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The signing of the Social Security Fairness Act by President Joe Biden marks a historic moment for nearly three million Americans who will see some much-needed relief in their monthly benefit checks. However, while the legislation promises greater financial support for a substantial group, it also raises concerns about the potential tax implications that might
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For many borrowers, student loan payments can feel like a burden; however, one silver lining exists: the potential to lessen your tax obligations. The student loan interest deduction, which allows eligible individuals to deduct up to $2,500 of interest paid on qualifying education loans, could provide some much-needed financial relief in the upcoming tax season.
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The Consumer Financial Protection Bureau (CFPB) has taken a significant step toward alleviating the financial burden of medical debt for millions of Americans. This newly finalized rule is projected to eliminate approximately $49 billion in medical debt from credit reports, significantly impacting the financial landscape for around 15 million individuals. By instituting this change, the
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Target-date funds (TDFs) have gained significant traction as a preferred investment option for retirement savers, particularly in employer-sponsored 401(k) plans. Designed to simplify the retirement savings process, TDFs automatically adjust their asset allocation based on the anticipated retirement date of the investor. By selecting a target-date fund with a year corresponding to their expected retirement
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