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Money
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.
Best Life Insurance for Veterans
After retiring from active duty in the military, veterans and former military personnel must decide if and how to replace the life insurance coverage they get from the government during active service. You’ll have the option to retain the active-duty coverage you received through the government’s Servicemembers’ Group Life Insurance...
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...
What Actually Happens if You Don't Pay Your Student Loan Bills?
Starting next month, about 40 million Americans will have to start making payments on their federal student loans after a pause of 3.5 years. As the due date looms, many borrowers are feeling frustrated and betrayed — especially after President Joe Biden’s student loan forgiveness plan was struck down by the U.S. Supreme Court this summer. On social media sites like Reddit and X, the platform formerly known as Twitter, several people have been floating the idea of simply not paying their bills, and in some cases, rallying others to do the same in order to spark a national student debt strike.
Even Millionaires Are Afraid They'll Outlive Their Retirement Savings
Wealthy Americans' attitudes toward their personal finances are often different from those of working-class people. But when it comes to retirement, it turns out these demographics are thinking similarly: Everyone's concerned about stashing away enough money for their post-work lives. Recent data from financial services company Northwestern Mutual shows that...
How to Invest in Platinum: Tips & Strategies
Platinum is among the rarest and most expensive precious metals, with an array of applications in fields ranging from automotive, dentistry, jewelry, and electronics. Because of its high value and scarcity, as well as acting as a hedge against inflation, some investors are drawn to the role it can play in portfolio diversification.
Is the New COVID Vaccine Free? What to Know if You Do (or Don't) Have Insurance
Millions of Americans will likely soon become eligible for another round of coronavirus vaccines with an updated formula intended to protect against recent variants of the disease. But it could be slightly more difficult to get the latest COVID-19 booster for free this time around. Officials from the U.S. Food...
Health Insurance Premiums Are Set to Surge in 2024
Health insurance through your workplace could be much more expensive next year. Costs for employer-sponsored health plans in 2024 are expected to jump over 6%, according to new data from consulting firms Mercer and Willis Towers Watson (abbreviated WTW). As the Wall Street Journal first reported, that would amount to the largest price increase for employer health plans in about a decade.
These Debit Cards Claim to Help You Build Credit — Are They Worth It?
It probably seems counterintuitive to reach for a debit card at the register if you want to build credit with everyday purchases. Debit card activity isn't usually reported to the major credit bureaus, and traditional personal finance wisdom dictates that you typically build credit by taking out loans, opening credit cards and making payments on time.
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