Social Security fund gains extra year of solvency – benefits will begin to be reduced in 2035
It goes without saying that social security has improved compared to last year. (iStock) Social Security benefits are still predicted to start running out; recent reports A report released by the Treasury says there may not be a need to cut benefits until 2035, a year later than previously expected. Trustees say the Social Security […]
New retirement rule will help protect retirement savings of Americans already struggling to save
More than half of Americans believe they don’t have enough savings to fully retire. (iStock) Biden-Harris administration recently announced The ultimate retirement rules to help individuals save for retirement. The Retirement Security Rule updates the definition of a fiduciary, who is a financial manager subject to a specific code of ethics. The revised definition requires […]
Most borrowers delay major life events because of student loan debt: survey
A recent study shows that student loan debt is the reason many people are delaying important life milestones like graduating from college. (iStock) For most student loan borrowers, borrowing money to attend college closes the door on many important life milestones, including completing a degree program, according to a recent Gallup poll. Said. Overall, 71% […]
Nearly half of all homeowners concerned weather-related events will raise their homeowners insurance rates
The increase in natural disasters is causing significant rate increases across the country. (iStock) The increase in natural disasters is not only wreaking havoc on homes, but is also impacting homeowners’ insurance premiums. Almost 50% of homeowners are concerned about extreme weather events and their impact on their homes. Fannie Mae research found. Heat and […]
There are now 550 US cities where the typical home value is $1 million or more
Prices of luxury homes are rising due to the tight housing market. (iStock) Housing prices are reaching their peak. Today, the average home price in 550 U.S. cities is over $1 million. Jiro report found. Last year, 491 cities had median home prices above $1 million. The number of cities with high housing prices is […]
More homebuyers are paying discount points as interest rates continue to rise
Buyers are turning to mortgage points to lower mortgage rates. (iStock) Mortgage points, a one-time fee paid at closing in exchange for a lower interest rate, are becoming increasingly popular as buyers look for ways to lower their interest rates. The Consumer Financial Protection Bureau (CFPB) found in a study that the number of homebuyers […]
The unemployment rate barely rose, but only 175,000 jobs were added in April
Job additions in April were lackluster at 175,000, many of them in the health care sector. (iStock) The U.S. added 175,000 jobs in April, according to the Bureau of Labor Statistics. employment status report. This is a small increase compared to the average monthly increase of 242,000 over the past 12 months. The unemployment rate […]
Americans paid slightly more for fuel this week as gas prices rose by a few cents, on average
Gasoline prices rose just 2 cents this week, even as oil prices fell. (iStock) Gasoline prices have gone up and down this week, but overall they were 2 cents higher on average. AAA said In our weekly gas price report. The national average price for the week was $3.67 per gallon, 14 cents higher than […]
Mortgage rates push higher with no relief in sight: Freddie Mac
As mortgage rates remain high, homebuyers are looking for ways to lower costs. (iStock) The Federal Reserve is unlikely to reverse its restrictive policy stance anytime soon, pushing mortgage rates further into the 7% range, according to Freddie Mac. The average interest rate on a 30-year fixed-rate mortgage for the week ending May 2 was […]
Fed holds interest rates higher for even longer as inflation remains high
The Fed will not lower interest rates until a certain level of inflation reaches its target rate of 2%. (iStock) The Federal Reserve Board stated: Lack of inflationary developments Interest rates have fallen over the past few months, which is why they’re holding their own at this point. The central bank announced Wednesday that it […]