Personal finance

D3sign | Moment | Getty Images The IRS has extended the Free File program through 2029, continuing its partnership with a coalition of private tax software companies that allow most Americans to file federal taxes for free. This season, Free File processed 2.9 million returns through May 11, a 7.3% increase compared to the same

Urbazon | E+ | Getty Images An unequal distribution of wealth in the U.S. can make it so some children are behind from birth. Now lawmakers are considering whether federal children’s savings accounts can help. One proposal — the 401Kids Savings Act — would create savings accounts for all newborns. Low- and moderate- income families

Young woman feeling concerned about grocery prices on the bill in the supermarket. Lordhenrivoton | E+ | Getty Images Many shoppers have been shocked by what they pay at the grocery store checkout. Food prices shot up amid broader inflation in recent years, and remain high for many staples. As consumers struggle with elevated food

Aj_watt | E+ | Getty Images A recent Social Security report showed a strong economy has helped the program. Still, Social Security’s trust funds may be depleted in the next decade, if no changes happen sooner. Many Americans have a misplaced worry that benefits will disappear. “The biggest myth about Social Security is that when

Former President Donald Trump speaks during a campaign rally in Wildwood Beach on May 11, 2024 in Wildwood, New Jersey.  Michael M. Santiago | Getty Images News | Getty Images Most Americans have paid lower income taxes since 2018 — and trillions in tax breaks will sunset next year without action from Congress. Enacted by

Wagnerokasaki | E+ | Getty Images When the U.S. Department of Education released the new interest rates on federal student loans this week, there was some unpleasant news for parents. So called Direct PLUS loans for parents will come with a 9.08% interest rate for the 2024-2025 academic year — the highest rate for parents

Riska | E+ | Getty Images Many Americans are earning more on cash after interest rate hikes from the Federal Reserve — and that income can trigger a surprise at tax time. “So many people were shocked by their cash interest earned” and taxes owed, said Boston-based certified financial planner Catherine Valega, founder of Green

Lourdes Balduque | Moment | Getty Images High inflation eased slightly in April, which may provide some relief to consumers who have been contending with elevated prices.   For retirees and people approaching retirement, higher than normal inflation poses unique challenges. Most retirees have access to one of the few inflation-adjusted sources of income —

Joe Biden and Donald Trump 2024. Brendan Smialowski | Jon Cherry | Getty Images The next U.S. president will face trillions in expiring tax breaks. While President Joe Biden and former President Donald Trump have shared early proposals, the federal budget deficit could complicate plans, experts say. Enacted under Trump, the Tax Cuts and Jobs Act,

Wand_prapan | Istock | Getty Images When it comes to spending money in retirement, there’s one rule of thumb — the 4% rule — that has persisted for decades. The 4% withdrawal rule calls for retirees to withdraw that portion from their investment portfolio in the first year of retirement. In each subsequent year, the

Jenn Lueke, 27, is a recipe developer based in Boston who creates content online showing people how to eat well on a budget. “I think it’s no secret that prices are going up in pretty much every area right now,” Lueke told CNBC. About two thirds, 65%, of U.S. adults surveyed by CNBC/SurveyMonkey this spring

Hartford, Connecticut Sean Pavone | Istock | Getty Images When it comes to improving access to higher education, each state is largely left to its own devices. Some are trying a broader array of tactics than others. Connecticut, for example, recently rolled out several programs to establish pathways to college and lower the debt burden.