In the United States, the distribution of wealth is highly unequal, which can result in some children falling behind right from the start. Lawmakers are now considering the potential benefits of implementing federal children’s savings accounts to address this issue. One proposed solution, known as the 401Kids Savings Act, aims to establish savings accounts for
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Raiding your 401(k) account to purchase a home may seem like a quick solution to securing the funds you need, but experts warn that this decision could have long-lasting negative consequences. According to the Real Financial Progress Index by BMO Financial Group, 30% of aspiring homeowners plan to withdraw funds from their 401(k) plan to
Traveling this summer has brought some relief for Americans in terms of airfare prices, with a general decrease in costs compared to the previous year. However, the scenario is not the same for all regions and destinations. According to data from travel site Hopper, certain international trips have become more expensive in 2024. For instance,
Many Americans hold a common misconception that Social Security benefits will disappear once the trust fund runs out. However, this fear is largely unfounded. Even if the trust funds are depleted, the program will still have revenue from payroll taxes to ensure that benefits continue to be paid out. It is crucial for individuals to
The Tax Cuts and Jobs Act of 2017, passed under the administration of former President Donald Trump, implemented sweeping changes to the individual income tax code, resulting in lower income taxes for the majority of Americans. However, with the scheduled sunset of these tax breaks in 2025, the future of individual tax rates and deductions
The U.S. Department of Education recently announced the new interest rates on federal student loans, and the news was not favorable for parents. Direct PLUS loans for parents will come with a 9.08% interest rate for the 2024-2025 academic year, which is the highest rate in over 30 years. This increase, noted by higher education
Inflation is currently a concern for policymakers in the US, but there are certain sectors in the economy where deflation is the prevailing trend. Deflation refers to a scenario where prices are decreasing for consumers, as opposed to inflation which measures the rate at which costs are increasing for goods and services. In the wake
The U.S. Department of Education has announced an extension for borrowers to meet a crucial student loan forgiveness deadline. Borrowers who request a loan consolidation by June 30 will have the opportunity to combine their federal student loans into a new federal loan, potentially leading to the sooner cancellation of their debt. This extension gives
In a recent turn of events, shares of AMC Entertainment and GameStop have once again experienced a surge, fueled by a new wave of “meme stock” rally driven by social media. The resurgence of this trend can be attributed to a social media account called “Roaring Kitty,” which made its first post in three years,
Recent reports indicate that the job market for new college graduates is facing a slight decrease in hiring rates compared to the previous year. Employers are planning to hire approximately 5.8% fewer graduates from the Class of 2023, as stated by the National Association of Colleges and Employers. This decline is particularly noticeable in industries