When Joyce Debnam’s husband passed away, her life was forever altered. She began receiving $1,400 a month in Social Security survivor benefits, providing her with some financial stability. However, her situation took a drastic turn for the worse eight months later when she retired from her job at the United States Postal Service after 40…
Article: Automatic 401(k) Reenrollment: What This Means for You A new trend in company retirement plans has been gaining traction – 401(k) plan “reenrollment.” This trend involves companies automatically enrolling workers into their workplace 401(k) plan if they are not currently participating. While automatic enrollment typically applies to new hires, reenrollment applies to all workers…
New York Giants Rookie Tommy DeVito Chooses to Live at Home with Parents Despite the wealth and celebrity that comes with being a National Football League player, New York Giants quarterback Tommy DeVito has opted to live with his parents. “I don’t have to worry about laundry, what I’m eating for dinner, chicken cutlets, and…
Investors and financial planners are buzzing about the potential for avoiding capital gains tax in 2024, as the IRS released inflation adjustments, including increases in income tax brackets, and income thresholds for capital gains. Certified financial planner Tommy Lucas emphasized the opportunity to take gains next year and the prospect of selling long-term assets or…
Dave Bernstein, a former U.S. Postal Service worker, has found his retirement to be less secure than he had hoped. When he retired in 1992, he and his wife, Phyllis, were shocked to find that his monthly Social Security check was much lower than expected, despite earning the required 40 credits to be fully insured…
Feeling wealthy is becoming a rare luxury for most people these days. A recent Ameriprise Financial survey found that only 8% of millionaires consider themselves wealthy, while 31% identify as middle class. This feeling of financial insecurity is attributed to inflation, high interest rates, and economic uncertainty. Even highly paid professionals, termed as the “regular…
Social Security Trust Fund projected to run out of money by 2034 A potential 20% benefit cut could be the reality for Social Security beneficiaries if Congress doesn’t act to strengthen the program by the time the trust funds are expected to be depleted in 2034. However, according to a new report from the American…
San Francisco 49ers player Arik Armstead recently made headlines not just for his performance on the football field, but for his impressive pay stubs. With earnings of nearly $400,000 in one pay period and more than $4 million to date, Armstead’s pay stubs shed light on important financial lessons for W-2 employees. First and foremost,…
Customers at several major banks, including Bank of America, Chase, Truist, U.S. Bank, and Wells Fargo, experienced direct deposit delays due to an industry-wide processing issue on Friday. The outages were reported by banking customers, although the exact nature of the complaints was not specified. However, according to Downdetector, there was a surge of reported…
3 in 4 of Gen Z prioritize quality of life over money, according to a report by Intuit. This trend, known as “soft saving,” challenges traditional notions of saving for the future. Soft saving refers to putting less money into savings and using more for immediate enjoyment. Gen Z, which values experiences over money, leads…
