The auto sector is one of the victims of the aggressive interest rate hikes by the Federal Reserve to crush inflation, which is at its highest in 40 years. According to experts, this monetary policy ...
Tag: Personal finance
New tax rule for eBay and Venmo will cause ‘significant confusion,’ CPAs say
As Congress concludes 2022 with a sprint to pass laws and a spending deal, tax accountants are joining a chorus of e-commerce companies and pay platforms who say a revamped tax form is about to cause ...
Moving into a retirement community, how to know when you have enough saved, the best RMD strategies and more retirement news
From MarketWatch Retirement: How much should you have saved for retirement? Aim for these age-related benchmarks as you save for retirement. These are the top 10 mistakes people make when planning fo...
My mom spent $90K on bitcoin and gifts in a romance scam. Can the tax code help her?
My mom went into debt to buy bitcoin for a scammer because she thought she was in a romantic relationship with him. She also racked up credit-card debt to mail computers and gift cards to the scammer....
Neobanks raise savings yields as Bank of England hikes interest rates
The Starling Bank app displayed on a person’s phone. Adrian Dennis | AFP via Getty Images LONDON — Online banks in the U.K. are racing to bump up the yields on their savings accounts in a bid to...
How much should you have saved for retirement?
When I was in my 20s, I was lucky to work for a company that offered a pension plan—and that put me on the road to retirement. Today, unfortunately, company pensions are rare. How can you ensure a com...
Long Covid medical costs average $9,500 in first six month: study
Joos Mind | Photodisc | Getty Images Long Covid results in $9,500 of total average medical costs for workers and their employers in the six months following a diagnosis, according to a study by Nomi H...
The Fed raised interest rates again. Where to earn 3-5% on your savings account
Where to earn more on your savings account. Getty Images/iStockphoto On Wednesday, The Federal Reserve raised its benchmark interest rate by half a percentage point, bringing the federal-funds rate up...
Here’s how health insurance is helping to cool inflation
Natalia Gdovskaia | Moment | Getty Images In an environment of high inflation, health insurance costs are doing the opposite: They’ve begun to deflate, and are poised to continue dropping each m...
This 529 plan myth is making college more expensive for families
Kevin Dodge | The Image Bank | Getty Images SEATTLE — For many families, paying for college is a financial burden, and experts say education-funding myths may be adding to the student loan debt crisis...
Why salaries in the United States don’t keep up with inflation
Inflation in the United States hit a record high in June 2022. Consumer prices soared by 9.1% compared with a year prior — the largest annual increase since 1981. While wages are rising, they’re...
Opinion: Opinion: The Fed should pause rate hikes since inflation has slowed — it won’t
The Federal Reserve should declare an immediate cease fire in its war against inflation and hold its benchmark interest rate steady instead of raising the federal funds by a half percentage point to a...
Vanguard sees a recession in 2023 — and one ‘silver lining’ for investors
The last 12 months was a year of fast-rising inflation, fast-rising interest rates and fast-rising questions about a future recession. Prices went up while stock markets and savings account balances w...
When to submit your tax return in 2023 to avoid missing forms
If you’re eager to file your 2022 tax return in January or early February, the IRS has a warning: You’ll need to wait for “key documents” before filing in 2023. In a release la...
The 4% Rule for Retirement Spending Makes a Comeback
Listen to article (2 minutes) Retirees walloped by high inflation and volatile stock and bond markets are getting some good news: The 4% spending rule—or something close to it—is back. The traditional...
Just 1 in 3 Americans understands this crucial component of planning smartly for retirement — and that lack of knowledge could prove very costly
Are you sure you’re ready to retire? No, really … are you sure? Although some 73% of American workers say they’re on track for a comfortable lifestyle in retirement, a recent report from Transamerica ...
Workers around the world say this is the best U.S. city for expats
Around the world, people agree that the best U.S. city to try living and working abroad is Miami, Florida. The South Florida beach and nightlife destination ranks 12th out of 50 global cities as being...
Gas prices are now lower than at this time last year. Could they fall below $3 a gallon in the months ahead?
Gas prices on Thursday were slightly less on average than they did one year ago — with a slim one-cent margin — but experts say there could be cheaper gas in the weeks and month to come. Thursday’s na...
These money and investing tips can fill your portfolio with holiday cheer
Don’t miss these top money and investing features: Sign up here to get MarketWatch’s best mutual funds and ETF stories emailed to you weekly! INVESTING NEWS & TRENDS Be on guard against Wall Stree...
Should I Buy Stocks Now?
The stock market isn’t a casino. Casinos actually have predetermined odds with the house taking a cut in games like poker where it does not have a stake in the action. Slot machines have a legal...
Art Basel ATM begs the question: Why would you keep $9 million in a bank account?
This ATM is spitting out social commentary along with cold, hard cash. An installation by the Brooklyn art collective MSCHF stole the show at this year’s Art Basel Miami. The art piece, dubbed “ATM Le...
I have $600K invested, but my financial adviser has only made one trade this year, and left $7,500 in cash in my Roth IRA. Is it time to get rid of him?
Question: My financial advisor has made one trade this entire year and has left $7,500 in cash in my Roth IRA since January. I had $600,000 in assets at the start of the year. Some minimal reallocatio...
Queen Latifah – worth an estimated $70 million – got this money savings advice from her mom. Pros say more of us should follow it, too: ‘The best part is it scales the more you make.’
BEVERLY HILLS, CALIFORNIA – OCTOBER 22: Queen Latifah attends TheGrio Awards 2022 at The Beverly Hilton on October 22, 2022 in Beverly Hills, California. (Photo by JC Olivera/Getty Images) Getty Image...
Opinion: Five easy, but consequential, actions to take before 2023 to boost your finances
Forget about New Year’s resolutions. Keep it simple with these “one and done” steps now. Best of all, they will improve your financial situation for the whole of 2023. Here are five things to do today...