Romance scams are on the rise, with cybercriminals preying on individuals’ emotions to gain access to their wealth accounts. These scams involve building a relationship with the victim, often over social media platforms, and manipulating their emotions to the point where the victim willingly provides access to their accounts or transfers money to the criminal.
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Many retirees overlook the impact of taxes on their retirement savings until it’s time to start withdrawing funds from their pretax accounts. However, financial experts warn that failing to consider tax implications can result in a significant financial setback. According to a study by Northwestern Mutual, only 3 in 10 Americans have a plan in
As interest rates have risen to combat inflation, the opportunity to earn up to 5% annual returns on savings accounts and other low-risk investments has become more attractive. However, some experts are cautioning investors against becoming too comfortable with these safe returns and missing out on the potential for higher returns in the market. Callie
Individual retirement accounts have been steadily growing over the years, causing potential tax issues for retirees and their beneficiaries. According to the Employee Benefit Research Institute, the median IRA or self-employed Keogh balance has increased to $87,000 in 2022, up from $81,144 in 2019. Additionally, a report from Fidelity found that the average IRA balance
Amidst the challenges faced by college applicants in 2024, one factor emerged as the primary influencer when it came to choosing a school: financial aid. While financial aid has always played a crucial role in college decisions, this year, issues with the new federal financial aid application process have heightened its significance. The delays in
In today’s economy, despite the unemployment rate remaining at a near record low, there are still individuals who are not in employment, education, or training, known as NEETs. This group of individuals is opting out of the labor force, often due to discouragement from their economic standing. Young adults, especially those between the ages of
The U.S. Department of the Treasury and IRS recently unveiled final tax reporting regulations for digital asset brokers, which has implications for the crypto market. The rules will gradually come into effect, starting in 2026, with mandatory annual reporting requirements for gross proceeds from sales. This move is aimed at enhancing tax compliance for high-income
In recent years, the U.S. stock market has seen a significant increase in concentration, with a handful of companies dominating the market. The S&P 500, considered the most popular benchmark for U.S. stocks, is a perfect illustration of this trend. The top 10 stocks in the S&P 500, which have the largest market capitalization, accounted
President Joe Biden’s student loan relief plan, known as the Saving on a Valuable Education (SAVE) plan, has faced legal challenges that have resulted in preliminary injunctions from federal judges in both Kansas and Missouri. These injunctions have temporarily blocked key provisions of the plan, preventing the Biden administration from fully implementing its initiatives to
When it comes to planning for retirement, there are many factors to consider beyond just your savings rate and total nest egg. One of the most crucial but often overlooked factors is your life expectancy. As Lisa Schilling, director of practice research at the Society of Actuaries Research Institute, points out, uncertainty about how long