Where to get the best return on your cash amid rising interest rates

When the Federal Reserve hiked the target federal funds rate by another 0.75 percentage points this month, it opened up some new opportunities for savers to earn better returns on their cash. The Fed’s move is aimed at combating high inflation, which has sent costs for housing, food and energy soaring. The bad news for … Read more

Amid US recession fears, these steps can help protect your finances

It’s very easy to get swayed by headline news and market drops when you’re not clear on what you’re working towards. Amanda Wallace Head of insurance operations at MassMutual Meanwhile, a majority of Americans — 80% — are already worried about how a recession could impact their daily finances, MassMutual’s poll found. The survey was … Read more

Government bond yields soar as markets weigh threat of a recession

Hoxton/Sam Edwards | Getty Images Bond yields jumped this week after another major rate hike from the Federal Reserve, flashing a warning for market distress. The policy-sensitive 2-year Treasury yield on Friday climbed to 4.266%, notching a 15-year high, and the benchmark 10-year Treasury reached 3.829%, the highest in 11 years. Soaring yields come as … Read more

What the inverted yield curve means for your portfolio

Morsa Images | E+ | Getty Images As investors digest another 0.75 percentage point interest rate hike by the Federal Reserve, government bonds may be signaling distress in the markets. Ahead of news from the Fed, the policy-sensitive 2-year Treasury yield climbed to 4.006% on Wednesday, the highest level since October 2007, and the benchmark … Read more

How high inflation may affect which tax bracket you’re in next year

Jamie Grill | Getty Images As Americans grapple with soaring prices, experts say it’s likely we’ll see higher than usual inflation adjustments from the IRS for 2023 — covering tax brackets, 401(k) plan contribution limits and more. Built into the tax code, these yearly IRS changes aim to prevent so-called “bracket creep,” when inflation bumps … Read more

Here are 5 ways the next Federal Reserve rate hike could impact you

This week, the Federal Reserve will likely raise rates by another three-quarters of a percentage point for the third consecutive time in an effort to cool down the high cost of living. The US central bank has already raised interest rates four times this year, for a total of 2.25 percentage points. Fed officials have … Read more

Here’s why the $39 trillion US retirement system gets a C+ grade

Siriporn Wongmanee / Eyeem | Eyeem | Getty Images The US retirement system may seem flush — yet it ranks poorly in relation to those in other developed nations. Collectively, Americans had more than $39 trillion in wealth earmarked for old age at the end of 2021, according to the Investment Company Institute. However, the … Read more

How financial habits of ‘super savers’ can help you build wealth

Andresr | E+ | Getty Images For retirement “super savers,” good financial habits appear to go far beyond fattening up their nest eggs, a new study shows. Most of these workers — whose 401(k) contributions are at least 15% of their pay or 90% or more of the maximum allowed — also pay their bills … Read more

How to save money as food inflation jumps more than 11% in a year

Going to the grocery store isn’t getting any cheaper. Rising food costs helped push inflation higher again last month, despite a drop in gas prices. The food index alone rose 11.4% over the past year, according to the latest consumer price index figures — marking the biggest 12-month jump since May 1979. The food-at-home index, … Read more