Author: Money Mechanics

The One Big Beautiful Bill (OBBB) gives most people 65 and older a new deduction on their federal income taxes starting in 2025.But to get the full or partial amount, you can’t exceed the income limits. For some older adults, it can thus make sense to reduce their taxable income to get under the limit.Through 2028, eligible taxpayers 65 and older can get an additional $6,000 deduction (or $12,000 for a married couple if both spouses are 65). This is in addition to the standard deduction for all taxpayers and the extra deduction for older adults. From just $107.88 $24.99…

When the Federal Reserve gathers for its upcoming September meeting, it might do something it hasn’t done since December — implement an interest rate cut. At this point, economists and Wall Street alike are pretty convinced that a rate cut is coming. And while it may not be a drastic cut, it could have an impact on many consumers’ finances.As a retiree, you may be wondering what moves to make — or not make — ahead of the Fed’s upcoming Sept. 16-17 meeting. Here are a few things to consider.Consider your liquidity needsIt’s common for retirees to put money into…

Some people inherit family money, but many build wealth on their own. Luck can help, but lasting success usually comes from strategies anyone can use.The wealthy tend to view money differently. Instead of focusing only on spending, they treat money as a tool for ownership, growth and opportunity.You don’t need to come from wealth to build it yourself. Here are five rules that separate the wealthy from everyone else. From just $107.88 $24.99 for Kiplinger Personal Finance Be a smarter, better informed investor. CLICK FOR FREE ISSUE Sign up for Kiplinger’s Free Newsletters Profit and prosper with the best of…

It’s not up to us to determine a home’s worth — that’s what a licensed appraiser does. A home appraisal is an independent evaluation that provides an unbiased estimate of a property’s fair market value. Conducted by a neutral third party, an appraisal is required for most real estate transactions that involve a mortgage.And since the majority of buyers rely on financing, appraisals are a standard part of the homebuying process. According to the National Association of Realtors (NAR), about 81% of primary residence purchases involve a mortgage, along with 43% of vacation home purchases.With so many transactions depending on…

When markets are trading near record levels, the number of stocks getting Strong Buy consensus recommendations with high potential price upside tends to go down. But that doesn’t mean there aren’t select bang-the-table bargains to be found.After all, it’s not a stock market, the cliche goes, but a market of stocks.True, the S&P 500 is up a whopping 30% on a price basis since its early April nadir and looks pricey by historical measures. But then, as an index weighted by market cap, much of this upside is driven by the S&P 500’s biggest companies. From just $107.88 $24.99 for…

This week, CFPB Director Rohit Chopra will visit Alaska to meet with Tribal leaders, financial institutions, and consumer advocates to discuss the consumer finance issues impacting Alaskans’ lives. Since the CFPB opened its doors in 2011, we have received thousands of complaints from Alaskans who had problems with their credit reports, mortgages, credit cards, and other products. Like Americans across the country, we also hear stories from Alaskans who are having problems with medical debt on their credit reports or in collections.Medical debt on credit reports can harm consumers and is a particular problem in rural communitiesInformation about medical debt…

Social Security trust funds are running out of money, and the insolvency date is racing closer, in part due to President Donald Trump’s 2025 tax legislation.An analysis from the Office of the Chief Actuary at the Social Security Administration confirms what opponents of the megabill feared would happen. Trump’s 2025 reconciliation law accelerates the depletion of Social Security’s combined trust funds by nearly half a year, in early 2034 instead of late 2034.The findings, released in response to a request from Sen. Ron Wyden (D-Ore.), note how several provisions in Trump’s so-called ‘big beautiful bill’ (OBBB) reduce revenue directed at…

Medicare Cost Increases for 2026 2025 projected cost 2026 projected cost Percent Increase Part B premium $185 $206.50 11.6% Part D base beneficiary premium $36.78 $38.99 6% Part B deductible $257 $288 12% Part D deductible $590 $615 4.2% Part D catastrophic threshold $2,000 $2,100 5% 2. Part D’s Catastrophic Threshold Is Going Up The Inflation Reduction Act (IRA) instituted a cap on out-of-pocket drug costs for people with Medicare Part D. This catastrophic threshold is similar to an out-of-pocket maximum in other health plans, but it just applies to prescription drugs. After you meet it, the plan pays 100%…

(Investing.com)– A U.S. court officer said on Monday an affiliate of hedge fund Elliott Investment Management made the best bid for the parent of Venezuela-owned refiner Citgo Petroleum, against a group led by miner Gold Reserve previously recommended as the winner. Improved bids emerged in the final stages of the auction of PDV Holding, one of the parents of the seventh-largest U.S. refiner, following court decisions in parallel legal cases that encouraged new and improved offers. The evaluation by court officer Robert Pincus could lead to a new recommended winner if Gold Reserve’s subsidiary Dalinar Energy does not soon match…

KEY TAKEAWAYS Tesla’s sales in the European Union tumbled in July for a seventh consecutive month, while those of Chinese rival BYD’s soared.According to the European Automobile Manufacturers’ Association, Tesla’s EU new car registrations, which serve as a proxy for sales, plunged 42.4% year-over-year, while those of BYD’s soared 206%.Tesla shares, which entered Thursday down 13% this year, are little changed in morning trading. Tesla’s (TSLA) sales in the European Union (EU) tumbled in July for a seventh consecutive month, while those of Chinese rival BYD’s soared. According to the European Automobile Manufacturers’ Association, Tesla’s EU new car registrations, which…