The lingering effects of the pandemic disrupted many routines, including tax filing. If you skipped filing your 2020 tax return, the IRS is offering you another chance to claim potential refunds. This is especially important if you qualify for benefits like the Earned Income Tax Credit (EITC), which could mean thousands of dollars back in … Read more
The recent 2.5% cost-of-living adjustment (COLA) for Social Security benefits has sparked mixed reactions. While the increase is theoretically positive, indicating stabilized inflation, its real-world impact on retirees’ finances has left many feeling underwhelmed. The modest adjustment comes as seniors face rising costs in essentials like healthcare, housing, and food, putting significant strain on fixed … Read more
The ongoing closure of bank branches has been a hot topic, with Bank of America, the second-largest bank in the U.S., leading the charge. The bank has significantly reduced its physical locations over the past few years, creating what are now referred to as “banking deserts.” This shift reflects the growing preference for digital banking … Read more
The Social Security Administration (SSA) serves over 70 million beneficiaries nationwide, but certain regions, like South Florida, experience higher demand due to their large senior populations. To address this, the SSA has introduced a new appointment-only system for in-person visits in South Florida, starting this month. While the goal is to reduce wait times and … Read more
SNAP (Supplemental Nutrition Assistance Program) recipients across the U.S. should be aware that December benefits will not be issued on the same day nationwide. Depending on your state, SNAP payments will be distributed between December 1 and December 28, 2024. Knowing your state’s schedule is crucial for planning, as some states deliver all benefits on … Read more
The Canadian government’s $250 Working Canadians Rebate is here to ease the financial strain many are feeling due to rising living costs. This one-time, tax-free payment will be distributed by the Canada Revenue Agency (CRA) to workers actively contributing to the economy in 2023. It’s a straightforward, automatic process aimed at helping nearly 18.7 million … Read more
Social Security is a lifeline for millions of Americans, particularly seniors who rely on it as their primary source of income. However, the annual Cost of Living Adjustment (COLA) meant to protect purchasing power often sparks debates about its adequacy. In 2025, a modest 2.5% increase in Social Security benefits has left many seniors concerned … Read more
Saving for retirement often involves using tax-advantaged accounts like IRAs or 401(k)s to maximize growth through compounding interest. However, as retirement approaches, it’s essential to know Required Minimum Distributions (RMDs)—rules that govern mandatory withdrawals from these accounts. Knowing the ins and outs of RMDs can help retirees make informed decisions to avoid unnecessary penalties and … Read more
A significant security breach has affected six U.S. financial institutions, compromising debit card information and putting thousands of customers at risk. The breach, originating from an unnamed Mastercard merchant’s payment platform, has prompted banks to take varying measures to protect their customers. Let’s break down the situation and the responses from the impacted banks. Affected … Read more
The end of the 2024 tax season offers a brief respite, but tax season will be upon us again soon enough. While most people adjust and gather the necessary paperwork without issue, others may find themselves scrambling to locate vital documents. This can lead to added stress and potentially extra costs. To avoid this, it’s … Read more