Biden still forgives student loans; Is social security racist?

0
33

[ad_1]

This is a preview Good money.Forbes free weekly newsletter on the pressing issues that matter to your financial well-being: personal finance, investment, taxes, and retirement. Click here to get it delivered to your mailbox on Thursdays

While this has been overshadowed by other grim events, the Biden administration has been busy implementing a partial approach to the student debt problem plaguing many millennials and Generation Z – and even seniors. Around last week, the White House announced a key student loan incentive for three specific groups: people with disabilities who cannot find paid work, former or active military personnel, and people who are defrauded by schools that have received loans. … Read on for details, plus the latest news on child tax credit scams, racial inequality in retirement benefits, and more.

Go to tax court

Need to file a petition with the tax court? Prepare for a long wait while the court remains closed with nearly double the number of petitions last year. There is a high probability that IRS Robots are carrying a large share of responsibility for this lag … Meanwhile, even if you’re not fighting the IRS, you can check if your tax professional is serious about information security: here are five red flags to watch out for… Speaking of red flags, the FTC recently reported more than 67,000 tax fraudsters in the first half of 2021, and the IRS is warning families of new tax scams targeting families that expect to receive monthly payments of child tax credits.

Disadvantages of social security

Like many systems and institutions in America, Social security contributes to racial inequality… For decades, she has rewarded marriage and longevity, whether on purpose or not, but ultimately it has led to the fact that blacks are outnumbered, studies show. The structure of tax incentives for pension savings is also widens the racial wealth gap … There has been a lot of talk though about what the current surge in inflation will mean for social security. Benefits and Medicare premiums, better planning for retirement requires a focus on more than money. Strive to support and cherish “Real” social security– the friends you will need to stay connected, passionate and happy despite the many challenges that old age can bring.

Consequences of falling life expectancy

Life expectancy in the United States has dropped by 1.5 years in 2020 – the largest decline in a year since World War II – but here’s why you shouldn’t. change your retirement plans as a result… If you are Canadian and worried about outliving your savings, now you have the option life annuity with the option of redemption. The product is not currently available in the US, but it may only be a matter of time before it is offered here. Also, here’s how a Roth IRA, Medical Savings Accounts (HSA), and other methods can serve as alternatives to traditional time savings account

All focus on student loans

It has been a busy week for student loans. The Biden administration has announced plans to automatically cancel a federal student loan of about $ 5.8 billion. debts of disabled borrowers who are unable to maintain significant paid work due to physical or psychological illness. ( Here’s how to find out if you are eligible for help .) The White House also said it would retroactively waive interest on student loans for thousands of current and former military personnel who may have been unaware of the long-term benefitplus he announced automatic cancellation of student loans for at least 115,000 borrowers. cheated by their schools… Finally, Here is a guide to donating air miles or refugee vouchers. and asylum seekers from Afghanistan and other countries pay for air tickets to their countries of resettlement.

Graphics of the Novel: The Challenge of Racial Inequality in Retirement

A source: Center for Tax Policy, The federal reserve

Markets are growing

As US stock markets continue to rally, investors looked ahead to the Federal Reserve’s annual economic symposium, which kicked off Friday in the mountain resort town of Jackson Hole, Wyoming. US-listed China stocks recently gained $ 80 billion in market value, but they are still lost $ 300 billion this year … And a fintech called Ramp, which offers a zero-commission, no-interest, no-reward, money-back corporate credit card. doubled my grade this week through a $ 300 million funding round.

[ad_2]

Source link