Personal finance

Mario Tama | Getty Images News | Getty Images Retail therapy is thinly coating voters’ anxieties from the presidential election — and their wallets know it. About 27% of polled shoppers say they are “doom spending” — that is, spending cash despite concerns about the economy and foreign affairs — according to a new report

Karrastock | Moment | Getty Images People are using artificial intelligence for tasks like writing and editing resumes and cover letters — and even to get personal finance advice. While some of those insights can be valuable, financial advisors caution that AI shouldn’t be your only resource. A new report by Experian found that 67%

Cecilie_Arcurs | E+ | Getty Images The IRS has announced new 401(k) catch-up contribution limits for 2025. In its release on Friday, the agency boosted the 401(k) contribution limit to $23,500 for 2025. But catch-up contributions for savers age 50 and older will remain unchanged at $7,500. The limits apply to workplace plans, including 401(k)s,

Mrs | Moment | Getty Images Rebecca Finch couldn’t think of a better gift for her 86th birthday. She received a notice in early September from Navient that the lender would forgive the private student loan on which she was a co-signer. “We’ve waived the remaining balance on your private student loan in the amount

D3sign | Moment | Getty Images The IRS has unveiled the Roth individual retirement account contribution and income limits for 2025. For 2025, the total contribution limit to Roth IRAs remains $7,000, unchanged from 2024, according to the IRS’ announcement on Friday. If you are 50 or over, catch-up contributions also remain unchanged at $1,000.

The US Department of Treasury in Washington, DC, on February 22, 2024.  Mandel Ngan | AFP | Getty Images The U.S. Department of the Treasury has announced new Series I bond rates.  Linked to inflation, newly purchased I bonds will pay 3.11% annual interest from November 1 through April 30, 2025, which is down from

Betsie Van der Meer | Getty Only one cohort of shoppers thinks they have enough financial runway to spend cash this holiday season without rolling into debt — and even so, many in that group anticipate struggling. About half, or 52%, of shoppers with incomes of $100,000 or more believe they can “easily afford” holiday

Getty Images If you’re weighing a year-end Roth individual retirement account conversion, waiting too long could be risky, financial experts say.   Roth conversions move pretax or nondeductible IRA funds to a Roth IRA, which can start tax-free growth. The trade-off is upfront taxes on the converted balance, which boosts your adjusted gross income. The strategy has

Westend61 | Westend61 | Getty Images There’s still time to lower your taxes or boost your refund for 2024, financial experts say. Typically, there’s a refund when you overpay taxes during the year via withholdings or estimated payments. You can expect a tax bill when you don’t pay enough. Since the Tax Cuts and Jobs

This year, a big change happened to 529 college savings plans.  As of 2024, families can roll over unused 529 funds to the account beneficiary’s Roth individual retirement account, without triggering income taxes or penalties, as long as the 529 plan has been open for at least 15 years. Some families have already taken advantage of the new

When I was a teenager, I bought my first car. It was a Toyota Tercel with a few hundred miles on it and cost less than $10,000. Granted, this was 30 years ago. Now that I have a daughter turning 17, I envisioned a similar scenario. She has worked — and saved — since the

dowell | Moment | Getty Images The earnings limit for the 0% capital gains bracket will rise in 2025, which could offer tax planning opportunities, financial experts say. At sale, profitable assets owned for more than one year qualify for lower taxes — known as long-term capital gains. Those rates are 0%, 15% or 20%,