The Internal Revenue Service (IRS) has announced that the contribution limit for Traditional and Roth IRA accounts will remain unchanged at $7,000 for the upcoming tax year. This decision marks a pause in a trend of incremental increases, maintaining the same cap set in previous years. The unchanged limit applies to individuals aged 50 and...

Amid ongoing debates over fiscal policy, a new legislative proposal dubbed the “One Big Beautiful Bill” has sparked widespread concern among economists and taxpayers alike. Critics warn that if enacted as currently drafted, the bill could significantly inflate the federal deficit by approximately $3.4 trillion, raising questions about its long-term economic impact. The proposal aims...

More than 3.2 million retirees are set to receive **retroactive payments** following the recent repeal of the Windfall Elimination Provision (WEP) and Government Pension Offset (GPO), two federal policies that have historically reduced Social Security benefits for certain public employees. These **lump-sum payments** aim to compensate retirees who were impacted by these rules, which previously...

The federal government announced today that starting in 2025, eligible households across the United States will be able to access a free TV licence as part of a new initiative aimed at making television more accessible to low-income families. The program, set to launch early next year, seeks to eliminate financial barriers that prevent vulnerable...

The federal government has announced an increase to the maximum monthly Supplemental Security Income (SSI) payments, effective January 2025. The new cap for individual recipients will be set at $967, marking a substantial rise from the current maximum of $914. This adjustment aims to help vulnerable populations, including seniors and individuals with disabilities, better cope...

The upcoming tax year will bring significant financial relief to many American families, as the Child Tax Credit (CTC) is set to return to higher levels, allowing eligible households to receive up to $2,200 per qualifying child. This adjustment aims to ease the economic burden on families amid ongoing inflation and rising childcare costs. The...

The U.S. government has initiated the distribution of the long-anticipated fourth stimulus check, providing eligible Americans with a one-time payment of $2,000. This latest round of direct financial aid aims to assist households facing ongoing economic pressures amid fluctuating inflation rates and rising living costs. As the payments are now underway, recipients are eager to...

Recent legislative changes have resulted in substantial pension increases for retired teachers and firefighters, following the repeal of the WEP (Windfall Elimination Provision) and GPO (Government Pension Offset) policies. These reforms aim to address long-standing concerns about the impact of federal retirement benefit calculations on public servants who also earned retirement income from non-covered employment....

Former President Donald Trump has recently proposed a controversial shift in retirement investment strategies by advocating for the inclusion of high-risk cryptocurrencies within new 401(k) retirement plans. His proposal aims to provide investors with broader avenues for growth but has sparked significant debate among financial experts, policymakers, and consumer advocates. Trump’s stance emphasizes the potential...

The Social Security Administration (SSA) is projecting a significant increase in the Cost-of-Living Adjustment (COLA) for 2026, which is expected to boost benefits for retirees aged 62 to 80. Based on recent economic indicators, such as inflation rates and consumer price index (CPI) data, analysts forecast a COLA of approximately 3.8% to 4.2%. This increase...