In addition, 73 percent of that same group said they would provide “student loan tools.” Some employers have adopted plans to help workers who are grappling with debt. For instance, Abbott introduced its Freedom 2 Save Plan: Employees who put 2 percent of their pay toward their student loans will receive a 5 percent “match”
With the government shutdown now in its fourth week, banks and credit unions are ramping up help to federal workers. Some 420,000 employees are considered “essential,” and are working without pay, while an estimated 380,000 others have been ordered to stay home. Colorado’s Alpine Bank has set aside $5 million to help furloughed workers. If
Still, picking up another job isn’t an easy process for government employees, said Richard Painter, a law professor at the University of Minnesota and the chief White House ethics lawyer for President George W. Bush. Government agencies typically require employees to obtain approval before they can take on an additional job, Painter said. Ethics lawyers
However, as a married couple with combined income of $1 million, they would pay 37 percent on $400,000 (the difference between their income and the $600,000 threshold for the highest rate). That would mean paying $8,000 more in income taxes. Other parts of the tax code can also generate a higher bill. For instance, while
Data for last three months of 2018 shows that the Consumer Price Index for Urban Wage Earners and Clerical Workers, or CPI-W, which is what the Social Security Administration uses to calculate the COLA, has dropped by 1.8 percent compared to the last three months of 2017. The Senior Citizens League’s estimate for COLA in
A number of government-funded rental assistance programs are in jeopardy as the longest shutdown in U.S. history wears on. A red screen on HUD’s website explains that the agency is closed until further notice. “Nearly 700 property owners who have HUD contracts to operate housing affordable to the lowest income seniors and people with disabilities
First up is choosing someone to handle your finances if you reach a point where you cannot. When you give someone durable power of attorney for your finances, that person will be in charge of paying bills and filing tax returns, for example. You also should give someone durable power of attorney over health care.
In the meantime, it’s up to consumers to work their own magic. (Sorry, spell casters, but “aparecium” probably won’t cut it.) Expect to do some digging and ask some pointed questions to make sure you understand the product or service you’re signing up for, said Linda Sherry, director of national priorities for advocacy group Consumer-Action.
The disparity can be seen across the board — from the corner office to the cubicle. Women account for less than 17 percent of senior leaders in U.S. investment banking, according to a Catalyst study released last year. And Morningstar found that less than 10 percent of all U.S. fund managers are women. The numbers
Alex Wroblewski | Bloomberg | Getty Images Demonstrators rally against a partial government shutdown at a protest hosted by the National Air Traffic Controllers Association (NATCA) on Capitol Hill in Washington, D.C., U.S., on Thursday, Jan. 10, 2019. Aircraft delivery company Jet Test and Transport has also seen the effects of the shutdown, due to
Millions of taxpayers submit their returns as soon as possible. These households often need their refunds to either reduce remaining holiday debt or boost their savings. In 2018, the IRS opened season on Jan. 29. By Feb. 2 — the end of that week — the agency received 18.3 million returns and processed 6.1 million
Many people nearing retirement and craving warmth think of Florida. Yet some destinations offer even more idyllic weather — if you’re willing to look beyond the U.S. A new report by International Living, a guide to retirement abroad, ranks destinations to spend your later decades by their weather. Of course, not everyone loves the heat.
This is the first tax year under the Tax Cuts and Jobs Act — an overhaul of the code that doubled the standard deduction ($12,000 for singles and $24,000 for married-filing-jointly in 2018), and eliminated personal and dependent exemptions (formerly $4,050 for yourself, your spouse and each dependent). The law also placed limits on itemized
Even as Netflix hikes prices, many people have no idea how much they already pay for the subscription service — or seem to care all that much. On Tuesday, the video streaming and content creation company announced its biggest increase since beginning its streaming service 12 years ago. The price boost takes effect immediately. About
Not surprisingly, millennials are paving the way among people ditching bills and coins in favor of credit, debit and digital payments, through apps like Apple Pay, Venmo and Zelle. In fact, more than 1 in 10 millennials use their digital wallet for every purchase, according to a separate report by Experian — especially on food,
Part of that swelling demand stemmed from new anti-fraud regulations that took effect last year, delaying refunds until mid-February for consumers claiming the earned income tax credit or the additional child tax credit. This year, experts say, the ongoing government shutdown could generate even more interest, both from affected workers who are running low on
Carlos Barria | Reuters A demonstrator holds a sign, signifying hundreds of thousands of federal employees who won’t be receiving their paychecks as a result of the partial government shutdown, during a “Rally to End the Shutdown” in Washington, January 10, 2019. And many of those financial institutions are working with affected individuals to waive
Accountants have been waiting for the last word on regulations that would affect clients’ 2018 returns. For instance, small businesses are holding out for the 20 percent qualified business income deduction. It’s a break for so-called pass-through entities, including sole proprietorships and S-corporations. Accountants are awaiting final regulations from the Treasury on this break to
Credit scores have been steadily rising since the Great Recession, averaging over 700 for the first time ever. But if you’re not there yet, there is good news. New criteria will weigh how you manage the cash in your checking and savings accounts, which means the good financial habits you practice today can have a
Many people who apply for college financial aid are forced to go through an audit-like process in which they must prove that the information they provided is accurate. Each year, nearly a third of students who fill out the Free Application for Federal Student Aid, or FAFSA, are selected for so-called verification, according to the
You may plan to set aside money for recurring expenses that take a big chunk of your income, such as your mortgage or annual tuition bill for your children. But you might not always follow up on those intentions. That’s because there’s daily, weekly, bi-weekly, monthly and annual spending for which you have to plan.
A few days ago, Will Kohler, a tax examiner for the IRS, filed for unemployment. He’s been out of work for three weeks now due to the gridlock in Washington, D.C. “It seems like it’s going to go on forever,” Kohler, 55, said, from his house in Covington, Kentucky. “I need to eat.” He has
Even if you don’t fancy yourself the next Jeff Bezos, it can be worth thinking about your current assets and potential for future wealth before you get married. Amazon’s billionaire CEO and his wife, MacKenzie, announced Wednesday via a tweet that they intend to divorce. TMZ reported Thursday that the couple did not have a
Estimated settlement amount: As high as $68 billion It remains to be seen how the divorce of Jeff and MacKenzie Bezos plays out but, given his status as the wealthiest man in the world, it’s a sure bet the eventual settlement will place the exes at the top of the pack for expensive splits. Even
Hello, San Antonio! Seniors residing in this Texas city have the have the largest non-mortgage debt balances. Those were the findings from a study by LendingTree. The site, an online loan marketplace, analyzed the data of more than 75,000 of its users. Excluding mortgages, residents of San Antonio between 65 and 70 years of age
Many investors who invest in alternative mutual or exchange-trade funds lose out by trying to time their investments. “It’s so easy to cash out after a year of bad performance,” Glassman said. “They buy in after it does well and they cash out after it’s done poorly.” If you invest in one of these strategies,
Keep in mind that simple federal tax returns (and sometimes state returns) can be filled out and filed for free at some of these websites. And if your 2018 adjusted gross income is $66,000 or less, you might qualify for the IRS’ Free File program, a partnership involving the agency and a consortium of companies
The IRS has assured taxpayers of two key concerns during the ongoing federal government shutdown — the tax season start date and the availability of refunds — but accountants say the tax-filing season could still be painful. Earlier this week, the tax agency said that it would kick off the income tax–filing season on Jan.
Heather Bergen, a real estate agent in Arcata, California, said one of her clients couldn’t verify her income for her mortgage lender, because the government office where she works is short-staffed. She was then unable to get a hold of a form she needs from the IRS, as many of the workers at that agency
The best online banks also offer perks such as no minimum balance and free ATM access. You can even link an online savings account to the checking account at your local bank to access cash when you need it. “You don’t have to sever your existing banking relationship,” McBride said. Supplementing with a high-yield savings