The financial news that actually matters
Workers nearing retirement hold more than 14 times as much in their 401(k) accounts as the youngest employees just entering the workforce. Baby boomers average $260,300 in their workplace retirement plans, while Gen Z workers hold roughly $18,000, according to Fidelity’s Q1 2026 Retirement Analysis released May 28, 2026. The gap reflects decades of compounding…
Single-income married couples can now set aside up to $7,500 in a spousal IRA for 2026, even when one partner earns nothing on their own. The IRS confirmed the higher limit through Notice 2025-67, part of a broader set of cost-of-living adjustments that also raised the 401(k) ceiling to $24,500. For households where one spouse…
Thousands of U.S. importers that paid duties under tariffs the Supreme Court has since struck down are still waiting for most of their money back. The federal government has returned roughly $20.6 billion of the estimated $166 billion collected under those duties, and it is actively contesting further repayment in lower courts. The gap between…
Ford Motor Company brought back roughly 350 veteran engineers to its factory floors after an AI-powered inspection system failed to catch production defects that later surfaced as customer complaints and warranty claims. The quiet rehiring came as the automaker was already under federal scrutiny, having agreed to a $165 million civil penalty under a consent…
Claire’s, the accessories retailer known for ear piercings and jewelry aimed at teens and tweens, has filed for Chapter 11 bankruptcy protection for the second time since 2018. The voluntary filing, made in Delaware, will lead to the closure of at least 18 U.S. stores as the company pursues what it calls a process to…
Older workers just got more room to save for retirement. Starting in 2026, employees aged 50 and older can contribute an extra $8,000 in catch-up contributions to their 401(k) plans, up from $7,500 in 2025. Combined with a new base deferral limit of $24,500, that means eligible savers can set aside up to $32,500 next…
Retirees who give to charity from a traditional IRA can exclude the transferred amount from taxable income, a strategy that has grown more relevant as fewer older Americans itemize deductions. The mechanism, known as a qualified charitable distribution, is codified in federal tax law under 26 U.S. Code Section 408(d)(8), which spells out the conditions…
Two U.S. banks have shut down so far in 2026, and federal regulators are flagging rising credit stress that could put more institutions at risk. Metropolitan Capital Bank & Trust in Chicago was closed by Illinois regulators in March, followed by Community Bank & Trust in LaGrange, Georgia, which was seized by the Georgia Department…
Microsoft eliminated 4,800 jobs across the company on July 6, with 1,600 of those cuts hitting Xbox and its gaming division. Five game studios are shutting down as part of what Xbox leadership has called a reset of the business. The scale of the layoffs, touching both corporate offices in Washington state and game development…
Millions of car buyers who finance their vehicles now have a new federal tax break, but the benefit is tightly income-capped and expires after just four tax years. Under rules signed into law as part of the One, Big, Beautiful Bill Act, taxpayers with modified adjusted gross income below $100,000 can deduct up to $10,000…