Author: Umar Hashmi
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The retirement age in the U.S. â the age at which you become eligible for retirement benefits â is 62 for Social Security and 59½ for penalty-free withdrawals from 401(k) and IRA accounts. That was easy, right? Well, not so fast. Like many things related to retirement, understanding your eligibility for benefits and deciding when it makes sense to start claiming them isnât quite that simple. But donât worry; in this article, weâll help you figure out your retirement age and how to maximize your benefits to ensure as comfortable a retirement as possible. When can you start receiving Social…
A savings account is a critical component of most peopleâs financial plans. Having extra funds in your savings account can provide a safety net in case of a financial emergency or help you reach a larger goal like homeownership. Savings accounts are interest-bearing accounts that can help your balance grow faster thanks to the magic of compound interest. However, the interest you earn in a savings account is usually subject to income taxes, which youâll need to address at tax time. Do you owe taxes on your savings account? The principal balance on your savings account is not subject to tax since you already paid taxes on…
No matter their credit history or spending habits, nearly every credit card holder today must come to terms with one universal fact: Credit card interest is expensive. With annual percentage rates (APRs) soaring past record highs, carrying a balance on any card is going to cost a significant sum. If finding a lower interest rate is an important part of your search for a new credit card, you do have some options â even in the current interest rate environment. Hereâs what you need to know about securing a good credit card APR. What is a credit card APR? The APR is the…
Becoming a victim of fraud when you use a credit card for online shopping is a very real risk. The volume of online sales is expected to grow by 4.8% year over year, according to Adobeâs online shopping forecast. Online retailers can make great targets for scammers looking to steal your financial information. Luckily, there are multiple ways you can protect yourself â starting with your credit card. Shop online safely using a credit card Before you begin adding gifts to your online shopping cart, follow these tips to help keep your money and identity safe. 1. Use a credit card for…
As U.S elections draw closer, Trump is highlighting his pro-crypto position even more. Trump doubled down on his pro-crypto position in a recent speech He still has a 7-point lead on Harris, according to Polymarket Donald Trump, the Republican presidential nominee, has reinforced his pledge to make the U.S the world capital for Bitcoin [BTC] and crypto. He did so during his Thursday speech at the Economic Club of New York. During his address, he said, âInstead of attacking industries of the future, we will embrace them. Including making America the worldâs capital for crypto and Bitcoin.â This announcement simply reinforced…
US stock futures were seen rising after the release of the August jobs report by the Bureau of Labor Statistics (BLS). The jobs report showed an addition of 142,000 jobs, which has led to increased speculation that the Fed might implement a larger rate cut at its upcoming meeting. The data showed that the unemployment rate had dropped to 4.2% in August, marking an end to four consecutive months of increases. Moreover the report highlighted that job growth in July was more robust than initially estimated, due to a significant upward revision. The jobs data has influenced market expectations, with traders now…
The US economy added fewer jobs than anticipated in August, but rose from a sharply revised July figure, according to Labor Department data that could factor into the Federal Reserve’s next policy decisions. Nonfarm payrolls came in at 142,000 last month, up from a heavily downwardly-revised mark of 89,000 in July. Economists had called for a reading of 164,000, an uptick from the initial July mark of 114,000. Friday’s release also showed the US unemployment rate at 4.2%, compared to July’s figure of 4.3%. The level was in line with estimates. On a monthly basis, average hourly earnings growth also ticked up to 0.4% after…
US stocks opened in mixed fashion on Friday after Labor Department data showed that the American economy added fewer jobs than anticipated in August, fueling expectations that the Federal Reserve may roll out a deeper interest rate cut at its upcoming policy gathering. By 10:52 ET (14:52 GMT), the 30-stock Dow Jones Industrial Average had dropped 282 points or 0.7%, the benchmark S&P 500 had dipped by 74 points or 1.35%, and the tech-heavy Nasdaq Composite had fallen by 350 points or 2%. Nonfarm payrolls come in below estimates The US economy added fewer jobs than anticipated in August, but rose from a sharply revised July…