Bob and Terri Wood, of Mobile, Alabama, with their grandson.Courtesy: Bob WoodBob Wood, 66, has been thinking of selling his home in Mobile, Alabama. The finance professor and his wife, Terri, purchased the 5,000-square-foot house with a pool nearly a decade ago. "It's probably time to downsize," he said....
Artistgndphotography | E+ | Getty ImagesWhen it comes to retirement savings, the gap between the haves and the have-nots has widened, according to a new report from the Government Accountability Office.The median retirement account balance for high-income households was nine times that of middle-income households in 2019 — $605,000...
The Mega Millions jackpot grew to $940 million on July 27, 2023.OLIVIER DOULIERY | GettyThe Mega Millions jackpot has ballooned to an estimated $940 million ahead of Friday's high-stakes drawing at 11:00 p.m. ET.If you pick the magic six numbers, there are two payout options: a lump sum of...
KPMG is offering high schoolers paid internships to help fix accounting's staffing shortage.By her own admission, Autumn Kimborough, 17, didn't have a passion for accounting. But the rising high school senior from Flossmoor, Illinois, heard about a well-paid summer internship at KPMG, which included a $250 clothing stipend, and got...
Eyecrave Productions | E+ | Getty ImagesWhen it comes to living and retiring comfortably, Americans have some big numbers in mind for what they will need.Blame high inflation, which peaked at an annual rate of 9.1% in June 2022, according to consumer price index data.While the pace of price...
Peter Cade | Getty ImagesHigher earners maximizing savings ahead of retirement may soon lose a tax break, thanks to 401(k) changes enacted last year.If you're 50 or older, you can funnel extra money into your 401(k), known as "catch-up contributions." For 2023, eligible workers can save another $7,500 after...
The Federal Reserve raised the target federal funds rate by a quarter of a point Wednesday, in its continued effort to tame inflation.In a move that financial markets had completely priced in, the central bank's Federal Open Market Committee raised the funds rate to a target range of 5.25% to 5.5%....
The Mega Millions jackpot grew to $910 million on July 26, 2023.Tayfun Coskun | Anadolu Agency | Getty ImagesThe Mega Millions jackpot has grown to an estimated $910 million, with the next high-stakes drawing on Friday at 11:00 p.m. ET.The big prize has only exceeded $1 billion four times,...
Andresr | E+ | Getty ImagesAfter years of low interest payouts, savings accounts now are paying higher yields, after a series of interest rate hikes from the Federal Reserve. But many Americans still aren't getting the best rates for their cash.Despite inflation concerns, nearly 70% of middle-income Americans haven’t...
The Marriner S. Eccles Federal Reserve building in Washington, D.C.Stefani Reynolds/Bloomberg via Getty ImagesAfter a pause last month, experts predict the Federal Reserve will likely raise rates by a quarter of a point at the conclusion of its meeting next week.Fed officials have pledged not to be complacent about...