Many consumers are rightfully concerned about escalating trade tensions. President Donald Trump on Saturday said he would impose 25% tariffs on goods from Mexico and Canada, and 10% tariffs on goods imported from China. He also signaled that tariffs on the European Union could be next. While Trump has agreed to halt the implementation of tariffs against Canada for at least 30 days […]
Sporrer/Rupp | Image Source | Getty Images Millions of Social Security beneficiaries have now received their first benefit checks for 2025. The new 2.5% cost-of-living adjustment — which adds $50 per month to retirement benefits on average — marks the lowest increase since 2021, when inflation spiked shortly thereafter. With prices still high, many beneficiaries […]
Miniseries | E+ | Getty Images Leverage the 401(k) ‘super catch-up’ For 2025, investors can save more with higher 401(k) plan limits. Employees can defer $23,500 into 401(k) plans, up from $23,000 in 2024. The catch-up contribution limit is $7,500 for workers ages 50 and older. But thanks to Secure 2.0, there’s a “super catch-up” […]
Cofotoisme | E+ | Getty Images How long it takes you to save for a 20% down payment on a home depends in part on where you live. In a pricey area such as New York City, it could take the typical buyer roughly 10.85 years to save $173,000, which is 20% of the median […]
Simpleimages | Moment | Getty Images Why your take-home pay could be higher If you’re starting 2025 with wages similar to your 2024 wages, your take-home pay — or compensation after taxes and benefit deductions — could be a little higher, depending on your withholdings, according to Long. “When all the tax brackets go up, […]
Djelics | E+ | Getty Images Retirees can expect to see some big changes in 2025 when it comes to their Social Security and Medicare benefits. President Joe Biden is expected to sign a bill that will increase Social Security benefits for certain pensioners. Additionally, the annual Social Security cost-of-living adjustment goes into effect for […]
Kennie Bukky, co-founder at The Pivot Place. Courtesy: Kennie Bukky Kennie Bukky, a millennial professional, made a six-figure salary in 2024 and attributed her high earnings to two key strategies: building an audience on social media and learning high-paying skills. Despite being under 30 years old, Bukky balances multiple jobs and earned just over £100,000 […]
Hill Street Studios | Getty Images Keith Harris, a 17-year-old high school senior at KIPP DC College Preparatoryhas studied accounting, investing and budgeting, among other basic lessons, like his English, history and math curriculum. Harris is enrolled in his high school’s NAF Academy of Businessa rigorous three-year finance program with a work-based learning component. Because […]
Betsie Van Der Meer | Digitalvision | Getty Images The holiday season is a time to give thanks, reflect on the past year, and spend time with family and friends. However, if you’re not careful, it can also be a time you overspend on holiday purchases. About 83% of Americans plan to buy gifts for […]
Images By Tang Ming Tung | Digitalvision | Getty Images As some Americans struggle to save for retirement, key 401(k) plan changes could soon make preparing easier for certain workers, experts say. Enacted by Congress in 2022, “Secure 2.0” ushered in sweeping changes to the U.S. retirement system, including several updates to 401(k) plans. Some […]
