Student debt has long been a major financial burden for many Americans, hindering their ability to save for retirement. However, a new provision in the Secure 2.0 Act of 2022 offers a glimmer of hope. This provision allows employers to match their workers’ student loan payments with contributions to their retirement plans. With outstanding student
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As people age 50 and older approach retirement, it is crucial for them to carefully plan their financial future. Surprisingly, a recent survey from AARP reveals that 62% of individuals in this age group have not sought the assistance of a professional to help them plan for their golden years. This article aims to explore
In a stunning turn of events, Shohei Ohtani, the Japanese pitcher, recently signed a remarkable $700 million contract with Major League Baseball’s Los Angeles Dodgers. However, the eye-popping aspect of this deal is the deferral of $680 million over a span of 10 years. As anticipated, this colossal contract has ignited discussions on the future
Saving for retirement is a crucial financial goal that everyone should prioritize. With the higher 401(k) contribution limits for 2024, individuals have the opportunity to maximize their retirement savings. However, it is essential to carefully analyze the factors involved before making the decision to max out your 401(k) plan. This article explores various aspects to
The start of a new year often brings about a desire to make positive changes in our lives, especially when it comes to our finances. However, the reality is that many people fail to follow through with their resolutions within a matter of weeks or even days. In a recent survey conducted by Fidelity, it
In an era of instant gratification and on-demand consumption, buy now, pay later loans have become increasingly popular among consumers. These loans offer the allure of accessing capital without the burden of high interest rates typically associated with credit cards. However, as this financial product gains traction, concerns about its potential repercussions are emerging. With
In 2023, investors experienced higher yields, but the possibility of interest rate cuts in 2024 is causing uncertainty. Although Federal Reserve officials foresee three quarter-percentage-point cuts, the timing and implementation of these changes remain unclear. As a result, savers need to explore various options for their cash in order to align with their goals and
The job market is experiencing a cooldown, which means that workers can expect smaller annual raises moving forward. Labor experts predict that U.S. companies will offer average salary increases of 4% in 2024, down from 4.4% in the previous year. A survey conducted by Willis Towers Watson shows that companies’ total salary budgets, including raises
Retirement is a phase of life that many individuals look forward to, but in order to live your best life during retirement, it is crucial to make the most contributions while you are still working. One way to do this is by participating in a 401(k) plan, where employees can put up to $23,000 in
The new year has brought an exciting change to the world of 529 college savings plans. With the implementation of Secure 2.0, families can now roll unused 529 plan funds to the beneficiary’s Roth individual retirement account (IRA) without incurring income taxes or penalties. This change, which will take effect in 2024, aims to provide