$24.2 trillion – Projected national debt at the end of 2022, equivalent to about 98% of gross domestic product (GDP). By 2032, the national debt, which represents the accumulation of past budget deficits, is projected to be $40.2 trillion, almost 110% of GDP — the largest percentage on record. Source: Congressional Budget Office, May 2022
A pooled income fund is a trust with both charitable and noncharitable beneficiaries. It is established and run by a public charity, not by you. The charity “pools” the irrevocable contributions of many people, invests the money, and then distributes to you (or your designated beneficiary) a periodic income payment (usually quarterly or annually) for
$452 billion – Total assets in 529 savings plans, as of December 2021, spread over 14.8 million accounts. The average account balance was $25,395. Source: ISS Market Intelligence, 2022 The typical family uses a combination of income, savings, borrowing, and grants/scholarships to pay for college. Not surprisingly, the largest source of funding — 45% —
For the 12-month period ending in May 2022, the Consumer Price Index for All Urban Consumers (CPI-U) — the most widely used measure of inflation — increased 8.6%, the fastest pace in 40 years.1 The rate may trend downward as the Federal Reserve raises interest rates and supply-chain issues improve. But inflation is likely to
When you open an account or update an existing account at a brokerage or a financial firm, you may be asked you if you want to designate a “trusted contact.” This individual may be contacted in certain situations such as when financial exploitation is suspected or there are other concerns about your health, welfare, or
The arrival of the COVID-19 pandemic in 2020 led to a surge in demand for vacation/second homes — mainly spurred by government shutdowns and stay-at-home advisories. Whether working remotely, attending school online, or meeting up with friends and family virtually, people found themselves spending more time than ever at home.1 If you are thinking about
Green bonds are debt instruments that corporations and governments can use exclusively to finance major climate-related or eco-friendly initiatives. Global issuance of green bonds reached a record $523 billion in 2021, and is expected to exceed $775 billion in 2022.1 The growth in green bonds is closely tied to a broader investment trend that gained
You’ve been doing the right thing financially for many years, saving for your child’s education and your own retirement. Yet now, as both goals loom in the years ahead, you may wonder what else you can do to help your child (or children) receive a quality education without compromising your own retirement goals. Knowledge Is
72 – The age at which account owners must start taking required minimum distributions (RMDs) from tax-deferred 401(k) plans and traditional IRAs. These mandatory withdrawals will be smaller in 2022, because the life expectancy tables used to calculate RMDs were updated for the first time since 2002. Source: Internal Revenue Service, 2020 For those who
After being largely dormant for the last decade, inflation roared back in 2021 due to various factors related to the pandemic and economic recovery. For perspective, it may be helpful to look at inflation over a longer period of time. During the 20-year period ending September 2021, the Consumer Price Index for All Urban Consumers
