The financial news that actually matters
Virginia homeowners who owe medical bills will gain a new shield against losing their homes when the state’s Medical Debt Protection Act takes effect on July 1, 2026. The law, codified as Chapter 59 of Title 59.1 in the Virginia Code, bans creditors from using foreclosure as a tool to collect on medical debt. Violations…
A surviving spouse in a dual-earner household can lose thousands of dollars a month in Social Security income overnight. Federal rules bar benefit stacking, meaning the widow or widower keeps only the higher of the two payments the couple had been receiving. The smaller check simply stops. For couples who built retirement budgets around two…
American shoppers absorbed higher prices on thousands of imported goods after tariffs on Chinese products took effect, but the refund checks now heading back from the federal government will land in corporate accounts, not consumer wallets. U.S. Customs and Border Protection is processing duty refunds that flow to the importer of record, typically the retailer…
Americans turning 73 this year face a federal tax rule that can quietly drain thousands of dollars from their retirement savings if they miss a single deadline. Traditional IRA and workplace plan holders must begin pulling money out of those accounts once they hit age 73, and the penalty for falling short is steep: a…
Medicare beneficiaries enrolled in Original Medicare will pay $283 in annual Part B deductible costs in 2026, a $26 jump from the $257 they owed in 2025. The increase, announced by the Centers for Medicare and Medicaid Services, lands alongside a standard monthly Part B premium of $202.90, raising the total out-of-pocket burden before coverage…
Millions of borrowers who defaulted on federal student loans face the prospect of losing portions of their wages, tax refunds, and Social Security checks once the government fully restarts involuntary collection tools that have been paused since the pandemic. The U.S. Department of Education initially announced plans to resume these seizures through the Treasury Offset…
American households carrying credit-card debt face a growing squeeze. About 13% of outstanding credit-card balances have now fallen 90 or more days past due, the highest share recorded since 2011. That figure, tracked by the New York Fed, signals that a meaningful slice of borrowers is not just missing a single payment but falling into…
Borrowers counting on Public Service Loan Forgiveness to erase their student debt face a new obstacle. The U.S. Department of Education finalized a rule that redefines which employers qualify for PSLF, effective July 1, 2026. Organizations found to have a “substantial illegal purpose” will be stripped of qualifying status, putting their employees’ loan-forgiveness timelines at…
Every American collecting Social Security retirement or survivor benefits faces a 22 percent cut to their monthly check in late 2032 unless Congress acts first. The Social Security Board of Trustees released its 2026 annual report on June 9, projecting that the Old-Age and Survivors Insurance Trust Fund will run dry in the fourth quarter…
Workers saving for retirement through a 401(k) plan will cross a new threshold in 2027, when the annual contribution cap is expected to exceed $25,000 for the first time. The IRS set the 2026 elective deferral limit at $24,500, effective January 1, 2026, establishing the baseline from which the next inflation adjustment will be calculated….