Personal Finance

Americans can calculate if they are lower, middle or upper class by using Pew Research Center’s updated calculator. The interactive asks for state, metropolitan area, household income before taxes and number of people within a household to determine people’s “income tier.” Pew uses government data as recent as 2016 to calculate results. A couple with
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Grandparents saving for their grandchildren’s education could especially benefit, Kantrowitz said. Currently, a parent’s 529 plan has a minimal impact on their child’s financial aid eligibility, whereas grandparents’ accounts can have a serious one. To work around that drawback, grandparents could now wait to use their 529 plans until their grandchildren are out of school
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Among the other points you should know: under public service loan forgiveness, your debt is forgiven tax-free. Your private loans can’t be forgiven; only federal loans qualify for public service loan forgiveness. Kantrowitz said some people assume they’ll qualify for forgiveness after 10 years of payments. However, it’s not about how long you’ve been paying
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For those with little or no savings, a lack of planning coupled with a longer life expectancy, has destroyed any retirement expectations. However, there is still hope. In a new ranking of the best places to retire, GoBankingRates compared the cost of living, rent, transportation, utilities, groceries and health care in the largest 150 cities
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Millennials are drawn to high-deductible health plans for a few reasons. The amount of the deductible may seem daunting, “but your premium is much lower,” Oldham said. “You are telling the insurance company you’re in pretty good health.” Decades of growth on pre-tax money makes the HSA a powerful savings vehicle for your retirement years,
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