Homebuyers started the year on a positive note when declining mortgage rates signaled increasing affordability. Mortgage applications rose 28% in one week in the middle of January as rates dipped to 6.2%. But that frenzy of activity was short-lived as...
A new report from Fidelity found that the number of 401(k) millionaires plunged by 32% in the last year. At a time of the disappearing pension, the 401(k) is for most workers the main source of old age security. Almost...
When China’s leaders gather in Beijing for the annual parliament next week, one of the biggest economic risks they’ll need to tackle is the mounting debt of provinces. A majority of regional governments — at least 17 out 31 —...
The retail giant forecasts weaker sales “Choiceful, discerning, thoughtful.” That is how Walmart’s boss, Doug McMillon, described consumers on the American retail giant’s quarterly earnings call on February 21st. That may be so. What they are not, at least in...
After much outside criticism, the Internal Revenue Service basically told taxpayers in most — but not all — states that they do not need to report income from special state tax refunds or payments on their 2022 federal income tax...
Inflation is hovering near a 40-year high, driven by steep increases in food prices, housing and utilities. The Federal Reserve is trying to bring it down by aggressively raising interest rates, even if it pushes the economy closer to a...
Ever-increasing housing costs are not only straining budgets – they also are the biggest contributor to the nation's bump in inflation, according to a report released Tuesday by the Bureau of Labor Statistics. The consumer-price index, a widely used measure...
Federal Reserve Chair Jerome Powell said Tuesday that last week’s booming jobs report underscores why officials expect to approve additional interest rate hikes to tame inflation and similar data in the months ahead could require an even sharper rise in...
Not everyone is required to file taxes, but most Americans are and likely will file taxes. Of the 176.2 million individuals and married couples who could file a tax return in 2020, about 144.5 million of them filed a tax...
2022 Recap 2022 was a rough year for asset classes across the board. US equities as measured by the S&P 500 ended the year -18.1% and international equities as measured by MSCI EAFE, did not fare much better -14.5%. Though...
Vanguard investors are famous for staying invested — and accepting the market's and S&P 500's long-term returns. But if Vanguard's predictions are right, those future asset returns likely aren't what investors are hoping for. Just released 10-year forecasts from Vanguard...
Kids change their minds a lot, so it’s understandable parents might be nervous to lock away money in a college savings plan. After all, what if your child decides to skip college or drop out? That money could’ve been spent...
During the pandemic, record numbers of people changed jobs. That heightens the risk that millions of people forgot to bring their retirement savings with them. The government and industry have plans to reunite those people with their lost funds. If...
Parents to adult kids across the U.S. are considering coming out of retirement or refinancing their homes in order to prop up their kids' bank accounts – and the cash requests are only going to keep coming. But when is...
The SECURE 2.0 Act, signed by President Biden in December 2022, includes dozens of changes to provisions related to tax-advantaged retirement accounts. Among the most important changes is a provision, which took effect Jan. 1 of this year, that delays...
