Strategies to Minimize Taxes on Severance Pay
The economic downturn has caused many layoffs across the tech industry, leaving workers with a number of questions about their rights and responsibilities.[0] One such question is whether severance pay is taxable. According to the IRS, severance pay is taxable in the year it was received, and employers will withhold taxes on the payments, which […]
Continue reading Car Insurance Prices Continue to Rise, Here’s How to Combat the Cost Increase
The price of auto insurance has been on the rise across the country with the national average price for full coverage auto insurance jumping from $1,771 in 2022 to $2,014 in 2023. That’s an increase of 13.72% and it means the average household is now spending 2.93% of their income on car insurance.[0] Research conducted […]
Continue reading US Savings Rate Drops Below Pre-Pandemic Levels as Inflation Hits Households Hard
The U.S. savings rate has dropped below pre-pandemic levels and Americans are burning through the extra savings they accumulated during the pandemic.[0] According to Goldman Sachs, as reported by the Wall Street Journal, by mid-January 2022, U.S. citizens had already spent down 35% of their extra savings and this number is expected to jump to […]
Continue reading RBI Hikes Repo Rate to 6.5%, Impact on Housing Segment Discussed
The Reserve Bank of India (RBI) on Wednesday hiked the repo rate by 25 basis points (bps) to 6.5 percent, as widely expected.[0] This hike will result in an increase in interest rates on home loans and may impact demand for affordable and lower mid-income housing segments, according to property developers and consultants.[1] The repo […]
Continue reading Maximize Your Tax Refund this Season – IRS Accepts Returns Now, Deadline April 18
Tax season is upon us, and the IRS is already accepting and processing returns for the 2022 tax year.[0] The standard deadline is April 15, 2023 — but because the 15th falls on a Saturday and is followed by Emancipation Day on April 17, the deadline is extended to April 18.[1] Those who opt to […]
Continue reading US Credit Card Debt Hits Record High Amid Rising Prices and Interest Rates
Americans continue to pile up record levels of credit card debt, with the latest report from TransUnion showing that consumer credit card debt soared to a staggering $930.6 billion in the fourth quarter of 2022. This marks an 18.5% increase from the same period one year ago, accompanied by an average balance of $5,805.[0] This […]
Continue reading High-Net Worth Individuals Struggle to Save for Retirement
The economic reality of retirement has become a growing concern for high-net-worth individuals, according to a new survey from Natixis Investment Managers. 58% of those surveyed said they expect to have to work longer than planned, and 36% worry that retirement may not even be an option.[0] The survey found that the median reported for […]
Continue reading Modi 2.0 Union Budget 2023: Stimulating the Economy & Investing in Agriculture & Defence
On Wednesday, February 1, India’s Finance Minister Nirmala Sitharaman presented the Union Budget for 2023.[0] This is the last full budget of the Modi 2.0 government, which came to power in 2019.[1] The budget has been lauded for its efforts to stimulate the economy and provide more resources to the citizens. The budget has laid […]
Continue reading SECURE 2.0: Comprehensive Retirement Reforms for Employers & Employees
In December 2022, the SECURE 2.0 Act of 2022 was passed, a package of retirement provisions providing comprehensive updates and changes to the SECURE Act of 2019.[0] This landmark legislation is one of the most significant reforms to retirement law in recent history, and levels the playing field for employers and employees when it comes […]
Continue reading Investing in Gold: An Overview of Gold IRAs and Reputable Providers
Investing in gold is a smart way to diversify a retirement portfolio and protect savings from market volatility. A Gold IRA is an attractive choice for those looking to hold physical gold in their retirement accounts, and offers self-direction and tax advantages. It’s important to research and choose a reputable provider before making any investment […]
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