Only about a third of people have wills, despite them simplifying inheritance. Even though 80% intend to get one, 44% of those without one delay because of procrastination. A will ensures your assets and wishes go to your desired parties, avoiding the potential difficulties of state intestacy laws. While a will can involve paperwork, it's crucial for everyone, not just the wealthy, to ensure loved ones are protected in the event of an unexpected situation.
Over 34,000 people have expressed their opinions on President Biden's student loan forgiveness plan, which aims to alleviate the debt of millions of Americans before the November election. Feedback ranges from support for its potential economic benefits and as a step toward addressing inequities to opposition due to the cost to taxpayers and concerns about fairness to those who have already paid off their loans.
Federal student loan rates are expected to rise by around 1 percentage point in the upcoming academic year. This increase is due to the rise in 10-year Treasury note yields and the Federal Reserve's efforts to curb inflation. The new rates will apply to all federal student loans issued after July 1, 2024. Existing loans will not be affected. Borrowers should expect to pay higher interest rates for new loans.
To save on taxes when converting a traditional IRA to a Roth IRA, consider doing it early in retirement when your income is lower. This reduces the upfront tax bill. However, be aware that the conversion can raise your income and potentially increase your Medicare premiums. Choose the timing carefully to avoid being pushed into a higher income bracket for Medicare.
Many retirees are finding their dream retirement out of reach due to inflation, healthcare costs, and asset concerns. Experts disagree on whether a retirement savings crisis exists. Some believe it's urgent, citing a lack of retirement savings and dwindling pensions, while others refute this notion, pointing to survey data showing retirees are generally doing okay financially. Despite this debate, experts advise people to consider delaying Social Security benefits for higher returns and saving more over time.
Despite a strong job market, college graduates may face lower salaries and reduced hiring than previous years. However, they prioritize flexible work arrangements and mental health support. Despite a slight uptick in unemployment, the job market remains robust. However, graduates may need to adjust their salary expectations and consider a wider range of locations to maximize opportunities.
