Author: Money Mechanics

Key Takeaways Small towns may offer favorable tax treatment on Social Security and retirement income.Average home values in towns like Branson, Missouri, or Frankenmuth, Michigan, are often moderate, making homeownership more attainable for retirees.Towns with strong holiday traditions or year-round festive activities create a welcoming and engaging atmosphere for retirees. Affordability and comfort are two of the most important qualities retirees seek, and some small towns deliver both with an extra touch of holiday magic. Across the country, these communities transform their quiet main streets into celebrations of tradition and togetherness each December, often carrying the spirit well beyond the…

I am deeply honored to have been asked to speak here today about the remarkable legacy of George Shultz. Just to be clear, I will not address current economic conditions or monetary policy. I have been an admirer of George Shultz since my college years. I saw him then and now as a great role model, as I mentioned a few months ago when delivering the Baccalaureate address to Princeton’s class of 2025, 50 years after my own graduation.1 As I told the graduates, when I faced the world after college, I had no real plan, but knew that I…

Federal Reserve officials were at odds during their October meeting over cutting interest rates, divided over whether a stalling labor market or stubborn inflation were bigger economic threats, minutes released Wednesday showed.While the Federal Open Market Committee approved a cut at the meeting, the path forward looks less certain. Disagreements stretched into the outlook for December, with officials expressing skepticism about the need for an additional reduction that markets had been widely anticipating, with “many” saying that no more cuts are needed at least in 2025.”Several participants assessed that a further lowering of the target range for the federal funds…

Sorry, prospective homebuyers. Just over a year after adding climate risk scores, Zillow has removed them from more than 1 million listings after real estate agents complained that the information was causing them to lose sales. Zillow first added the data to the site in September 2024, saying that more than 80% of buyers consider climate risks when purchasing a new home.  But last month, following objections from the California Regional Multiple Listing Service (CRMLS), Zillow removed the listings’ climate scores. In their place is a subtle link to their records at First Street, the climate risk analytic startup that…

KEY TAKEAWAYS Taxpayers can pre-pay estate taxes and pay quarterly state and local taxes before the end of the year, allowing them to take advantage of the new SALT cap.Taxpayers who do not itemize may want to consider moving their 2025 planned charitable contributions to next year, while those who itemize may wish to advance their 2026 planned charitable gifts before the end of the year.Homeowners have only one more month to take advantage of the two clean energy home tax credits and should begin their renovations now to claim them. From paying more state and local taxes this year…

Key Takeaways A third 2025 Fed rate cut is expected next week, meaning savings and CD yields could soon start to slip. As rates fall, check your savings APY often to catch reductions early—and then shop the market to see if higher-yield options are available. A next-level move is to lock in a top CD before the Fed’s cut, letting you guarantee today’s high rates into 2026 on money you won’t need soon. What a Fed Rate Cut Next Week Could Mean for Your Money The Federal Reserve is expected to make its third rate cut of the year next…

Key Takeaways Americans remain worried about their spending as inflation continues to be a concern, studies show. More than one in four respondents in FINRA’s National Financial Capability Study said they spend more than they earn. A separate survey this year found that financial concerns are affecting the mental health of many Americans. More than a quarter of Americans say they spend more than they make, one of a number of metrics in recent surveys that show U.S. household finances are under growing strain. Spending Outpacing Income at a Higher Rate, More People Finding It Difficult to Pay Bills In…

Key Takeaways Federal law requires health plans to cover adult children on a parent’s plan until they turn 26.Seven states, including Florida and New York, let some nondisabled young adults stay on a parent’s health plan until as late as age 31.Sixteen states let disabled adult children remain insured indefinitely if they meet specific requirements. Why Most People Age Off a Parent’s Plan at 26 Turning 26 is of special significance in the United States: It’s the age when you generally get booted off your parents’ healthcare plan and need to secure your own coverage. Before 2010, many states capped dependent…

Key Takeaways Checking your credit score can help you identify errors that may have damaged your score. But despite the popularity of FICO with lenders, some free online services provide your VantageScore rather than your FICO credit score. If you plan to make a major purchase, such as a home or vehicle, ask your lender which credit model they use so you can check that score. Chances are your lender uses FICO, but lenders are increasingly using VantageScore. Checking your credit score may not be part of your daily financial routine, but when you apply for new credit, such as…

Make a solid financial plan, then go enjoy your retirement.gettyAre you worried that you won’t have enough money to last throughout your retirement? Unfortunately, “worry” is not a strategy! Instead, you’ll feel a lot better if you develop a plan. By planning ahead, you’re less likely to become an example of that old saying “Failing to plan is planning to fail.” Without a plan, you’d be leaving your future to chance. With one, you’ve taken charge of your future and are much less likely to run out of money.At a minimum, your financial plan should have two parts:It should ensure…