IRA contribution limits The maximum amount you can contribute to a traditional IRA or a Roth IRA in 2020 is $6,000 (or 100% of your earned income, if less), unchanged from 2019. The maximum catch-up contribution for those age 50 or older remains at $1,000. You can contribute to both a traditional IRA and a
Most lenders use credit report information to evaluate the creditworthiness of potential borrowers. Borrowers with good credit are presumed to be more creditworthy and may find it easier to obtain a loan, often at a lower interest rate. You can do a number of things to help improve what’s on your credit report, including the
If you find that you are struggling to pay down a credit card balance, here are some strategies that can help eliminate your credit card debt. Pay off cards with the highest interest rate first. If you have more than one card that carries an outstanding balance, one option is to prioritize your payments according
On December 13, 2019, the United States and China announced a “phase one” trade agreement just before new tariffs were scheduled to go into effect.1 Six days later, the House of Representatives passed the United States-Mexico-Canada Agreement (USMCA) in an overwhelming bipartisan vote, virtually assuring enactment of the long-awaited replacement to the North American Free
Whether at home, work or on a cell phone, it’s a scenario many Americans have found themselves in: answering a phone call only to find out it’s from an unwanted robocaller. In fact, the number of unwanted robocalls in this country has skyrocketed in recent years. The Federal Communications Commission (FCC) ranks unwanted robocalls highest
Net farm income is forecast to grow almost 4.8% to $88 billion in 2019, but this broad measure of profits includes financial support from the federal government. Direct government payments (excluding crop insurance) to U.S. farmers are projected to hit $19.5 billion in 2019, the most since 2005.1 There are also significant regional differences in
Here are 10 things to consider as you weigh potential tax moves between now and the end of the year. Set aside time to plan Effective planning requires that you have a good understanding of your current tax situation, as well as a reasonable estimate of how your circumstances might change next year. There’s a
Like almost everything else these days, the holidays have become a barrage of options and choices, with nearly limitless opportunities to overspend. Here are some tips to help you make sure your family’s spending remains in check this holiday season. Develop a spending strategy First and foremost, develop a budget. Involving family members will help
In September 2019, the Institute for Supply Management (ISM) Purchasing Managers Index (PMI), which measures a wide variety of manufacturing data, fell to 47.8%, the lowest level since June 2009.1 A reading below 50% generally means that manufacturing activity is contracting. The August reading of 49.1% had signaled the beginning of a contraction, and the
As you move through different stages of life, you will face new and unique financial situations. Did you just get engaged? Perhaps you are wondering how you and your partner are going to manage your money together. Do you have children? Maybe you are looking for ways to pay for their college education. When you
