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The percentage of older Americans with debt is at its highest level in almost 30 years, and the amount and types of debt are on the rise.
In recent years, the increase has largely been driven by the 75-and-older age group – a somewhat surprising revelation.
From 2010 to 2019, the percentage of this group that carried debt rose from 38.5% to 51.4%, the highest level since 1992.
After two years of decreases, interest rates on federal student loans are set to increase almost a full percentage point for the 2021-2022 school year.(1) The interest rates on federal student loans are reset each year after the May auction of the 10-year Treasury note.
The rates apply to new federal student loans issued on or after July 1, 2021, through June 30, 2022. The interest rate is fixed for the life of the loan.
Despite the economic shock of the coronavirus pandemic, American workers and retirees remain largely optimistic about their financial prospects for retirement.
In its annual Retirement Confidence Survey conducted in January 2021, the Employee Benefit Research Institute (EBRI) found that 80% of retirees and 72% of workers were either very or somewhat confident in their ability to afford a comfortable retirement.
If you have qualifying children under the age of 18, you may be able to claim a child tax credit. (You may also be able to claim a partial credit for certain other dependents who are not qualifying children.) The American Rescue Plan Act of 2021 makes substantial, temporary improvements to the child tax credit for 2021, which may increase the amount you might receive.
In our commitment to provide ongoing communication and leadership, we are writing to you today to share the findings of our most recent economic committee meeting of the Freedom Capital Management Strategies®. The quarterly market review contains insights into the factors that added to a quarter that shows concrete progress in the global economic recovery.
This report is available in both video and print formats.
As particular COVID-19 vaccines have been authorized by the Food and Drug Administration (FDA) for emergency use and are starting to become more available, employers continue to grapple with how they should (or should not) address the vaccination status of their employees.
Many IRA and retirement plan limits are indexed for inflation each year. While some of the limits remain unchanged for 2021, other key numbers have increased.
IRA contribution limits
The maximum amount you can contribute to a traditional IRA or a Roth IRA in 2021 is $6,000 (or 100% of your earned income, if less), unchanged from 2020. The maximum catch-up contribution for those age 50 or older remains $1,000. You can contribute to both a traditional IRA and a Roth IRA in 2021, but your total contributions cannot exceed these annual limits.
For most of our lives, retirement is a distant thought that seems years and years away. Then, as with all things time-related, we find this new phase of life to be just around the corner. But, how exactly do we know when to retire?
Deciding when to retire may not be one decision but a series of decisions and calculations. For example, you'll need to estimate not only your anticipated expenses, but also what sources of retirement income you'll have and how long you'll need your retirement savings to last. You'll need to take into account your life expectancy and health as well as when you want to start receiving Social Security or pension benefits, and when you'll start to tap your retirement savings.