The proposal for federal children’s savings accounts, such as the 401Kids Savings Act, aims to create a financial safety net for children from low- and moderate-income families. These accounts would be set up at birth, with federal contributions made available to families based on specific income thresholds. The ultimate goal is to help alleviate the
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Many young retirement savers are considering raiding their 401(k) accounts to buy a home. A recent survey conducted by BMO Financial Group found that nearly one-third of aspiring homeowners are planning to withdraw funds from their 401(k) plans to fund a purchase. Interestingly, millennials and Gen Zers are more likely to do so compared to
This summer, American travelers have experienced a broad decline in airline fares, which comes as a relief after the high prices seen in the previous year. However, it is important to note that airfare costs have actually increased for certain regions and destinations in 2024, particularly for international trips. According to data from travel site
One of the biggest concerns surrounding Social Security is the potential depletion of trust funds in the next decade. However, it is important to note that even if the trust funds are depleted, the program will still have revenue from payroll taxes. This means that benefits will still be distributed, albeit potentially at a reduced
The Tax Cuts and Jobs Act of 2017, which lowered income taxes for most Americans, is set to expire in 2025 unless Congress takes action. The looming battle over these tax breaks adds further complications to the federal budget deficit. As we approach this crucial deadline, it is essential to understand the implications of these
The recent announcement by the U.S. Department of Education regarding interest rates on federal student loans has left parents grappling with some unpleasant news. In the upcoming 2024-2025 academic year, parents looking to avail Direct PLUS loans will be facing a hefty 9.08% interest rate. This rate marks the highest percentage in over three decades,
Amidst the higher inflation rates seen across the US economy, there are certain sectors experiencing a different trend – deflation. This means that prices for certain goods and services are actually declining for consumers. Physical goods such as cars, furniture, and appliances have seen a reduction in prices, along with some groceries and travel expenses,
The U.S. Department of Education has recently announced an extension to the deadline for borrowers to meet a crucial student loan forgiveness requirement. This adjustment allows borrowers to request a loan consolidation by June 30, resulting in the merging of their federal student loans into a new federal loan. This move could potentially lead to
The recent surge in shares of AMC Entertainment and GameStop has once again captured the attention of investors, driven by social media and online communities. This “meme stock” rally, triggered by a social media account known as “Roaring Kitty,” has reignited the trading frenzy that was seen during the 2020-2021 meme stock frenzy. The resurgence
As new college graduates step out into the job market this year, they are faced with a challenging landscape. Reports from the National Association of Colleges and Employers indicate that there will be a 5.8% decrease in hiring compared to the previous year. This decline is primarily seen in industries such as chemical manufacturing, finance,
