Social Security fund gains extra year of solvency – benefits will begin to be reduced in 2035
Social Security trust funds will not run out of money until 2035, at which point Seniors can expect their benefits to be reduced by 17% unless Congress takes steps to shore up the program.
What do higher-for-longer interest rates mean for your money?
Americans will be forced to adapt to a new normal where savers benefit from higher rates, but borrowers face steeper debt payments on everything from credit cards to mortgages to student loans.
Students may qualify for a financial aid refund from their college under new Education Department proposal
With FAFSA errors and rising education costs, the return of unused financial aid may be a welcome relief to students.
Fear over Social Security's future pushes Americans to claim benefits early: survey
Most Americans understand Social Security, but concern over its future is pushing many to claim retirement benefits early, a recent Schroders survey said.
Social Security payments could rise 3.2 percent in 2024
The Social Security cost of living adjustment could increase to 3.2% in response to high inflation. But it’s far from the 2023 record raise and many Americans still struggle to generate retirement income.
Monthly costs for homebuyers rise nearly 20%
The average rate on 30-year fixed mortgage rose to 6.9% this week.
Retirement account balances rise despite economic turmoil: Fidelity
401(k), IRA and 403(b) plan balances increased for the second straight quarter in Q1 2023, Fidelity Investments reported.
Student loan borrowers not ready to resume payments, unaware of options: survey
More than half of student loan borrowers said they don't feel financially ready to resume payments in 2023, even as the pause ends, according to the College Investor survey.
Skyrocketing car insurance costs push some drivers to forgo coverage
Drivers paid more for insurance in 2023 than they did the year before and many are considering doing without, according to a recent Policygenius survey.
Fewer homes are selling, but they're selling fast: Redfin
Despite low inventory, the homes for sale are selling at a fast pace, according to a report by Redfin. Here’s what you need to know.
CFPB warns about side effects of using medical credit cards, loans
Alternative debt financing products like medical credit cards and medical installment loans can weaken consumers' financial well-being, the CFPB warned in a recent report.
Credit card debt is at record high as Americans deal with inflation and rising costs: TransUnion
U.S. credit card balances increased 20% in the first quarter of 2023 compared to last year, a recent TransUnion report said.
Rising costs pressure many Americans to make this one retirement mistake: Survey
High costs pushed 25% of cash-strapped Americans to cut retirement savings, according to a recent TIAA Institute survey.
Many Americans eye buy now, pay later to gain more financial flexibility: Survey
Nearly half of Americans (46%) said they would also consider BNPL an alternative financing method to credit cards or cash, according to a recent survey.
Personal loan interest rates edge down for 5-year loans
The latest trends in interest rates for personal loans from the Credible marketplace, updated weekly.
Gas prices dip, offering consumers some relief at the pump: AAA
The national average cost for a gallon of gas dropped by five cents from last week to $3.68, reflecting a dip in oil prices, AAA said.
Mortgage rates rise, add to affordability issues
The average rate for a 30-year fixed-rate increased to 6.39%. Higher rates and low housing supply is putting affordability constraints on would-be homebuyers. But there are still ways to find the best rate.
Home price growth continues to slow down: Fannie Mae
Home prices increased by 4.7% year-over-year in Q1 2023. However, that marked a significant slowdown from annual growth in the previous quarter. Still, low home supply and high mortgage rates have raised affordability issues for potential home buyers. Here’s what you need to know.
More Americans taking 'side hustles' to make ends meet
In today's expensive world, many Americans are turning to side hustles to make ends meet. From pet-sitting to food delivery, people are taking on extra work to pay for unexpected expenses and to gain disposable income.
Homebuyers find opportunity in declining mortgage rates: Freddie Mac
The average rate for a 30-year fixed-rate mortgage dropped to 6.32% for the week ending March 30, according to Freddie Mac's Primary Mortgage Market Survey.