The New Jersey Lottery has been waiting for the $1.13 billion Mega Millions jackpot winner to claim the prize since March. The unclaimed ticket, which has a cash value of over $537 million, was sold in Neptune Township of Monmouth County, New Jersey. Lottery officials are urging all players to check their tickets for the … Read more
The US Labor Department’s new proposed standard to protect retirement savers who roll over money from their 401(k)s to individual retirement accounts (IRA) is facing massive backlash from the insurance industry. The rule will ensure insurance agents transition from selling products for high commissions to recommending investments that benefit clients during rollovers. The move will … Read more
A retired boomer receiving $1,662 in Social Security has moved in with roommates to help cover her medical expenses, stating that it’s the only way she can maintain a comfortable lifestyle. Marion, a 70-year-old single mother who raised two sons in Washington, often worked two jobs to provide for her family. Following a series of … Read more
US holiday sales are forecast to grow at their slowest pace since 2018 amid fears that persistent inflation is wiping out consumers’ savings, according to a new survey. Holiday retail sales are forecast to increase between 2.3% and 3.3%, totaling up to $1.6 trillion between November and January, according to Deloitte’s annual holiday retail forecast. … Read more
Over 122,000 US veterans who received one-time special separation benefits (SSB) in the past three decades for willingly abandoning their service when the US was reducing its active-duty personnel count were stripped of their disability benefits from the US Department of Veteran Affairs (VA). In recent years, veterans applying for disability benefits through the VA … Read more
Maureen, a 66-year-old retired teacher, relies on a modest $1,601 monthly from Social Security to make ends meet. Though she has a 401(k), she is reluctant to draw from it, worried that she might exhaust her savings too soon. Throughout her more than 40 years in elementary and middle schools, Maureen cherished a special tradition … Read more
According to Fidelity’s Q2 2024 retirement analysis report, the number of 401(k) millionaires in the US reached another record high, 497,000, up from 485,000 in the preceding quarter. Fidelity attributed the steady growth over the last few quarters to an improving macroeconomic landscape and more 401(k) participants starting early and steadily contributing to the employee-sponsored … Read more
KEY POINTS Financial psychologists Dr. Brad Klontz and Ted Klontz co-developed the concept of money personalities. Understanding your money personality can also help your well-being by alleviating the stress and anxiety associated with financial decisions. When it comes to personal finances, everyone has a unique approach, often shaped by their experiences, upbringing, and personality. Understanding … Read more
A salesperson from Vancouver, Canada, recently dialled “The Dave Ramsey” show for urgent financial advice on uncontrollable debts despite his household’s total annual gross income of $300,000. Although his monthly take-home pay is $8,500, alongside an additional $2,000 rental income from a two-bedroom apartment, the family’s monthly expenses amount to almost $12,000, led by $7,200 … Read more
A credit score determines your creditworthiness. When you apply for products like credit cards, loans, or mortgages, lenders check your credit score and profile to review your loan repayment history, credit utilisation, credit mix, and enquiries before determining your loan eligibility and terms. A poor credit score could lead to application rejection or approval with … Read more
