Average 401(k) and individual retirement account (IRA) balances are both down 2% from a year ago, according to the latest data from Fidelity. The coronavirus pandemic and an unsettled economy have caused a lot of shifts in the past few years. Before the crisis, American… Continue reading

On Wednesday, the Federal Reserve Open Market Committee (FOMC) announced that it is raising the federal funds target rate by 75 basis points, lifting that range from 0.75% to 1.00% up to 1.50% to 1.75%. In each of its last three meetings, the Fed has… Continue reading

Americans have encountered no shortage of financial hardships in recent years — but that hasn’t stopped Gen Zers from believing they’ll be rich one day. Despite job losses, rising inflation and global shortages, the youngest generation is overwhelmingly optimistic about its financial future, according to… Continue reading

The COVID-19 pandemic brought a significant shock to the U.S. economy in 2020. Unemployment rose to 14.7% in April of that year — a figure that doesn’t even include those who voluntarily exited the workforce. Many Americans lost their jobs, while others stopped working due… Continue reading

Inflation is the (bad) word on everyone’s lips these days, as consumers shell out more money for everything from gas to groceries. But what about the money they’re keeping in interest-bearing accounts? The latest MagnifyMoney study looks at personal and online savings, standard and reward… Continue reading

Patience is a virtue, especially when it comes to the stock market. As much as we might feel compelled to jump ship when we see headlines about pandemics, invasions, Supreme Court rulings, insurrections and thousand-point market declines, usually your best move is to stay the… Continue reading