Inherited individual retirement accounts (IRAs) have seen significant changes since 2020 due to the Secure Act of 2019. Those classified as “non-eligible designated beneficiaries” now face a 10-year window to deplete an inherited IRA. This category includes heirs who are not a spouse, minor child, disabled, or chronically ill individual. The IRS had previously proposed
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When it comes to teens and money, there is often a disconnect. Overall, teenagers are taking a greater interest in their own long-term financial health, but far fewer understand basic retirement planning. In a recent survey of 13- to 18-year-olds, 83% said they had already thought about their retirement. However, most teens mistakenly believed saving
President Joe Biden recently unveiled his Plan B for student loan forgiveness, shedding light on his ambition to offer some free college options. In his $7.3 trillion budget for fiscal 2025, Biden included free community college as a key component. This initiative aims to eliminate the need for loans, making higher education more accessible. While
The demographic landscape of the United States is set to undergo a significant transformation in the coming decades, with the number of centenarians expected to skyrocket. According to a Pew Research Center analysis of U.S. Census Bureau data, the estimated 422,000 Americans aged 100 and older projected for 2054 will be over four times the
The annual rate for newly purchased Series I bonds is expected to decrease below 5% in May, but despite this decline, experts believe that these assets may still be attractive to long-term investors. Currently, investors are earning a 5.27% annual interest on new I bonds purchased before May 1st. Some experts are predicting that the
Federal Reserve Bank of Chicago President Austan Goolsbee expressed doubts about the ease of reaching the 2% inflation target by 2024. Despite the significant decrease from the pandemic-era peak of 9.1%, current inflation rates remain stubbornly above the desired target. The consumer price index rose 3.5% in March from a year ago, indicating the challenges
As enrollment deadlines loom, an alarming trend has emerged – fewer students have been able to determine how they will finance their college education for the upcoming year. The introduction of the new Free Application for Federal Student Aid has not been without its challenges. Many students have faced delays in receiving financial aid award
Every year, visitors to national parks across the United States are treated to free admission on April 20 as the federal government waives entrance fees to celebrate the start of National Park Week. This special week runs for nine days, from April 20 to April 28, allowing people to explore the beauty and wonder of
Series I bonds are a type of savings bond offered by the U.S. Department of the Treasury that are designed to protect investors against inflation. These bonds have a variable interest rate based on inflation data and a fixed rate that remains the same throughout the life of the bond. The annual rate for Series
President Joe Biden and Vice President Kamala Harris recently released their annual tax returns, showcasing important lessons for average Americans. President Biden and First Lady Jill Biden reported a joint adjusted gross income of $619,976 for the year 2023, reflecting a 7% increase from the previous year. They paid $146,629 in federal income taxes, with