On Thursday, January 19, 2023, Treasury Secretary Janet Yellen announced that the United States had hit its debt ceiling of $31.4 trillion and is now relying on “extraordinary measures” to continue paying its bills. These measures should carry the U.S. through early June, at which point the government risks default if lawmakers can’t reach a deal to raise the national debt limit.

Defaulting could have potentially disastrous consequences for the U.S. economy, such as higher interest rates, job losses, and a decline in GDP. It could also negatively impact those who rely on government benefits and services. 

With the end of the year fast approaching, Tax Season may be the last thing on your mind. Yet in many ways, the final months of 2022 may be your last chance to reduce this year’s tax liability. To avoid overpaying Uncle Sam and preserve more of your hard-earned income, consider the following end-of-year tax planning tips for 2022.

On December 29, 2022, President Biden signed into law a $1.7 trillion spending package. The package includes the SECURE 2.0 Act, a series of provisions that will affect the way many Americans plan and save for retirement.

SECURE 2.0 builds on the SECURE Act of 2019, which, among other measures, increased the age at which retirees must take required minimum withdrawals (RMDs) from 70½ to 72. Key provisions in the new package include additional increases to the RMD age, as well as less severe penalties for failing to take an RMD. In addition, savers over the age of 50 will be able to make larger catch-up contributions beginning in 2025.

Many of the SECURE 2.0 Act’s provisions take effect January 1, 2023. Still, others may take years to implement. Here’s what you need to know about SECURE 2.0 and how it may affect your retirement plan.

U.S. stocks had their worst September since 2002. Here’s what’s contributing to recent stock market volatility and what it may mean for long-term investors.

As we enter the final quarter of 2022, it appears investors are increasingly losing confidence in the Fed’s ability to rein in inflation without sending the economy into recession.

It’s hard to believe that 2023 is just around the corner. With the new year quickly approaching, consider checking these financial to-dos off your year-end financial planning checklist before it’s too late.  

Government-issued Series I Savings Bonds are paying historically high rates right now. These bonds have received a lot of attention recently because of their 9.62% interest rate (I Bond rates are tied to inflation, so they become more attractive as inflation rises).

If you purchase I Bonds now through October 2022, this rate applies to the first 6 months. That means if you buy the maximum ($10,000), you'll earn $481 after 6 months—guaranteed.