Don’t Forget About These 2 Required Minimum Distribution (RMD) Rule Changes for 2024
Retirement accounts like 401(k)s and IRAs offer valuable tax breaks, but they also come with a lot of rules. These rules apply not only to how much you can contribute and what you can invest in, but also when you can — and must — take money out of your account. Mandatory annual withdrawals known […]
1 Little-Known Social Security Rule Could Boost Your Monthly Check Up to 26.7%, Even if You’re Already Collecting Benefits
You might not realize it, but your Social Security check isn’t set in stone once you claim benefits. On top of the annual COLA, which increases monthly benefits to keep up with inflation, there are several factors that could result in a boost to your income. Examples include switching to spousal or survivor benefits, or […]
The 3 Worst Mistakes You Can Make With 0% APR Credit Cards
Image source: The Motley Fool/Upsplash Most credit cards make it expensive to borrow money. On credit cards that are charged interest, the average rate is a staggering 23.37%, according to Federal Reserve data. For every $1,000 in debt, you’re paying about $233 per year in interest. In comparison, 0% APR credit cards look like an […]
3 Reasons Not to Sign a Mortgage Today — Despite the Lower Rates
Image source: Upsplash/The Motley Fool Mortgage rates are lower today than they were a year ago. Last October, the average 30-year loan rate was over 7%. As of this writing, the average 30-year mortgage is 6.44%. But just a couple of weeks ago, mortgage rates were sitting closer to 6%. So all told, it’s a […]
How the Federal Interest Rate Cut Can Put More Money in Your Pocket
Image source: The Motley Fool/Upsplash It’s been several weeks since the Federal Reserve Board met and cut the federal funds rate for the first time in over four years — and it’s expected to do it again soon, if economists are to be believed. All of this rate-cutting is a huge bummer for anyone who […]
Social Security’s 2025 Cost-of-Living Adjustment (COLA) Isn’t the Only Big Change Coming. 4 More Major Updates Coming Next Year.
The government announced the biggest Social Security news of the year — the 2025 cost-of-living adjustment (COLA) — on Oct. 10, and it was a bit underwhelming. Retirees will only get 2.5% more next year, which will add about $49 more to the average monthly benefit. But that’s not the only big change Social Security […]
Is Sharing Your Costco Card Really Saving You Money?
Image source: Upsplash/The Motley Fool As of today, a Costco membership costs either $65 or $130 annually, depending on the membership level. While it’s not a fortune, it’s not nothing, and sharing a membership with someone else may seem like the best use of your resources. If you split the cost of a membership with […]
My Family Downsized to One Car 5 Years Ago. Here’s How Much We’ve Saved
Image source: Getty Images More than five years ago, my family of four downsized from two cars to just one. I initially expected us to have a single vehicle for about a year, but it turned into a much longer experiment that has saved us thousands of dollars in car payments, insurance, and maintenance. Here’s […]
Can You Pause Credit Card Payments?
Image source: Getty Images Credit cards can seem like the simplest, fastest solutions for dealing with unexpected expenses. But over time, they can quickly turn from an asset to a liability. If you find yourself having difficulty making the minimum payments on your credit cards, you’re not alone. In fact, 9.1% of credit card balances […]
3 Changes to Your Costco Shopping You Should Make ASAP
Image source: Upsplash/The Motley Fool Millions of people happily pay an annual membership fee to join Costco. You might more than make up the $65 you spend on a Gold Star membership or the $130 for an Executive membership by saving more money on groceries and household essentials all year long. But falling into the […]
