Personal
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The Future of Social Security: A Critical Look at Legislative Decisions
As voters prepare to cast their ballots in the upcoming elections, they are faced with a critical decision regarding the future of Social Security. With the program expected to pay out a significant amount in benefits to millions of Americans, the sustainability of Social Security is under question. The trust funds are projected to run…
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The Impact of IRS Direct File on Taxpayers
During this tax season, over 140,000 taxpayers took advantage of the IRS Direct File program, a free tax filing pilot introduced by the IRS. The program was initially launched in 12 states in early March, allowing certain taxpayers to file their federal returns without incurring tax preparation fees. According to IRS Commissioner Danny Werfel, the…
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BlackRock Launches New Retirement Product
BlackRock, the largest asset manager, has introduced a new product called LifePath Paycheck. This innovative product is designed to assist workers in converting their retirement savings into a regular income stream that mirrors their pre-retirement paycheck. The shift from defined benefit plans to defined contribution plans has left many individuals facing challenges when it comes…
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The Ins and Outs of Employee Stock Purchase Plans
Employee stock purchase plans (ESPPs) can be a valuable benefit for employees of publicly traded companies. However, before deciding to participate in your company’s plan, it is essential to have a thorough understanding of the rules and risks involved. According to financial experts, roughly half of public companies offered an ESPP in 2020, presenting an…
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Analysis and Critique of President Biden’s Student Loan Forgiveness Plan
President Joe Biden’s administration recently introduced a revised plan for student loan forgiveness after the Supreme Court blocked his initial proposal last summer. This new relief package aims to target specific groups of borrowers in order to navigate legal challenges and survive potential court scrutiny. The U.S. Department of Education believes that the narrowed focus…
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What to Do If You Missed the Federal Tax Deadline
When it comes to filing your federal taxes, missing the deadline can have serious consequences. The federal tax deadline was on April 15 for most filers, and if you missed it, it is important to file your return and pay your balance as soon as possible. If you still owe taxes for 2023, you’ll continue…
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Analysis of the Biden administration’s new fiduciary rule
The Biden administration recently issued a final rule aimed at regulating the investment advice given to retirement savers. The rule, which expands the scope of when intermediaries must act as fiduciaries, is set to take effect on Sept. 23. This new ruling follows a prior effort by the Obama administration to address conflicts of interest…
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Understanding the Impact of Inherited Individual Retirement Accounts: What Beneficiaries Need to Know
In recent years, beneficiaries who have inherited individual retirement accounts (IRAs) have faced significant changes in withdrawal timelines, triggering potential tax consequences. The Secure Act of 2019 introduced a 10-year window for “non-eligible designated beneficiaries” to deplete an inherited IRA. These beneficiaries include individuals who are not a spouse, minor child, disabled, or chronically ill,…
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The Importance of Teenagers Saving for Retirement
Teenagers today are showing an increased interest in their long-term financial health, with a focus on retirement planning. According to a recent survey of 13- to 18-year-olds, 83% of teenagers have already considered their retirement. This shift in mindset is a positive indication of financial awareness among young people. However, there is still a gap…
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Why Free Community College is the Better Solution for College Affordability
The debate over college affordability continues to rage on, with President Joe Biden pushing for a Plan B that includes free community college tuition as a key component. Critics argue that student loan forgiveness is merely a temporary fix, likening it to a Band-Aid that falls short of addressing the root issue at hand. Ryan…