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More Homebuyers Are Canceling Sales at the Last Minute
Today's home prices and mortgage rates are just too high for many potential homebuyers to handle. In fact, the costs are so steep that tens of thousands of buyers with signed contracts are now getting cold feet and canceling their purchases. New data from real estate company Redfin shows homebuyers...
What Is an Irrevocable Life Insurance Trust?
If you have a large estate, it may be subject to heavy federal and state estate taxes when it passes to your beneficiaries. However, there are ways to pass certain assets, including insurance policies, to your loved ones or favorite charities without giving the government a piece of it in the process.
What Is Level Term Life Insurance?
Confronting your mortality is an unenviable but necessary task. Your loved ones should be part of those considerations, as you don't want to leave them behind with insufficient funds to manage things like funeral costs, significant debt or living expenses. A life insurance policy is one way to gain peace of mind for yourself and security for your heirs.
3 Signs You’re Too Casual About Debt
It started with a trip to England. Logan, a 24-year-old working a desk job at a car rental agency to pay down his student loan debt and cover his increasing monthly rent, wanted to go on a music festival vacation with some friends in 2020. The only way he could afford it was to book the flight on a credit card.
Here's What the UAW Strike Means for Car Buyers
Thousands of U.S. auto workers went on strike Friday as they remain at an impasse with American car manufacturers over contract negotiations, wage demands chief among them. And though the strike has just begun, it does have the potential to disrupt the auto market. That's because the United Auto Workers...
What Is Credit Card Fraud?
You don’t have to become a victim of identity theft. LifeLock’s powerful software protects your personal information from cybercriminals. Credit cards can help users build credit, earn rewards and afford expenses they can't pay for upfront. Unfortunately, credit cards also come with the risk of credit card fraud.
Are You Putting Too Much Money in Your High-Yield Savings Account?
When you’re making money without having to do anything, it’s easy to throw the blinders on instead of stepping back and scrutinizing: Yes, I’m earning a return, but is this the best way to do it?. High-yield savings accounts are a prime example. Ally, one of the...
Lawmakers Want to Boost Social Security Payments by Changing the Way COLA Is Calculated
American retirees are expecting more than a change in the weather as October approaches, bringing with it the announcement of the highly anticipated cost-of-living-adjustment (or COLA) to Social Security benefits. The Social Security Administration raises benefits every year to bring them up to speed with inflation. The boost is calculated...
Dollar Scholar Asks: What Money Tips Are Actually Myths?
This is an excerpt from Dollar Scholar, the Money newsletter where news editor Julia Glum teaches you the modern money lessons you NEED to know. Don't miss the next issue! Sign up at money.com/subscribe and join our community of 160,000+ Scholars. There are few things in life I enjoy more...
Home Insurance Prices Are Soaring — Especially in These 5 States
Home insurance prices are soaring in 2023, and homeowners in states prone to natural disasters have been hit the hardest. Nationally, average home insurance costs were up 21% from May 2022 to May 2023, according to a new report from Policygenius, an insurance marketplace. That jump is on top of a 12% home insurance premium increase the company reported for the year before.
This Surprise Expense Is Likely to Upend Your Budget in Retirement (Hint: It's Not Health Care)
Given that most people retire around the age when medical issues begin to stack up, you may fear that the cost of health care will eat into your retirement savings. But new data suggests it's really your house you should be worrying about. Analysis from investment management company T. Rowe...
How Does Life Insurance Underwriting Work?
Life insurance underwriting is a standard step insurance companies take when assessing life insurance applications. Insurance companies use this process to determine if they'll issue policies to applicants, the coverage amount and policy costs. Life insurance underwriting is a safety measure that helps insurers manage their levels of risk. Continue...
Identity Theft Is Rampant in 2023 — Especially in These 5 Places
Identity theft continues to plague Americans, as reported cases remain historically high even after a record-breaking wave of fraud reported throughout the pandemic. Cases of identity theft aren’t spiking uniformly, though, and certain areas of the country are getting hit especially hard. In the first half of 2023, Americans...
3 Reasons Why It Should Be (Slightly) Easier to Buy a House This Fall
Oh, to be home shoppers in 2023 — they’ve been stymied by a triple-whammy of high mortgage rates, climbing home prices and flagging inventory in an exceptionally difficult market. They may, however, be in store for a better fortune in the first week of October, when home supply,...
What Is The Grace Period in Life Insurance?
If you forget to pay your life insurance bill, you might worry the policy will lapse. However, even in a period of financial hardship, keeping your life insurance is more important than ever. It's a safeguard for your family should anything happen to you. The good news is that most...
Why Is Life Insurance For Parents Important?
Housing. Transportation. Clothing. Groceries. Medical care. You want to make sure your family has all these necessities. However, there may be one item you're overlooking: your own life insurance, which provides an immediate payout upon your death to the beneficiaries you have named. With a Life Insurance policy, you can...
Alternatives to Long-Term Care Insurance
With the costs of long-term care services continually rising, preparing for long-term care expenses has become an essential part of most people's financial plan. Besides traditional long-term care (LTC) insurance, there are several other alternatives to pay for long-term care services like nursing homes and in-home aides. Read on to discover some of the most popular ones, and the limitations of traditional standalone LTC insurance policies.
Social Security Benefits Are Expected to Jump 3.2% in 2024. Is That Enough?
People receiving Social Security benefits are projected to get another historically high raise next year as inflation remains elevated. Using the latest inflation reading released by the Labor Department Wednesday, The Senior Citizens League (TSCL) has estimated that the annual raise for Social Security beneficiaries — known as the cost-of-living adjustment, or COLA — will be 3.2% for 2024.
Gas Prices and Car Insurance Costs Nudge Inflation Rates Higher
The annual inflation rate increased to 3.7% in August with higher gasoline and auto insurance prices contributing to the overall rise, even as costs for many other items declined. Inflation over the past 12 months, as measured by the consumer price index (CPI), increased slightly in July and August after...
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