There have been numerous changes to the tax rules surrounding retirement plans in the last few years. One in particular, which is effective in 2025, has flown under the radar. It is sometimes called the ‘super’ catch-up contribution, and it’s only available to workers age 60 to 63. New 401(k) Catch-Up Limit for Workers Age 60 – 63 Starting in 2025, individuals ages 60 to 63 (by Dec. 31) can make even higher catch-up contributions to their 401(k), 403(b), or governmental 457(b) retirement plan. The new rule allows these workers to contribute up to 150% of the inflation-adjusted catch-up limits…

Overview Of The Republican Student Loan Forgiveness And Repayment Overhaul House Republicans have introduced a broad-based student loan and higher education reform bill that would transform student loan forgiveness and repayment, eliminate key borrower protections, and reshape access to federal financial aid. The proposal, aimed at offsetting extended tax cuts, would cut an estimated $330 billion in education spending and mark the most significant rewrite of student loan policy in decades. While the plan promises savings for taxpayers and simplicity for new borrowers, it could come at a cost to others. In a previous Forbes post, I highlighted seven groups…

A new program that offers borrowers an opportunity to “buy back” periods of time that didn’t count toward student loan forgiveness has been largely stalled for months. But a recent court filing suggests the Department of Education may begin processing these requests in the coming weeks, and borrowers may get some key details very soon. PSLF Buyback allows borrowers on track for Public Service Loan Forgiveness, a popular program for nonprofit and government workers that can wipe out their federal student loan debt, to get retroactive credit for certain nonpayment periods in exchange for a lump-sump payment. PSLF typically requires…

A California company called Optronics Technologies, Inc., but known as Orion Telescopes & Binoculars, brought an antitrust lawsuit against Ningbo Sunny Electronic Co., Ltd. The lawsuit alleged that Ningbo and some other companies had engaged in price-fixing for the U.S. market for consumer telescopes. Eventually, Orion won a $54 million judgment against Ningbo. After the jury announced its verdict against Ningbo, Orion moved for a restraining order to keep Ningbo from transferring away its U.S. assets. In response to this motion, Ningbo’s president filed a declaration with the court to the effect that Ningbo would not transfer any of its…

If you’re looking to grow your retirement savings, a 401(k) can be a game-changer—but what if your employer doesn’t offer one or what if you don’t have an employer at all? Let’s break it down and explore your options for securing a rock-solid financial future. The options will vary depending on if you are self-employed or just working for a business that does not offer a 401(k) or other retirement account. How Does A 401(k) Work To Help Save For Retirement? A 401(k) is a tax-advantaged retirement savings plan typically offered by employers. Contributions are either pre-tax (Traditional 401(k)) or…

Talk to clinicians today, and you’ll hear a common refrain: “I’m drowning in paperwork.” If you were to ask a doctor, nurse practitioner, or therapist why they first entered medicine, the most common answer would be to heal and care for others. However, the harsh reality of the job is that most clinicians spend large portions of their free time on evenings and weekends buried under administrative tasks. According to the American Hospital Association, the average clinician spends twice as much time handling documentation, billing, and electronic health record entries as they do on patient visits. These administrative tasks not…

Who Could Win Big In GOP Student Loan Forgiveness And Repayment Education Overhaul? House Republicans have introduced a sweeping student loan reform bill that overhauls student loan forgiveness and repayment, limits certain loans, tightens Pell Grant rules, and adds accountability measures for colleges. The proposal, part of a budget package to offset tax cuts, would cut federal spending on education by an estimated $330 billion​. Here are the GOP plan’s 7 biggest potential winners. Key Potential Winners Under The GOP Student Loan Forgiveness And Repayment Plan Borrowers Who Could Win If GOP Student Loan Forgiveness And Repayment Reform Is Enacted…

Fans have just celebrated Star Wars Day, commemorating the franchise with social media posts, cosplays, parties, and binge-watching the original films and various spinoffs. While I’m not as big a fan as others, it’s clear that Star Wars is a big part of pop culture and it got me thinking about what the movies can potentially teach us about personal finance. This article discusses six key finance lessons from the characters and stories from a galaxy far, far away. 1. Consistency Is Key In Empire Strikes Back, while training Luke in the ways of the Jedi in the planet Dagobah,…

Borrowers Brace As Student Loan Wage Garnishment Resumes After 5 Year Freeze After a five-year hiatus, the federal government has officially restarted student loan wage garnishment and other collection tactics for defaulted federal loans as of May 5. Millions of borrowers who fell into default during the payment pause are now at risk of seeing part of their paychecks seized to repay their debt. This move ends an unprecedented reprieve that began in March 2020, when collections were paused amid the pandemic. Now, with the collections officially switched back on, borrowers and experts are assessing what the return of garnishment…

The Department of Education is set to resume collections activities against defaulted federal student loan borrowers on Monday. The collections system had been largely suspended for more than five years, largely due to pandemic-era relief programs. But those programs have now expired, and the Trump administration signaled last month that efforts to forcibly collect from defaulted federal student loan borrowers will quickly ramp up. “The Department has not collected on defaulted loans since March 2020,” said a department announcement last month. “Resuming collections protects taxpayers from shouldering the cost of federal student loans that borrowers willingly undertook to finance their…