It is a daily ritual for millions of Australians, but if you have noticed the price of your morning flat white or soy latte increase, brace yourself — it is likely to get worse.
By the end of the year,...
It is a daily ritual for millions of Australians, but if you have noticed the price of your morning flat white or soy latte increase, brace yourself — it is likely to get worse.
By the end of the year,...
Many households often overlook key aspects of personal finance that can significantly impact their financial well-being. These include:
* Credit scores, which affect loan eligibility and interest rates
* Retirement savings, as people tend to underestimate their expenses in retirement
* Basic estate planning, such as wills and trusts, to protect assets and ensure care for loved ones
* Emergency savings, to cover unexpected expenses and avoid financial stress
* Tax withholding, to optimize tax payments and avoid penalties or large refunds
The Powerball jackpot has reached an astounding $1 billion, with the next drawing scheduled for Monday night. The winner has two payout options: a lump sum of $483.8 million or an annuity worth $1 billion paid out over 29 years. While the lump sum may be tempting, experts warn that it could be difficult to manage without financial guidance. The annuity provides a guaranteed stream of income, which could be a wiser choice for some winners.
When a spouse passes away, the surviving partner may face higher taxes when filing as a single filer. To minimize this "survivor's penalty," consider Roth IRA conversions, reviewing account ownership, and designating beneficiaries to defer taxes. It's crucial to plan ahead to mitigate these financial surprises, especially for older women who often bear the brunt of this tax impact after losing their spouse.
