Single taxpayers If taxable income is: Your tax is: Not over $11,925 10% of taxable income Over $11,925 to $48,475 $1,192.50 + 12% of the excess over $11,925 Over $48,475 to $103,350 $5,578.50 + 22% of the excess over $48,475 Over $103,350 to $197,300 $17,651 + 24% of the excess over $103,350 Over $197,300 to $250,525 $40,199 + 32% of the excess over $197,300 Over $250,525 to $626,350 $57,231 + 35% of the excess over $250,525 Over … [Read more...]
Child Care Costs More Than Housing
For a family with two young children, the average annual cost for child care in 2023 was higher than the cost of mortgage payments in 45 states and higher than the cost of rent in every state. Here is a comparison of regional costs for housing and child care for two children — an infant and a four-year-old — in a child care center. Source: ChildCare Aware of America, 2024 Link to Printable PDF: 2024 11 November Newsletter IMPORTANT DISCLOSURES ERB … [Read more...]
Sources of Retirement Income: Worker Expectations vs. Retiree Realities
About 90% of retirees say they rely on Social Security, approximately the same as the percentage of workers who expect Social Security to help them meet their retirement income needs. Similarly, about 60% of workers expect a traditional pension plan to provide income, which is only slightly higher than the percentage of retirees who say a pension helps pay their bills. In other cases, worker expectations differ dramatically from retiree realities. Source: Employee Benefit Research Institute, … [Read more...]
If You Don’t Have a Will Yet, Why Not?
A will is a fundamental estate planning document. It outlines how you wish your property to be distributed, who should handle matters related to settling your estate, and who you want to care for your children after you pass, among other things. If you don't yet have a will, you're not alone. According to a recent survey by Caring.com, 64% of Americans think having a will is important, but only 32% have one.1 There are many reasons people put off drafting a will — here are four that you might … [Read more...]
FAFSA for 2025-2026 School Year Opens December 1
For the second year in a row, the Free Application for Federal Student Aid, commonly known as the FAFSA, will be delayed. The FAFSA for the 2025–2026 school year will open on December 1 instead of the typical October 1 date. Last year, despite a redesigned FAFSA that was supposed to be easier to complete, families faced a perfect storm — a delayed rollout, technical glitches, and processing delays, which led to confusion and late financial aid packages from colleges. By one estimate, as of March … [Read more...]
Making the Most of Your Credit Card
A growing number of Americans are moving towards a "cashless" society. As a result, credit cards are being used more often than ever — especially by those with higher incomes.1 Credit cards are no longer viewed solely as a debt instrument for cash-strapped individuals. Instead, they are prized for a variety of benefits, such as earning rewards and travel perks, protecting purchases, building credit, and gaining additional insurance coverage. Reap the rewards Using a rewards … [Read more...]
Can You Put the Brakes on Rising Auto Insurance Premiums?
When your auto insurance policy renews, chances are that your premium will be going up, possibly by a lot. Rates vary by state and location, but nationwide, premiums increased more than 20% between May 2023 and May 2024.1 Higher vehicle prices and repair costs (including parts and labor), more accidents, a rising number of fraud cases and lawsuits, and severe weather events have affected the bottom line of insurers, leading to across-the-board rate hikes. That's not good news for your wallet, … [Read more...]
How the Typical American Family Pays for College
The typical family uses a combination of income, savings, grant aid, and loans to pay for college. For the past several years, income and savings from parents and students have consistently covered about half of the total cost, with grant aid covering about one quarter of the total cost and loans covering most of the remainder. Starting a college fund early and aggressively looking for grant aid from colleges can help families reduce the amount they may need to borrow. A net price calculator, … [Read more...]
Eight Great Investing Quotes
Investing can be daunting, whether you are experienced or a beginner. Even if you feel confident about your investing strategy, it can be easy to lose focus or make decisions based on emotion. Here are eight quotes from successful investors, economists, and other insightful thinkers that may help provide perspective and focus for your own investing strategy. "The individual investor should act consistently as an investor and not as a speculator."1 — Benjamin Graham, investor, … [Read more...]
It’s Complicated: Inheriting IRAs and Retirement Plans
The SECURE Act of 2019 dramatically changed the rules governing how IRA and retirement plan assets are distributed to beneficiaries. The new rules, which took effect for account owner deaths occurring in 2020 or later, are an alphabet soup of complicated requirements that could result in big tax bills for many beneficiaries. RMDs and RBDs IRA owners and, in most cases, retirement plan participants must start taking annual required minimum distributions (RMDs) from their non-Roth … [Read more...]
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