$318,000 – Estimated amount that a couple who retired at age 65 in 2022 might need to save to pay for retirement health-care expenses, assuming they have Original Medicare with a comprehensive Medigap policy and median prescription drug expenses. The same couple might only have to save $184,000 with a Medicare Advantage (MA) plan, assuming
If you can’t help but notice a growing fascination with “the metaverse,” both in pop culture and the financial news, you may be wondering what all the buzz is about. Contrary to how it sounds, there is no single, definitive metaverse — at least not yet. The term refers broadly to the various 3-D digital
When shares of stock are repurchased by the issuing company, it reduces the number of outstanding shares and raises the earnings-per-share ratio, which can help boost the stock price. After a significant corporate tax cut was enacted at the end of 2017, S&P 500 stock buybacks surged — and a new record was set in
1.56 million – Total number of U.S. non-farm employees in July 2023. By comparison, the pre-pandemic high was 152.4 million in February 2020, and the pandemic low was 130.4 million in April 2020. Source: U.S. Bureau of Labor Statistics, 2023 The U.S. economy lost nearly 22 million jobs during the two-month pandemic recession of March–April
Federal tax credits may be available to help offset your cost to purchase certain clean vehicles (including electric, plug-in hybrid, and fuel cell vehicles). The new clean vehicle tax credit can be either a personal or a general business tax credit, depending on whether the vehicle is used in a trade or business. If the
With the COVID pandemic receding in most areas of the world, Americans are traveling again. U.S. citizens took more than 80 million international trips in 2022, an increase of almost 66% over the same period in 2021.1 If you’re planning a foreign vacation, here are some suggestions to help keep your trip on track. Obtain
There’s a certain amount of risk that comes with owning a business. Accidents can happen no matter how well a company is run, and a lawsuit could be devastating if the business is found to be at fault. A limited liability company (LLC) is a business structure that offers many of the same legal protections
It’s heartbreaking to hear stories of people losing money (even their life savings) as a result of fraud or financial exploitation, especially if they are older and financially vulnerable. In fact, it’s quite common. People age 70 and older reported losses of $567 million in 2022.1 You know your parents could be at risk, and
$180.4 billion – Additional tax revenue estimated over ten years (2022-2031) due to increased spending on tax enforcement activities by the IRS. Only a small fraction of these anticipated revenues would be collected from taxpayers with income below $400,000. Source: Congressional Budget Office, 2022 IRS audit rates for individual income tax returns have fallen since
The Inflation Reduction Act of 2022 is providing the IRS with an influx of about $80 billion to modernize outdated technology and rebuild a depleted workforce, which is expected to improve enforcement to the tune of about $200 billion over a decade. Treasury Secretary Janet Yellen directed the agency not to use additional resources to
