Real gross domestic product (GDP) grew at an annual rate of 2.1% in the second quarter of 2023 following a 2% increase in the first quarter, according to the second estimate released by the Bureau of Economic Analysis (BEA). However, the 2% GDP increase in the second estimate was down…

The Internal Revenue Service (IRS) is changing limits on Americans’ catch-up contributions to their retirement accounts that will be in effect through 2025. The IRS announced Friday that it’s putting an administrative transition period in place until 2026 to extend the new requirement that catch-up contributions made by higher-income individuals…

Amid high inflation and rising interest rates, many Americans are becoming increasingly dependent on credit cards, according to a survey by Quicken.  In fact, two in five Americans with credit cards said they were more dependent on their credit cards than ever before, the survey found. And 35% said they won’t…

Amid record-high debt and stubborn inflation, Gen X has struggled to save for retirement, according to a survey by Clever Real Estate.  In fact, 64% of Gen Xers said they stopped saving for retirement because they couldn’t afford to do so, Clever reported. About 35% of Gen Xers said they…

401(k) participation reached a record-high rate of 83% this year, according to a report by Vanguard. “It is encouraging to see a record number of U.S. plan participants saving to secure their financial futures,” Tim Buckley, Vanguard chairman and CEO, said in a statement. “Automatic solutions revolutionized retirement planning over…

Have you ever dreamed of cruising on the water’s surface on a beautiful boat? Tunes playing, sun shining with a cold beverage in your hand. If this is something you want, whether it be in two years or 10, it’s never too early to start saving.  When it comes to…

To avoid years and years of debt after college, it is important to make financially smart decisions while you are still in school. This means doing things like applying for scholarships often and following a steady budget.  Over the few years you’re in college, student loan debt can quickly add…

One lucky Powerball winner in California is sitting with the $1.08 billion ticket drawn Wednesday night and 36 others, across various states, won $1 million on individual tickets. The jackpot for Friday’s Mega Millions is approaching $750 million.  Lottery fever is sweeping the country. If you are the lucky one…

Despite economic volatility, retirement account balances increased in the first quarter of 2023 for the second quarter in a row, according to the latest data by Fidelity Investments.  The average IRA balance increased to $109,000 in Q1 2023, a 5% rise from Q4 2022.In addition, the average 401(k) balance jumped to…

A recent Bankrate.com survey revealed that 39 % of U.S. adults have a side hustle, and 44% of those with a side hustle believe they will always need one to maintain their lifestyle. This includes 28% of side gig workers who say they will always need to have an additional source of…