The average FICO credit score in the United States reached a record high of 711 in 2020, despite the financial challenges of the pandemic. In fact — contrary to what might be expected — consumer debt management improved after January 2020, with shrinking debt, decreased use of credit, and a drop in late payments.
Thursday, October 21, 2021
Thursday, October 7, 2021
Cash balance plans are defined benefit plans that share some key characteristics with 401(k) plans, which makes them flexible and appealing to a growing cadre of small employers. In fact, there was a 17% increase in new cash balance plans between 2017 and 2018.
529 plans are a favored way to save for college due to the tax benefits and other advantages they offer when funds are used to pay a beneficiary’s qualified college expenses. Up until now, the FAFSA (Free Application for Federal Student Aid) treated grandparent-owned 529 plans more harshly than parent-owned 529 plans. This will change thanks to the FAFSA Simplification Act that was enacted in December 2020. The new law streamlines the FAFSA and makes changes to the formula that’s used to calculate financial aid eligibility.