$3,822 – Maximum monthly Social Security benefit for someone who claims benefits at full retirement age in 2024. Someone who claims at age 62 in 2024 would only be eligible for a maximum of $2,710, while a claimant who delayed to age 70 could receive a maximum of $4,873. To receive the maximum benefit, you
Teenagers with part-time or seasonal jobs earn some spending money while gaining valuable work experience. They also have the chance to contribute to a Roth IRA — a tax-advantaged account that can be used to save for retirement or other financial goals. Minors can contribute to a Roth IRA provided they have earned income and
In a 2022 survey, consumers were first asked to quickly estimate how much they spend on subscription services each month, then a while later, they were directed to break down and itemize their monthly payments. On average, the consumers’ actual spending was $219 per month, about 2.5 times as much as the $86 they originally
A financial crisis — such as a job loss or medical emergency — can strike when you least expect it. It is important to be prepared by having a financial safety net in place — not having one could prove to be financially devastating. But bulking up your emergency fund isn’t always easy, especially during
According to a survey taken in late 2022, almost 40% of consumers have set “very” or “extremely” clear long-term financial goals — though for different reasons. $3.3 million – Number of U.S. residents forced to evacuate their homes at some point in 2022. About 1.9 million people fled from hurricanes, 665,000 from floods, 659,000 from
The mortgage industry has been on a roller coaster ride over the last couple of years. Interest rates for fixed-rate mortgage loans were at historical lows during the beginning of the pandemic in 2020, rising to a 20-year high in late 2022 — and fluctuating ever since.1 Many buyers are finding it difficult to afford
$29,100 – Average cumulative debt for 2020–21 bachelor’s degree recipients who graduated with debt from public and private nonprofit four-year institutions; 54% of students graduated with debt. This was an improvement over the 2015–16 school year, when 60% of students graduated with an average debt of $32,100. Source: College Board, 2022 While there is widespread
There is no magic formula to determine how much you or your child should borrow for college. But how much is too much? Starting Salary Guideline One guideline is for students to borrow no more than their expected first-year starting salary after college, which, in turn, depends on their specific major and/or job prospects. But
College students and parents deserve all the help they can get when paying for college or repaying student loans. If you’re in this situation, here are three federal tax benefits that might help put a few more dollars back in your pocket. American Opportunity Credit The American Opportunity tax credit is worth up to $2,500
12% – Percentage increase in prices for food at home (primarily groceries) for the 12-month period ending November 2022. By comparison, prices for food away from home increased 8.5% and general inflation ran at 7.1%. Source: U.S. Bureau of Labor Statistics, 2022 Have you noticed that packages are smaller at the grocery store? If so,
