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,
With stock and bond markets both faltering over the past year, it’s easy to see why more near-retirees have a newfound appreciation for fixed annuities — insurance contracts that guarantee a specified rate of return. A fixed annuity maintains its value regardless of market conditions, and yields on these products have risen in response to
As young adults embark on their first real job, get married, or start a family, retirement might be the last thing on their minds. Even so, they might want to make it a financial priority. In preparing for retirement, the best time to start investing is now — for two key reasons: compounding and tax
With the prices for gas, oil, and electricity continuing to soar across the country, consumers are facing another winter of high heating bills. According to the National Energy Assistance Directors’ Association, the average cost of home heating is estimated to increase by 17.2% this season.1 Here are some tips to help you keep your heating
