Personal finance
Biden’s plan to bring down gas prices could take weeks. Here’s how to get relief now
Filling up at the pump comes with a hefty dose of sticker shock. Russia’s invasion of Ukraine and global supply concerns have sent gas prices to record highs — hitting $6 in some parts of the country. To combat the spike in energy costs, the White House said it will release 1 million barrels of […]
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There are signs a recession could be on the way. Here are some ways to protect your savings
An inversion in Treasury yields has stoked investor concerns that a recession might be on the horizon, but strategists say there are steps you can take now to protect your savings. Morsa Images | E+ | Getty Images With a historical indicator of recessions flashing red this week, financial experts have shared their top tips […]
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Why Biden’s billionaire minimum income tax may be a tough sell
Josh Gottheimer, D-N.J., talks to reporters in Washington, Nov. 4, 2021. Elizabeth Frantz | Reuters President Joe Biden has proposed a new tax on the ultra-wealthy as part of his 2023 federal budget, aiming to reduce the deficit by about $360 billion. Some experts say it’s unlikely to gain traction in Congress. The “billionaire minimum income tax” calls […]
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The Great Resignation is still in full swing. Here’s what to know
A Now Hiring sign is displayed at a restaurant in Arlington, Virginia, on March 16, 2022. Stefani Reynolds | Afp | Getty Images The pandemic-era trend known as the “Great Resignation” remains a prominent feature of the labor market, as favorable conditions lead workers to quit their jobs at near-record levels in search of better […]
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Last chance to avoid a 50% penalty on required withdrawals is April 1 for some retirees
If you turned age 72 during the second half of 2021, the deadline for your first annual required withdrawal from retirement accounts is April 1. In many cases, it’s the last chance to avoid a hefty penalty. These required minimum distributions, known as RMDs, apply to both traditional and Roth 401(k) plans, 403(b) plans and […]
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Consumers have saved more than $100 billion in health savings accounts
Morsa Images | Digitalvision | Getty Images Health savings accounts eclipsed $100 billion by the end of January, according to Devenir, an HSA investment consultant, as more consumers use the tax-advantaged accounts to save for future health costs. The firm forecasts HSA funds will hit $150 billion by the end of 2024. “The growth is […]
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Biden’s budget proposes tax hike on married filers making more than $450,000
President Joe Biden introduces his budget request for fiscal year 2023 on March 28, 2022 in Washington. Anna Moneymaker | Getty Images President Joe Biden released his 2023 federal budget request on Monday, calling to hike the top marginal income tax rate to 39.6% from 37%, a proposal floated by the administration last year. The […]
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The bond market is flashing a warning sign a recession may be coming. Here’s why
A Trader on the floor of the NYSE David Dee Delgado | Getty Images The bond market is flashing a warning sign for the U.S. economy. That harbinger is called an “inverted yield curve.” These inversions in the bond market have been reliable predictors of past recessions. Part of the yield curve inverted on Monday. […]
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How this risky strategy can leave retail investors vulnerable
“The idea that I used social media to promote GameStop stock to unwitting investors and influence the market is preposterous,” Keith Gill told Congress. Gill — who goes by DeepF——Value on Reddit and Roaring Kitty on YouTube — testified in front of the U.S. House of Representatives’ Committee on Financial Services in February 2021. He […]
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Most medical debt is coming off credit reports. Here’s what to do if yours doesn’t
Maskot | Maskot | Getty Images If you have medical debt weighing down your credit score, it may be wiped off your credit report in a few months. Yet before you cheer the good news, first make sure your debt qualifies. The three credit reporting companies — Equifax, Experian and TransUnion — recently announced that […]
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