JGI/Jamie Grill | Blend Images | Getty Images Higher prices have made it more difficult for Americans to stretch their paychecks. Yet new research finds a bright spot: Most households have enough liquidity to cover “moderate expense shocks,” according to a recent JPMorgan Chase Institute analysis of a sample of 5.9 million households through anonymized
Personal finance
Activists demonstrate in support of a $15-per-hour minimum wage and tips for restaurant workers in Washington, D.C. on Feb. 8, 2022. Mandel Ngan | AFP | Getty Images The federal minimum wage recently marked a new anniversary. But for affected workers, that may not be something to celebrate. The federal minimum wage has now been
Kumikomini | Istock | Getty Images In 2004, Sabrina Finch returned to school to become a nurse. Her mother, Rebecca, was excited for Sabrina, then in her early 30s, to finally have a career. She’d watched for years as Sabrina struggled to get by working low-wage jobs, including in fast-food restaurants and factories. As a
U.S. Vice President Kamala Harris speaks at an event with U.S. President Joe Biden (not pictured) in Prince George’s County, Maryland, U.S., August 15, 2024. Elizabeth Frantz | Reuters Vice President Kamala Harris on Friday unveiled an economic plan, including an expanded child tax credit worth up to $6,000 in total tax relief for families
Getty Images As their retirement nears, investors need to be aware of a threat known as the “sequence of returns risk” which could jeopardize their retirement nest egg. While this risk is often an overlooked and misunderstood problem for retirees, there are ways to minimize its negative impact, experts say. Also called “sequence risk,” the
Phoenix Wang | Moment | Getty Images Former President Donald Trump has touted a bold new idea for Social Security: ending taxes on benefit income. “Seniors should not pay tax on Social Security,” Trump wrote on July 31 in all capital letters on social media platform Truth Social, and repeated the point during an Aug.
U.S. Vice President Kamala Harris and Republican presidential nominee and former U.S. President Donald Trump. Brendan Mcdermid | Elizabeth Frantz | Reuters Former President Donald Trump and Vice President Kamala Harris both want to end taxes on tips — and some policy experts have already criticized the idea. Harris expressed support for tax-free tips at a
zimmytws | iStock | Getty Images The Social Security Administration faces a “record-breaking backlog” of open cases, leading to approximately $1.1 billion in projected improper payments to beneficiaries, according to a new report from the Social Security Administration Office of the Inspector General. The SSA OIG, which provides independent oversight of the agency’s programs and
A flooded street caused by the rain and storm surge from Hurricane Debby on Aug. 05, 2024, in Cedar Key, Florida. Joe Raedle | Getty Images States in the southeastern U.S. were drenched with heavy rains and flash floods from Hurricane Debby this week. Though Debby has weakened to a post-tropical storm, it threatens to
Alistair Berg | Digitalvision | Getty Images The Biden administration’s new affordable repayment plan, known as SAVE, may be on hold for months —or longer — amid a slew of legal challenges. The White House says roughly 8 million people are enrolled in SAVE, or the Saving on a Valuable Education plan. Here are a
Republican presidential nominee and former U.S. President Donald Trump holds a campaign rally in Harrisburg, Pennsylvania, U.S., July 31, 2024. Elizabeth Frantz | Reuters Former President Donald Trump this week repeated his plan to eliminate taxes on Social Security benefits for seniors. But the plan could deplete Social Security and Medicare trust funds sooner, policy
Credit card debt is on the rise. Americans now owe a record $1.14 trillion on their credit cards, the Federal Reserve Bank of New York reported Tuesday. The average balance per consumer stands at $6,329, up 4.8% year over year, according to a separate quarterly credit industryinsights report from TransUnion. Credit card delinquency rates are also higher