Due to recent increases in the price of fuel, the IRS has increased the optional standard mileage rates for computing the deductible costs of operating an automobile for business, medical, and moving expense purposes for the second half of 2022. The standard mileage rate for computing the deductible costs of operating an automobile for charitable
The most important attribute of a cash reserve is its availability in time of sudden need. And while a federally insured savings account is considered one of the safest places to put money being reserved for emergencies, when interest rates are low, you may want to consider other alternatives. When selecting ways to invest your
As a child, you may have dreamed about finding buried treasure, but you probably realized at an early age that it was unlikely you would discover a chest full of pirate booty. However, the possibility that you have unclaimed funds or other assets waiting for you is not a fantasy. Billions of dollars in unclaimed
With age comes responsibility, so if you’re a young adult in your 20s or 30s, chances are you’ve been introduced to the realities of adulthood. While you’re excited by all the opportunities life has to offer, you’re also aware of your emerging financial responsibility. In the financial realm, the millennial generation (young adults born between
With approximately 94% of American workers covered by Social Security and 65 million people currently receiving benefits, keeping Social Security healthy is a major concern.1 Social Security isn’t in danger of going broke — it’s financed primarily through payroll taxes — but its financial health is declining, and benefits may eventually be reduced unless Congress
21.2 million – Number of U.S. jobs added from May 2020 to May 2022. This brought the total number of jobs to 151.7 million, about 822,000, or 0.5%, less than the pre-pandemic peak in February 2020. Source: U.S. Bureau of Labor Statistics, 2022 The U.S. unemployment rate skyrocketed to 14.7% in April 2020 when the
Global economic growth is projected to drop from a 5.8% rate in 2021 to 3.3% in 2022, as the world grapples with repercussions of the Russia-Ukraine war and ever-changing conditions wrought by the pandemic. Growth forecasts of 3.3% for the United States and 2.4% for the euro area in 2022 (down from 5.6% and 5.2%,
When thinking about life insurance, you might focus on the death benefit that can be used for income replacement, business continuation, and estate preservation. But life insurance policies may include other provisions that allow you to access some or all of the death benefit while you are living. These features are often referred to as
Most teenagers probably aren’t thinking about saving for retirement, buying a home, or even paying for college when they start their first jobs. Yet a first job can present an ideal opportunity to explain how a Roth IRA can become a valuable savings tool in the pursuit of future goals. Rules of the Roth Minors
For the 12-month period ending in May 2022, the Consumer Price Index for All Urban Consumers (CPI-U) — the most widely used measure of inflation — increased 8.6%, the fastest pace in 40 years.1 The rate may trend downward as the Federal Reserve raises interest rates and supply-chain issues improve. But inflation is likely to
