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Thousands of Social Security Recipients Will Soon Qualify for Bigger Payments
A change in government policy will help more Americans qualify for Social Security benefits — and increase payments for some existing recipients. The Social Security Administration announced Thursday that it has published a final rule affecting its Supplemental Security Income (SSI) program, which sends monthly checks to about 7.4 million Americans with limited resources who are disabled, blind or older than 65. The rule expands the agency's definition of a "public assistance household," opening it up to households that receive Supplemental Nutrition Assistance Program (SNAP) benefits, informally known as food stamps.
The Every Person’s Guide to DIY Home Security
The best home security systems can help protect your family and home from potential threats, but the installation and monitoring costs can quickly add up. If you’re thinking of installing and maintaining a home security system on your own, here are some things you should know, including how a DIY home security system works and how to set one up.
How Mental Health, Birth Order and Even Movies Can Shape Your Money Habits
Breaking news: There might finally be an answer to the age-old question "Why am I like this?" It turns out that nearly every financial behavior you have has its roots in something else, and many of these influences are so minor that you'd never recognize them. “We attempt to put...
How Much Are Airline Rewards Really Worth? Biden Admin Probes Credit Card Programs
White House officials and regulators are probing what they say are issues with airline credit card programs, including the devaluation of points, high interest rates and the stripping of travel benefits. Americans tend to have a love-hate relationship with airline credit card programs: Putting day-to-day spending on these cards can...
Federal Student Loan Interest Rates Are About to Increase
Interest rates on federal student loans are set to jump by one percentage point this summer. Undergraduate loans will soon carry a rate of 6.53% for the 2024-2025 school year, up from 5.50% this school year. Graduate direct loans will have a rate of 8.08%, up from 7.05%. And PLUS loans for grad students and parents of undergraduates will rise to 9.08%, up from 8.05% this year.
Why the Recent Rise in Stock Buybacks Is a Good Sign for Investors
Stock buybacks reached a six-year high as companies flush with cash are signaling confidence in the economy — and in their own financial outlooks. More than $383 billion in authorized share repurchases have been announced over the past 13 weeks, marking a 30% year-over-year increase and the most since July 2018.
You Can Still Get a CD With a 5% APY — for Now
Many certificates of deposit, or CDs, are still offering yields of at least 5% — for the short term, that is. Putting money in a short-term CD with a 5% annual percentage yield, or APY, is currently an easy way to beat inflation, making it an attractive option for anyone with cash they can set aside for a few months. However, your options are quickly changing.
As Home Values Soar, Americans Are Sitting on Record High Home Equity
After years of soaring home prices, owners are now sitting on record amounts of equity — trillions of dollars of which they can tap into if needed. According to a new report by data analytics firm Intercontinental Exchange (ICE), American homeowners with mortgages held nearly $17 trillion in home equity during the first quarter of 2024 — a new record high. What’s more, $11 trillion of that equity is tappable, meaning the homeowner can cash out a portion of their home’s value while maintaining a 20% equity stake in their homes.
Banks Are Offering Hundreds of Dollars to Open a Checking Account. What's the Catch?
The battle of bank bonuses is heating up. As financial institutions compete for deposits in a high-interest rate environment, they have increased their cash bonus offers for customers who open new checking accounts. The average checking account promo is now just over $400, up from about $300 in 2021, according...
When Will Social Security Run Out of Money? Latest Prediction Offers Good News
Here's a rare piece of good retirement news: The Social Security program is now expected to be able to pay full benefits until 2035, which is a year later than previously thought. According to a new report from the Social Security Board of Trustees, which oversees the finances of the...
Buyer Beware: Costco Gold Is Easier to Purchase Than Sell
There's been a gold rush at Costco. As prices of the precious metal hit all-time highs on numerous occasions this year, it's fueled a buying spree for gold bars being sold by the members-only warehouse club. Wells Fargo analysts said they expect Costco's revenue from gold sales to be between...
How DoorDash and Uber Eats Are Fighting Back Against Couriers Using False Identities
Consumers using gig economy apps may be interacting with unauthorized workers without even realizing it, a growing problem that could create customer safety issues. Delivery apps — and to a lesser extent, ridesharing apps — have come under scrutiny due to concerns about account sharing, which often involves an illegitimate courier or driver using someone else's credentials. The companies say they’re taking action to root out the problem and protect customers.
Time Is Money: Americans Say Their Time Is Worth $240 an Hour, on Average
Americans consider their time to be extremely valuable: On average, they think it’s worth $240 per hour. Survey data from Empower, a financial planning company, shows that there’s a huge gap between what workers actually earn and what they feel they deserve. “Based on this study’s findings of...
Dollar Scholar Asks: What Do PPO, HMO and Other Health Plan Acronyms Mean?
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. In journalism school, I was always taught to avoid...
Dollar Scholar Asks: Could I Realistically Become a Millionaire?
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. I’m no stranger to goal-setting. In fact, I have...
Homeowners Are Increasing Insurance Deductibles to $5,000 or More to Save Money
Home insurance customers are raising their deductibles to upwards of $5,000 or even $10,000 to offset rising premiums, according to industry reports. High-deductible policies can save customers hundreds of dollars per year in premiums, but they can prove painful if and when the homeowner files a claim: The deductible is the amount an owner must pay out of pocket before the insurance company covers rest.
Why Some Social Security Recipients Will Get 2 Payments in May
Certain beneficiaries of Social Security are getting an extra check in May thanks to an anomaly in the Social Security Administration’s payment schedule. The usual payments for recipients of Supplemental Security Income (SSI), which provides assistance for some Americanas 65 and older and qualified adults and children with disability or blindness, went out on the first of May. Another check will be distributed on the last day of the month, and none will go out in June.
How New Overtime and Noncompete Rules Empower Millions of Workers
In a major win for workers, federal government agencies released two highly anticipated rules last week that are expected to boost pay for millions of Americans and allow them to change jobs more freely. The Federal Trade Commission finalized a rule on April 27 that would invalidate almost all noncompete...
'Don't Panic': 5 Tips to Help Homebuyers Cope With 7% Mortgage Rates
Higher interest rates are increasing pressure on homebuyers who are already facing a challenging housing market. Many would-be buyers are understandably putting purchasing plans on hold, but there are no signs mortgage rates will drop significantly in the near future, and there are some sensible steps to take if you want to become a homeowner soon.
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