Money, Wealth & Power—A Daily Look at the Financial World
More Americans than ever hold a net worth above $1 million, yet a striking number of them report feeling financially insecure. The Federal Reserve’s 2022 Survey of Consumer Finances found that mean household net worth topped $1 million, driven by surging home values and equity portfolios. But crossing that seven-figure line has not translated into…
President Trump has repeatedly claimed that the One Big Beautiful Bill will mean 88% of seniors receiving Social Security benefits pay zero federal income tax on those benefits. The White House published that figure in a research brief, and the Social Security Administration echoed it in a press release stating “nearly 90%” of beneficiaries would…
Retirement researchers such as Christine Benz and income strategists at BlackRock are converging on a similar message for 2026: the right mix of assets matters more than ever for retirees who need steady cash flow without taking on excessive risk. Their guidance, along with insights from financial planners who are reshaping portfolios for the next…
The Social Security Administration on October 24, 2025, announced a 2.8% cost-of-living adjustment for 2026, raising monthly benefits for approximately 75 million people starting in January. The average retired worker will see roughly $56 more per month. But the actual dollar increase any individual receives depends heavily on when they claimed benefits relative to their…
Federal cost-of-living data point to a handful of states where a modest single income can still support a family, giving one parent the option to stay home. Using federal benchmarks for housing, food, health insurance and childcare, some affordability models and explainer-style analyses often flag West Virginia, Arkansas, Mississippi, Kentucky, Oklahoma and Alabama as states…
The U.S. Mint stopped producing pennies in November 2025, ending a 232-year run for the one-cent coin. The decision, driven by production costs that had ballooned to nearly four times the penny’s face value, lands at a moment when Americans are sitting on more cash at home than at any point in recent history. That…
The phrase “no tax on tips” became a rare point of bipartisan agreement during the 2024 presidential campaign, with both former President Donald Trump and Vice President Kamala Harris backing the idea. But proposals and guidance now being discussed by Treasury and the IRS are far narrower than the slogan suggests, with reporting requirements, income…
The Internal Revenue Service warned taxpayers about “ghost” tax return preparers in its 2025 Dirty Dozen list of tax scams, saying these paid preparers may lure filers with promises of inflated refunds, then disappear without signing the return or leaving traceable identification. The scheme shifts full legal liability onto the taxpayer while the preparer pockets…
A growing number of states are eliminating or sharply reducing taxes on Social Security benefits, and the trend is accelerating fast enough to pressure holdout states into action. West Virginia, Colorado, Nebraska, and Kansas have all moved in the past two years to lighten the tax burden on retirees, while Utah is weighing its own…
Used car prices have been climbing, squeezing the pool of reliable vehicles available for less than $15,000. But automotive researchers and analysts at outlets such as Edmunds and iSeeCars continue to highlight specific models that tend to deliver manageable repair costs, solid fuel economy, and durable long-term value within that budget. For shoppers willing to…