This Is an 'Overlooked Tax Break' For Retirement Savers — and Many Couples Miss It, Advisor Says
A spousal IRA lets a non‑earning spouse open a Roth or traditional IRA, effectively doubling a single‑income household’s tax‑advantaged retirement space. For 2025 the contribution limit is $7,000 plus a $1,000 catch‑up for those 50+, with a hard deadline of April 15 to file retroactive contributions. Despite its potential, the strategy remains underutilized, as only 37% of IRA‑holding households actually contribute. Advisors stress that spousal IRAs also improve tax diversification, especially when paired with Roth contributions.
You Can't 'Borrow Your Way Out of Debt,' Expert Says — but More Consumers Are Trying
U.S. consumers are increasingly using balance‑transfer cards and personal loans to consolidate debt, a trend highlighted by record credit‑card balances of $1.28 trillion at the end of 2025. Personal loans carry an average rate of 12.26%, notably lower than the 19.58%...
What the Iran War Market Turmoil Means for Those Nearing Retirement
The escalating conflict in Iran has jolted markets, prompting a sharp S&P 500 swing and renewed inflation worries. Financial advisors warn that while long‑term investors can stay the course, those approaching retirement should treat the volatility as a signal to review...
Trump Says ‘401(k)s Are Way up’ — but Workers Are Tapping Them at Record Rates
President Donald Trump highlighted that 401(k) balances have risen, a claim supported by Fidelity data showing an 11% jump to $146,400 in 2025. However, the same year saw record‑high hardship withdrawals and a rise in 401(k) loans, signaling underlying financial...
Poor Coordination Can Cost Couples an Average $14,000 in Retirement Wealth, Research Finds
New research in the American Economic Review shows couples who fail to coordinate retirement contributions lose significant wealth. By directing contributions to the spouse with the highest employer match, an average couple could add $750 per year and avoid a...
Nearly 1 in 5 Eligible Filers Miss This 'Valuable' Tax Credit, IRS Says — How It Can Boost Refunds
The IRS reports that roughly 20% of eligible taxpayers fail to claim the Earned Income Tax Credit (EITC), a refundable credit that averaged $2,916 per filer in 2024. For the 2025 tax year, the maximum credit rises to $8,046 for...
Trump Pitches New Retirement Plan with a Federal Match of up to $1,000 per Year — Who Could Benefit
President Trump announced a new federal retirement account modeled on the Thrift Savings Plan, promising a government match of up to $1,000 per year for workers without employer‑sponsored 401(k)s. The initiative would potentially cover the 56 million Americans currently lacking such...
Treasury: Trump Accounts Sign up About 3 Million Kids in Early Push
The U.S. Treasury announced that a publicity blitz, highlighted by a Super Bowl ad, has generated roughly 2 million IRS Form 4547 filings, translating to about 3 million children enrolled in the new Trump accounts. Eligible children born between 2025 and 2028 will...
Early Estimates Point to Lower Social Security Cost-of-Living Adjustment for 2027
Social Security delivered a 2.8% cost‑of‑living adjustment (COLA) for 2026, boosting benefits by roughly $56 per month. Early government inflation data suggest the 2027 COLA could be markedly lower, with estimates ranging from 1.2% to 3.1%. Analysts warn that a...
Medical Emergencies Can Lead to Debt and Bankruptcy — Even for Insured Americans
A new Health Affairs study of nearly 13,000 trauma patients shows that even insured Americans face sharp rises in medical debt and bankruptcy after serious injuries. Within 18 months, the share of patients with debt in collections grew 5.2 percentage...
Student Loan Complaints Hit Record High, CFPB Finds — but the Watchdog Agency Omits Details
Federal student‑loan borrowers filed a record 18,400 complaints to the CFPB for the year ending June 2025, a 36% increase over the prior year. The agency’s 21‑page report, released in January, omitted the detailed breakdown of complaint types, servicers involved, and...
Following Super Bowl Ad, Trump Accounts Launch a New Sign-Up Option
The Treasury announced a new enrollment pathway for Trump accounts following a Super Bowl 60 commercial. Parents can now submit IRS Form 4547 online via TrumpAccounts.gov or attach it to their 2025 tax return to claim a $1,000 seed deposit for...