Key Takeaways Most workers have started saving up for retirement, but economic pressures have made it difficult for them to continue their saving habits, a recent survey found. Many workers have stopped retirement saving, reduced their monthly contributions, or taken money from their accounts to afford essentials or achieve financial goals. Although shifting financial priorities
KEY TAKEAWAYS The majority of Americans find tax preparation stressful, and 7 in 10 want tax codes to be simplified. Under President Donald Trump and the U.S. Department of Government Efficiency, the federal government has laid off thousands of workers and cut the IRS budget. Many taxpayers are worried about how this will affect the functions
KEY TAKEAWAYS Left-leaning politicians warn that the budget cuts to the Social Security Administration that Elon Musk’s Department of Government Efficiency is making are a precursor to privatizing Social Security. Some presidents in the past have proposed privatizing Social Security, which could solve the program’s funding problems. However, the transition would be difficult, with either
KEY TAKEAWAYS Many Baby Boomers will approach or reach the full retirement age by the end of 2025, yet only one in 10 are fully retired. The rising cost of living continues to increase and has forced many Baby Boomers to rethink entering retirement. Many retirees have also considered reentering the workforce to bridge the
Several income-driven repayment (IDR) plans, which provide borrowers with lower monthly payments, are being questioned in court and may not exist by the end of the year. The Saving for a Valuable Education (SAVE) plan has been blocked since July, and a recent decision by the 8th U.S. Circuit Court of Appeals questioned the structure of other
KEY TAKEAWAYS Lawsuits and budget recommendations under President Donald Trump’s administration have made the future of federal student loans uncertain. The limbo that student loan borrowers are facing has paved the way for major changes to the federal student loan ecosystem. Investopedia asked three student loan experts what the ideal student loan system would look
Key Takeaways The IRS reported a lower-than-average tax refund amount in early February. However, some experts believe the final amount disbursed in refunds could be among the highest in recent years. Strong inflation led to more generous tax code adjustments in 2024, and slowed wage growth could mean more households had overwithheld and will receive
KEY TAKEAWAYS Nearly 40,000 individuals and organizations received support for tuition costs and repayment from GoFundMe fundraisers in 2024, the fundraising platform said. People have turned to crowdfunding as some federal student loan borrowers say their education wasn’t worth the burden that their debt causes them. While many fundraisers were started by the people with
Key Takeaways President Trump promised to reduce the federal government’s spending, which the U.S. DOGE service, steered by Tesla CEO Elon Musk, has started to do by reducing the number of federal workers. About 7% of the IRS workforce was laid off, with tax season ongoing. The IRS could shrink further because most employees are
KEY TAKEAWAYS The Department of Education closed all online applications for Income-Driven Repayment (IDR) plans and loan consolidation. This was likely in response to a lawsuit challenging the Department of Education’s authority to develop repayment plans that forgive student loans. Borrowers enrolled in SAVE may be moved to a different repayment plan, and borrowers under