Your grocery bill has likely been going up. That’s because food prices are rising steeply, with the latest data from the U.S. Bureau of Labor Statistics showing a 7.4% increase between January 2021 and January 2022. The cost of bacon has swelled by 18%, and peanut butter, 15%. It’s unclear when the uptick will relent.
Personal finance
Items on sale at a Washington, D.C., supermarket on Jan. 12, 2022. Stefani Reynolds | AFP | Getty Images If surging costs are a concern, you may consider using your tax refund to bypass the purchase limits on I bonds, a nearly risk-free and inflation-protected asset. Annual inflation rose by 7.5% in January, growing at
Brothers91 | E+ | Getty Images Tax season is underway — and the IRS is warning of a likely increase in scams targeting taxpayers. Agency officials are sounding the alarm on “IRS impersonation scams,” in which criminals pose as IRS agents to try stealing money or personal information. The latter can lead to identity theft
sturti The Covid-19 pandemic has made it difficult for people to answer big questions about their futures, and many financial planners are underestimating the financial anxiety that is causing, according to a survey. A majority of financial planning clients — 71% — report experiencing financial anxiety at least half of the time, according to researchers
Ariel Skelley | DigitalVision | Getty Images Municipal bonds, also known as muni bonds, have become a popular option for investors seeking security and tax-free portfolio income. However, these assets may also trigger a costly surprise for retirees. Demand surged in 2021 amid President Joe Biden‘s proposed tax increases, with a record $96.8 billion of net money
mediaphotos | E+ | Getty Images Tax filing season is underway. Most Americans should be able to file their 2021 tax returns to the IRS for free. About 100 million Americans, or roughly 70% of people filing taxes in the U.S., are eligible to submit their tax returns to the IRS at no cost, according
staticnak1983 | E+ | Getty Images Millions of parents who’ve defaulted on their federal student loans may get part of their child tax credit seized this tax season. The federal government has long been able to collect past-due debts, like child support, owed to state and federal agencies. This occurs via the Treasury Offset Program,
The White House is exploring ways to forgive federal student loan debt. Bloomberg Creative | Bloomberg Creative Photos | Getty Images Under pressure from Democrats, advocates and borrowers, the White House is looking at actions it might be able to take to forgive federal student debt. The country’s outstanding federal student loan balance exceeds $1.7
Liu Jie/Xinhua via Getty Images States can forgo clawing back pandemic-era unemployment benefits in a broader set of circumstances than previously allowed, the U.S. Department of Labor said Monday. In the early days of the Covid-19 pandemic, states implemented new federal benefit programs created by the CARES Act to support the jobless. That quick turnaround,
Signage outside the Internal Revenue Service (IRS) headquarters in Washington, D.C. Bloomberg | Bloomberg | Getty Images The IRS on Monday announced it will stop using a controversial third-party service for facial recognition to verify identity for online accounts. The move comes amid bipartisan backlash over the collection of biometric data through video selfies for
Klaus Vedfelt | DigitalVision | Getty Images The wealth gap between Black and white Americans has been persistent. That gap, of course, reveals the effects of accumulated inequality and discrimination. Despite certain gains in income and wealth for Black families in America, white families often have a net worth up to 10 times higher. Discriminatory
Steve Debenport | E+ | Getty Images People who got raises last year might not see their paychecks stretch much farther. That’s because those increases in pay are up against the worst inflation in 40 years. Employers struggling to retain talent amid the so-called Great Resignation anticipated giving out larger pay increases and bonuses in