The Federal Reserve releases its Survey of Consumer Finances every three years. One of the most detailed datasets collected on domestic wealth, the last report looked at 4,602 households between 2019 and 2022, calculating wealth based on real estate, stocks, bonds, bank and retirement accounts, cryptocurrencies, and more. It then subtracted liabilities—mortgages, auto loans, credit card debt, and student loans—to determine net worth. Though such a thorough examination led to many revelations, one stood out more than the rest. In 2022, the average (mean) net worth of American families topped $1 million for the first time, up 42% from $749,000…

Whether you dream of retiring ASAP or working forever, prepping for a secure retirement is a smart move. As someone who has been helping people plan for retirement for several decades, I’ve met many looking to retire by the age of 60 or, if possible, sooner. Keep reading as we share some of the steps needed to retire by the time you reach your 60s. How Much Money Do You Need To Have Saved To Retire At Age 60? If you just want to be on track to retire at your full retirement age (67), you should have at least…

On Wednesday, Donald Trump signed an executive order setting up even more tariffs calculated on a reciprocal basis. The administration has created a tit-for-tat trading policy for U.S. interactions with virtually the entire world as well as a 10% base tariff on imports. Their theory stands in sharp contrast with decades of international trade and geopolitical practices and policies. Economists and experts in foreign policy, trade, and business are warning that this approach could be disastrous and potentially land the country in significant stagflation, which the economy would see a major slowdown, inflation would rise, and unemployment might also head…

The U.S. Department of Education took a key step on Thursday to initiate a process that could result in major changes to several federal student loan forgiveness and repayment programs. The department issued a formal notice of its intent to initiate negotiated rulemaking, a process under federal law that allows officials to update or change regulations governing various federal student loan programs. According to the notice, the department will focus specifically on Public Service Loan Forgiveness, Income-Contingent Repayment, and Pay As You Earn – popular programs that offer student loan forgiveness to borrowers after years in repayment. “This process will…

Intuit Dome was alive with energy as hundreds of students from the LA school district gathered for the launch of this year’s Hour of Finance Challenge by Intuit For Education, kicking off Financial Literacy Month on April 1. It is part of the company’s nationwide Financial Literacy Forum series which began during Super Bowl Week in New Orleans last February, with previous stops in San Francisco and Washington D.C. This time, it was hosted in partnership with the L.A. Clippers. Engaging Young People The event started around 9:30 AM with students filing in, eager to take part in the day’s…

The Trump Administration has cut by more than 40 percent the staff that oversees critical federal programs for older adults and younger people with disabilities who live at home. Health and Human Services Secretary Robert F. Kennedy Jr. fired the staffers who manage and review federal grants to state and local governments and community-based organizations for programs such as Meals on Wheels. It also eliminated regional office positions, along with those who evaluate the benefits of those programs and communicate the office’s work to grantees and the public at-large. Those staff reductions came just four days after Kennedy abolished the…

If you’re experiencing whiplash from the tariff announcements flying back and forth, you’re not alone—especially if you’re a small business owner. On 17 of the past 72 days, the U.S. has either imposed new tariffs, faced retaliatory measures, or negotiated last-minute tariffs delays. With the White House now promoting today as “liberation day” and promising even more tariff actions, Main Street entrepreneurs are struggling to keep up with the dizzying pace of trade policy changes. Proponents of tariffs have said that opposition boils down to differences in political ideology, which likely causes many conservative economists to bristle. In fact, The…

The U.S. Department of Education formally reopened a critical student loan forgiveness program for borrowers with medical impairments last week, paving the way for people to apply after a temporary hiatus. The Total and Permanent Disability discharge program can wipe out the federal student loan debt for borrowers who are unable to work (or can work only minimally) due to a medical condition. Nelnet, an external loan servicer contracted with the Department of Education, had operated the TPD discharge program for years. But as part of a long-planned transition, the program has now been moved to a new portal at…

SOAR Act Tries To Save The SAVE Plan For Student Loan Borrowers A new bill introduced by Senate Democrats aims to rescue key provisions of the Biden administration’s student loan repayment strategy after the centerpiece of that plan—the SAVE income-driven repayment program—was blocked by the courts earlier this year. The proposed SOAR Act would codify critical borrower protections into law, effectively trying to save the SAVE Plan. The stakes are high: With student loan repayment resuming after a three-year pause and delinquency rates soaring, millions of student loan borrowers are struggling to afford payments. The SOAR Act, short for Savings…

Bureau of Prisons Under Pressure To Cut The Federal Bureau of Prisons (BOP) is currently facing significant pressure to operate within its $8.3 billion budget, which remains unchanged from the previous year due to a continuing resolution. As a result, the BOP is grappling with the challenge of managing its resources amid understaffing and deteriorating facilities. In light of these constraints, the BOP has decided to limit the prerelease custody period for inmates under the Second Chance Act to a maximum of 60 days, significantly reducing the time eligible inmates can spend in halfway houses or home confinement. While the…