The financial news that actually matters
People turning 60, 61, 62, or 63 this year can put as much as $11,250 in additional catch-up contributions into their 401(k) plans, according to IRS limits for 2026. That figure replaces the standard $8,000 catch-up cap that applies to workers aged 50 and older, giving those in the narrow four-year window a 40 percent…
Every person with money in an American bank has a single number standing between their savings and a total loss during a bank failure: $250,000. That figure, set by federal statute, defines the maximum amount the Federal Deposit Insurance Corporation will cover per depositor at each insured institution, broken down further by ownership category. With…
American workers took home $37.53 an hour on average in May 2026, a 3.4 percent increase from a year earlier. That gain, however, fell short of the 4.2 percent rise in consumer prices over the same period, meaning the typical paycheck bought less than it did twelve months ago. The gap between what employers paid…
Parents of newborns born in 2025 are about to face a deadline that could cost their children $1,000. The U.S. Treasury and IRS have finalized the pathway for families to open initial Trump Accounts, a one-time government deposit authorized under the One, Big, Beautiful Bill. The first deposits are set to land on July 5,…
American grocery shoppers heading to the meat counter in 2026 face a widening gap between what they pay for beef and what they spend on the rest of their cart. Beef and veal prices are forecast to climb 5.5% this year, more than outpacing the 3.1% rise projected for overall food-at-home costs. That split, roughly…
Millions of long-term homeowners across the United States face a growing tax penalty when they sell, thanks to a capital-gains exclusion that Congress set in 1997 and has never adjusted. The exclusion caps tax-free profit at $250,000 for single filers and $500,000 for joint filers, thresholds that made sense when median home prices were a…
Retirees with unpaid federal tax debt could see up to 15% of their Social Security benefits withheld through a continuous IRS levy, a mechanism that applies even if the remaining check drops below $750. The Federal Payment Levy Program, run jointly by the IRS and the Treasury Department’s Bureau of the Fiscal Service, targets Social…
Millions of Americans age 65 and older filing their 2025 federal tax returns can now subtract an extra $6,000 from taxable income, a benefit that stacks on top of the existing standard deduction and the longstanding additional deduction for age. Signed into law in 2025 under P.L. 119-21, the provision runs through the 2028 tax…
Americans who separate from an employer at age 55 or older can pull money from that company’s 401(k) plan without paying the 10% early-withdrawal penalty that normally applies before age 59 and a half. The provision, rooted in federal tax code Section 72(t), is sometimes called the Rule of 55, and it applies only to…
Families with newborns and young children now have a new federal savings vehicle that pairs a one-time $1,000 government deposit with the option to add up to $5,000 per year in private contributions. The Treasury Department and IRS rolled out guidance through Notice 2025-68 and a draft version of Form 4547, spelling out how parents…