In a significant move, the Federal Reserve has cut interest rates by 50 basis points, marking its first such action since the onset of the COVID-19 pandemic. As households look to navigate the implications of this decision, it is crucial to recognize how varying financial products react differently to these changes. Stephen Foerster, a finance
Personal
In recent sessions, a significant bipartisan movement has emerged in Washington, aiming to address longstanding issues within the Social Security system. Lawmakers from both sides of the aisle have rallied behind the Social Security Fairness Act, which seeks to repeal the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO). This initiative has gained
Inheriting an Individual Retirement Account (IRA) is often seen as a financial boon; however, recent legislative changes have rendered this inheritance more complex, posing potential tax challenges for beneficiaries. The Secure Act of 2019 introduced significant reforms that impact how heirs manage inherited IRAs, particularly for those who received such accounts after 2020. This article
When employees transition from one job to another or decide to retire, they often face the crucial task of managing their 401(k) retirement plans. One common route is rolling over funds into an Individual Retirement Account (IRA). Although this action is designed to preserve and grow retirement savings, many investors inadvertently make the error of
When it comes to taxes, the last thing anyone wants is an unanticipated bill from the IRS. As we progress through 2024, many taxpayers find themselves grappling with the consequences of previous withholdings, or perhaps lack thereof. Understanding how to assess your tax obligations and adjust accordingly is crucial to prevent unwelcome surprises when tax
Open enrollment season can be a daunting time for many, but when both partners in a relationship are involved, the complexities multiply. From overlapping deadlines to differing benefit structures, the process can seem overwhelming. Nonetheless, with proper planning, proactive communication, and a strategic approach, couples can turn this potentially stressful time into an opportunity for
The charm of the holiday season often draws travelers across the globe, eager to reunite with loved ones or embark on seasonal adventures. However, effective planning is key to a hassle-free experience. As we approach the holiday period, especially Thanksgiving, Christmas, and New Year’s, several critical factors come into play regarding travel. Given the anticipated
The Tax Cuts and Jobs Act (TCJA), introduced under former President Donald Trump, marked a significant shift in the landscape of American taxation when it was enacted in 2017. Its sweeping changes were tailored to provide substantial tax relief to families, small businesses, and corporations alike. However, a critical aspect of the TCJA was its
As the election draws closer, investors are faced with an onslaught of tax policy proposals that may evoke feelings of stress and anxiety. These emotions can often lead to impulsive financial decisions, according to experts in the field. Vice President Kamala Harris, the Democratic presidential nominee, has put forth plans for middle-class tax cuts while
With the upcoming election, the focus is on the impact that proposed capital gains taxes could have on investors. Vice President Kamala Harris recently proposed a 28% tax on long-term capital gains for individuals earning over $1 million annually, raising the current top rate of 20%. Senator Bernie Sanders, on the other hand, has shown
