$27.6 trillion – Projected U.S. gross domestic product for 2023 in current dollars, based on advance data for the third quarter. In 2022, current-dollar (nominal) GDP was $25.7 trillion. Source: U.S. Bureau of Economic Analysis, 2023. After a worrisome decline in the first half of 2022 — which sparked fears of a recession — U.S.
A New Year, A New Opportunity to Save with a 529 Plan The start of a new year is typically a time when people resolve to implement or recommit themselves to a personal financial goal. This year, why not consider opening a 529 plan account, or increasing your contributions to an existing account, to enhance
$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
The SECURE 2.0 Act, passed in December 2022, made wide-ranging changes to U.S. tax laws related to retirement savings. While some provisions were effective in 2023, others did not take effect until 2024. Here is an overview of some important changes for this year. Matching student loan payments Employees who make student loan repayments may
What has changed for you in 2023? For some, this year has been as complicated as learning a new dance. Did you start a new job or leave a job behind? That’s one step. Some bigger changes, especially those in the family, are practically a pirouette. If notable changes occurred in your personal or professional
More than seven out of 10 current workers in a recent survey said they expect a paycheck to play a role in their income strategy beyond traditional retirement age. In fact, 33% expect to retire at age 70 or older, or not at all.1 If you expect to continue working during your 60s, 70s, or
64% – Percentage of charitable giving in 2022 that came from individuals. The rest was from foundations (21%), bequests (9%), and corporations (6%). Although individuals are by far the largest source of giving, their share has been declining, and this is the fourth consecutive year that it was under 70%. Americans gave almost $500 billion
Gift cards are always at the top of holiday wish lists. In fact, gift cards are the gift consumers want to receive the most during the 2023 holiday season.1 Unfortunately, gift cards are also popular with scam artists. A relatively new gift card scam involves scam artists placing a barcode sticker over the real gift
Your most valuable asset may be your ability to earn an income. Over the course of your lifetime, you could earn several million dollars — money that helps support you and your family. If something happened to you, how would your family replace your lost income? Life insurance can help replace your income when needed
An estate plan is a map that explains how you want your personal and financial affairs to be handled in the event of your incapacity or death. Due to its importance and because circumstances change over time, you should periodically review your estate plan and update it as needed. When Should You Review Your Estate
