Personal finance

Morsa Images | Digitalvision | Getty Images Retirees who are worried about the high costs of prescription drugs are set to get new relief starting in 2025. Starting in January, Medicare drug plan enrollees will have their annual out-of-pocket drug costs capped at $2,000. Between 2025 and 2029, on average, about 1.4 million participants in
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Images By Tang Ming Tung | Digitalvision | Getty Images Employers are increasingly putting workers’ 401(k) plan savings on autopilot. But the positive impact of automated retirement savings is more muted than initially thought, new research finds. Previously “underexamined” factors — like workers cashing out 401(k) balances when they leave a job — “meaningfully reduce”
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A Dollar General store in Germantown, New York, on Nov. 30, 2023. Angus Mordant/Bloomberg via Getty Images Three of the nation’s largest retailers — Dollar General, Dollar Tree and Kroger — charge fees to customers who ask for “cash back” at check-out, amounting to more than $90 million a year, according to the Consumer Financial
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Source: Getty Images During a strong year for the stock market, a lesser-known strategy could help rebalance your portfolio and save on future taxes. The tactic, known as tax-gain harvesting, involves strategically selling your profitable brokerage account assets during lower-income years. That could include early years of retirement or periods of unemployment. As of Aug.
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Stefanie Kiser Book: “Wanted: Toddler’s Personal Assistant”. Cover design by Jillian Rahn/Sourcebooks. Courtesy: Stefanie Kiser Stephanie Kiser came to New York City in 2014 as a new college graduate, hoping to become a screenwriter. Instead, she spent the next seven years as a nanny for wealthy families. Kiser’s new memoir, “Wanted: Toddler’s Personal Assistant: How
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Federal Reserve Chairman Jerome Powell. Andrew Harnik | Getty Images Federal Reserve chair Jerome Powell on Friday gave the clearest indication yet that the central bank is likely to start cutting interest rates, which are currently at their highest level in two decades. If a rate cut comes in September, as experts expect, it would
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Richard Drury | Digitalvision | Getty Images After funneling money into pretax retirement accounts, you will eventually face mandatory withdrawals in retirement known as required minimum distributions, or RMDs. Since RMDs can trigger higher taxes, the withdrawals can be a nuisance for some retirees who do not need the money. But the yearly activity could
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Vice President Kamala Harris, left, and former President Donald Trump Reuters As former President Donald Trump and Vice President Kamala Harris unveil their economic agendas, both presidential candidates have called for tax changes that could affect millions of Americans. Taxes will be a key issue for the next president. Without action from Congress, trillions in
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