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The year 2023 marked a significant upswing in average 401(k) savings rates, as indicated by a new survey from the Plan Sponsor Council of America. This report highlighted that combined contributions—comprising both employee deferrals and employer matches—climbed to an average of 12.7%, an increase from 12.1% in the previous year. Employees made an average deferral
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The recent transfer of student loan accounts from NelNet to Mohela has sparked a significant crisis in the financial world—one that could have repercussions for millions of borrowers. Lawmakers have expressed grave concerns over the mishandling of these transfers, leading to “millions of consumer credit reporting errors” that jeopardize the financial stability of thousands. This
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In recent months, digital assets have witnessed a remarkable resurgence, particularly following the November U.S. elections. Bitcoin, the flagship cryptocurrency, reached unprecedented heights, eclipsing $107,000 this week. This rally coincides with the exciting, albeit controversial, pro-cryptocurrency agenda announced by President-elect Donald Trump. The news has invigorated many investors, eager to capitalize on the potential of
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As the Federal Reserve gears up for another round of interest rate cuts, it’s essential for consumers and investors to reassess their strategies for cash holdings. With predictions indicating a reduction of a quarter percentage point, this would account for three rate cuts enacted since September, culminating in a total decrease of one full percentage
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The future seems a little brighter for Americans as the Federal Reserve gears up to cut interest rates once more. This anticipated decision follows a two-day meeting that encapsulates a significant shift in consumer sentiment, pointing toward greater financial optimism. Despite enduring the prolonged strains of high inflation, which affected household economics severely, recent findings
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In an unexpected show of bipartisan support, Congress recently made a significant stride toward reforming Social Security regulations that affect millions of Americans. The House of Representatives passed the Social Security Fairness Act with an overwhelming majority of 327 to 75 on November 12. This landmark proposal aims to eliminate rules that lead to reduced
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As the calendar inches toward 2025, tax uncertainty looms large, with many investors and financial professionals grappling with the potential implications of new federal tax policy. The forthcoming negotiations in Congress, led by President-elect Donald Trump, promise a significant reexamination of existing tax laws, evoking comparisons with Trump’s 2017 Tax Cuts and Jobs Act (TCJA).