The financial news that actually matters
Workers who have turned 50 can steer up to $31,000 into a 401(k) during the 2025 tax year, combining the standard $23,500 employee contribution cap with a $7,500 catch-up allowance. The IRS set these figures as part of its annual cost-of-living adjustments, raising the base elective deferral limit by $500 over the 2024 ceiling of…
Fidelity Investments customers affected by a data breach have a narrowing window to file claims worth up to $100 each, with no documentation required to collect. The firm agreed to pay $2.5 million to resolve the breach, and the deadline to submit a claim falls on July 27. For anyone who has not yet acted,…
Christine Hunsicker, founder of the fashion-rental technology company CaaStle, was charged in a federal indictment with wire fraud, money laundering, false statements to a financial institution, and aggravated identity theft in connection with an alleged $300 million scheme that deceived institutional investors. Hunsicker pleaded not guilty at her initial court appearance and was released on…
Taxpayers who paid interest or penalties tied to COVID-19 disaster relief now have a digital path to claim refunds, but the window closes in eight days. The IRS on July 1 launched an online option to file Form 843 through IRS Online Account, targeting claims that cite the federal court ruling in Kwong v. United…
Workers across the United States directed a record share of their paychecks into 401(k) plans last quarter, yet the average account balance still fell by 4 percent. The disconnect between rising contributions and shrinking balances traces back to equity-market losses that erased gains faster than new savings could replace them. For the tens of millions…
Homeowners in high-tax states who have spent years bumping against a $10,000 federal cap on state and local tax deductions now have four times as much room. The One Big Beautiful Bill Act, signed into law as Public Law 119-21 on July 4, 2025, raised the SALT deduction ceiling to $40,000 for most filers starting…
Homebuyers shopping for a 30-year fixed mortgage this spring face a rate of 6.36 percent, a level that keeps monthly payments hundreds of dollars above where they stood before the Federal Reserve began tightening. The rate settled there after two consecutive weekly increases, according to Freddie Mac survey data. Persistent inflation in services categories, confirmed…
Workers who separate from a job at age 55 or older hold a tax advantage that most people overlook and that some employer plans effectively strip away. Under federal tax law, distributions from a 401(k) taken after leaving an employer in or after the year a worker turns 55 can escape the 10% early-withdrawal penalty…
Depositors at Community Bank and Trust, a small institution in LaGrange, Georgia, lost access to roughly $27 million that exceeded federal insurance limits after state regulators shut the bank down on May 1, 2026. The Georgia Department of Banking and Finance seized the institution and appointed the FDIC as receiver, which then transferred insured deposits…
Consumers who bought Tom’s of Maine toothpaste over the past five years can now file for cash payments without providing a receipt, part of a wave of class-action settlements distributing money this month. The Tom’s of Maine case covers purchases made in the United States between November 21, 2020, and March 6, 2026. The settlement…