Some of the highest inflation rates in the United States for decades occurred in 2022. Although costs have skyrocketed this year, making things financially tight for many people, it also has a good side—for next year. The abnormally high rate means that the annual cost-of-living adjustment (COLA) made by the Social Security Administration (SSA) will…
Upcoming Changes to Social Security You Can Appreciate
December 16, 2022
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BrightFixed Incomepersonal financeretirementSocial Security Administrationsocial security benefitsUS
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Powerball Winner Faces Massive Tax Bill
By Kelley R. Taylor From Kiplinger’s Personal Finance Question: What sort of tax bill is the recent winner of the $2.04 billion Powerball jackpot likely to owe? Answer: The lucky Powerball winner will be looking at hefty tax bills. One of those tax bills will be from the federal government and, depending on where the…
12 Ways to Start the New Year Off on the Right Financial Foot
The new year comes with the chance to reflect on the past year and set new goals. However, don’t just set physical and mental wellness resolutions. You should also add financial wellness resolutions as well. To help you reach your financial goals in the new year, here are twelve ways to start fresh: 1. Revise…
Closing Prices for Crude Oil, Gold and Other Commodities (Dec. 15)
December 15, 2022
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Benchmark U.S. crude oilBrightBusiness & MarketsgoldGold and CommoditiesinvestingMarketspersonal financestocks
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Benchmark U.S. crude oil for January delivery fell $1.17 to $76.11 a barrel Thursday. Brent crude for February delivery fell $1.49 to $81.21 a barrel. Wholesale gasoline for January delivery fell 7 cents to $2.17 a gallon. January heating oil was unchanged at $3.28 a gallon. January natural gas rose 54 cents to $6.97 per…
UK Nurses Begin Biggest Strike in History as Government Rejects Pay Demand
Thousands of nurses in England, Wales, and Northern Ireland have walked out in the biggest strike in nursing history after the UK government rejected their pay demand as not affordable. The industrial action, organised by the Royal College of Nursing (RCN), is affecting around a quarter of hospitals and community teams in England, all trusts…
Americans Spending Nearly $400 More per Month Owing to Inflation
December 15, 2022
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Biden InflationBusiness & Marketseconomyhigh inflationhousehold incomeinflationpersonal financeU.S. InflationUS
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The elevated inflation rate is forcing U.S. citizens to spend hundreds of dollars a month extra than usual, forcing many into a financially tough spot as households struggle to make ends meet. The average U.S. household in November spent $396 more a month to buy the same goods and services they purchased a year back,…
US Consumers Falling Behind on Loans, With Credit Card Payments to Reach 13-Year High in 2023: Report
American consumers are expected to fall behind on their personal loan and credit card payments next year at the highest rate in over 10 years, consumer credit reporting agency TransUnion has warned. Credit card delinquency rates have generally remained near pre-pandemic levels, according to TransUnion, but this is expected to see a pronounced change in 2023. According to TransUnion’s 2023…
Fed Announces Smaller Half-Point Hike to Fight Inflation and Latest Summary of Economic Projections
December 15, 2022
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Business & Marketseconomic policieseconomyFederal Reserveinflationinterest rate hikepersonal financePolicies & ImpactsrecessionUS
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The Federal Reserve announced a smaller 0.50 percentage point rate hike on Dec. 13, as expected, as it begins to dial back its efforts to fight inflation. The news came as Fed policymakers held their two-day Dec. 13–14 Fed policy meeting. The central bank had previously issued four straight months of 0.75 percentage point hikes,…
10 Mistakes to Avoid as a Solo Retired Traveler
Consumers are taking the plunge into solo traveling, despite the cost of traveling surging in recent months due to higher inflation and interest rates. Traveling alone during retirement is nothing new, and millions of retirees and more mature adults are enjoying the excitement of experiencing a new country or culture by themselves. Most recent statistics…
The Dos and Don’ts of Paying Off a Mortgage Before Retirement
By Daniel Bortz From Kiplinger’s Personal Finance Many people strive to pay off their mortgage before they retire. But that isn’t always the best financial move. “Having fewer bills to pay in retirement makes your retirement savings go further and your mortgage payment is typically your biggest monthly expense,” says David Edmisten, founder of Next…
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