Wealth Management

Many Americans are starting 2025 a little worse off than before, at least when it comes to credit card debt. Almost half of cardholders — 48% — now carry debt from month to month, according to a new report by Bankrate. That’s up from 44% at the start of 2024. Of those carrying balances, 53%

Damircudic | E+ | Getty Images There’s one upside to your student loan payments: they might reduce your 2024 tax bill. The student loan interest deduction allows qualifying borrowers to deduct up to $2,500 a year in interest paid on eligible private or federal education debt. Before the Covid pandemic, nearly 13 million taxpayers took advantage of the

Simpleimages | Moment | Getty Images As the first paycheck of 2025 hits your bank account, it could have slightly more money due to IRS tax bracket changes. The IRS in October announced the federal income tax brackets for 2025, which raised each income threshold by roughly 2.8%. By comparison, the brackets increased by about

sturti | E+ | Getty Images The Consumer Financial Protection Bureau on Tuesday announced it has finalized a rule to remove about $49 billion in medical debt from credit reports, a change that will affect an estimated 15 million Americans. Individuals who have medical debt on their credit reports may see their credit scores increase

President Joe Biden after he signed the Social Security Fairness Act at the White House on Jan. 5 in Washington, D.C.  Kent Nishimura | Getty Images News | Getty Images President Joe Biden on Sunday signed the Social Security Fairness Act into law, clearing the way for nearly 3 million public workers including teachers, firefighters

Gipi23 | E+ | Getty Images If you’re eager to max out your 401(k) plan early in 2025, you could miss part of your employer’s matching contribution if the plan doesn’t have a special feature known as a “true-up.” Typically, you receive your employer’s full 401(k) plan match by saving a certain percentage of your

 U.S. President Joe Biden speaks as he participates in a bill signing ceremony for the “Social Security Fairness Act” in the East Room of the White House, in Washington, U.S. on Jan. 5, 2025. Nathan Howard | Reuters President Joe Biden on Sunday signed the Social Security Fairness Act, bipartisan legislation that clears the way

Lordhenrivoton | E+ | Getty Images If you’re eager to save more for retirement, you could be overlooking ways to maximize your 401(k) plan, including key changes for 2025. Some 40% of Americans are behind on retirement planning and savings, according to a CNBC poll conducted by SurveyMonkey, which polled 6,657 U.S. adults in August.

Djelics | E+ | Getty Images Retirees can expect to see some big changes in 2025 when it comes to their Social Security and Medicare benefits. President Joe Biden is expected to sign a bill that will increase Social Security benefits for certain pensioners. Additionally, the annual Social Security cost-of-living adjustment goes into effect for

Getty Images While the Biden administration withdrew its plans to forgive student loan debt for millions of people, borrowers should look into the many other existing debt cancellation opportunities, experts say. The U.S. Department of Education posted notices in the Federal Register in December that it was pulling its wide-scale loan forgiveness plans. The Department cited “operational