeton Review’s “The Best 389 Colleges,” there are eight institutions with a sticker price exceeding $90,000 for the academic year 2024-2025. This rapid increase in tuition
When it comes to settling tax bills, the federal government is not playing around. In recent years, there has been an increase in the frequency of the government revoking passports of individuals with seriously delinquent tax debts. According to federal law, if a taxpayer has a total federal tax debt of more than $62,000 that
Social Security survivor benefits are a crucial source of financial stability for many families in the United States. Gov. Tim Walz emphasized this point during his acceptance speech at the Democratic National Convention. His personal experience of losing his father at a young age and the subsequent support from Social Security survivor benefits highlighted the
In response to Federal Reserve chair Jerome Powell’s signal of potential interest rate cuts, investors face the challenge of navigating their portfolios amidst the impending policy shift. Financial advisors have varying perspectives on the most effective strategies to adopt as the Fed considers lowering interest rates from their current two-decade high. It is essential to
As the new year approaches, many employees are considering boosting their 401(k) contributions to maximize their plan account for 2024. While this can be a wise financial decision for some, it is essential to carefully evaluate whether it is the right choice for everyone. Financial advisors caution against blindly maximizing contributions without considering various factors
In a recent massive data breach at National Public Data, owned by Jerico Pictures Inc., personal information of millions of individuals may have been compromised. Reports suggest that over 2.7 billion personal records may have been exposed, including sensitive information such as Social Security numbers, names, email addresses, phone numbers, and mailing addresses. The breach