A 2023 survey found that about three out of four U.S. adults had a financial regret. The most common were not saving for retirement early enough, taking on too much credit card debt, and not saving enough for emergency expenses. It’s probably not surprising that the weight that people placed on these and other regrets
After falling in 2023 by the widest margin since the 2008 financial crisis, retirement confidence began to edge back up in early 2024. According to the Employee Benefit Research Institute’s 2024 Retirement Confidence Survey, workers who said they are at least somewhat confident in their ability to afford a comfortable retirement rose to 68%, up
About 1,019,000 associate degrees, 2,136,000 bachelor’s degrees, 860,000 master’s degrees, and 206,200 doctoral degrees (which include medical and law degrees) are projected to be awarded during the 2023–2024 academic year. More women than men will attain undergraduate and graduate degrees at every level, a trend that is expected to continue. Source: National Center for Education
One challenge faced by family-run businesses involves transitioning both the ownership and operations from one generation to the next. A family limited partnership (FLP) is a legal agreement that enables business owners and their heirs to address succession, estate, and tax planning needs all at once. Business owners who want family members to inherit their
Each year, the Trustees of the Social Security and Medicare trust funds provide detailed reports to Congress that track the programs’ current financial condition and projected financial outlook. These reports have warned for years that the trust funds would be depleted in the not-too-distant future, and the most recent reports, released on May 6, 2024,
In early 2022, the IRS issued proposed regulations regarding required minimum distributions (RMDs) to reflect changes made by the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019. The IRS has held off on releasing final regulations so that it can address additional changes to RMDs made by the SECURE 2.0 Act of
In 2023, the average total annual premium for employer-sponsored health insurance coverage was $8,435 for single coverage and $23,968 for family coverage, with average worker contributions of $1,401 and $6,575, respectively. Total premiums for both types of coverage increased a little more than 6.5% over 2022, the highest annual increase since 2011. The increase in
It’s estimated that more than one in 10 Americans leases a storage unit. In June 2023, the nationwide prices charged by self-storage facilities averaged $165 per month, after rising 20% over the previous year.1 Storage renters may pay more than that for large spaces or climate-controlled units, and at facilities in high-cost cities such as
You have until your tax return due date, excluding extensions, to contribute up to $6,500 for 2023 ($7,500 if you were age 50 or older on December 31, 2023) to all IRAs combined. For most taxpayers, the contribution deadline for 2023 is April 15, 2024. Making a last-minute contribution to an IRA may help you
In an unusual twist, U.S. home values climbed to an annual record of $389,800 in 2023, even as mortgage rates rose to the highest levels in a generation. The median price of existing homes rose 4.4% for the twelve months ended in December 2023 to reach $382,600. (Buying activity and prices tend to peak during
