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Here’s the average net worth of Americans by age. How do you stack up?

(NEXSTAR) — When you think about net worth, some of the world’s wealthiest people may come to mind, like Jeff Bezos or even Oprah. But you don’t have to be a billionaire for it to matter.

Anyone can calculate their net worth, and it’s a great way to measure your financial health. The Federal Reserve released its Survey of Consumer Finances in October, outlining the average net worth of Americans by age — so you can see how you stack up to your peers.

Americans are struggling to pay their debts as economy tightens

According to the Federal Deposit Insurance Corporation, net worth is your assets minus your liabilities. Simply put, it’s everything you own minus everything you owe.

Assets are things like your home and retirement investments. Liabilities include debts, such as student loans and car payments.

You can use the FDIC’s calculator here to determine your own net worth.

Read more at MSN


Have a tax law question?

Our #IRS Interactive Tax Assistant has answers.

Watch this short video to learn more:

The year-end celebrations are upon us, but what you do to adjust your tax withholding now may still affect what you owe the #IRS or the refund you can expect next year. Check the #IRS Tax Withholding Estimator today:

Anyone can get stuck with an unexpected tax bill if their withholding isn’t quite right. Before you’re too deep into end-of-year festivities, try using the #IRS Tax Withholding Estimator to avoid surprises next filing season.

Jose L. Santiago

Public Affairs Specialist

Tax Outreach, Partnership and Education

The psychological perks of paying off debt

Key takeaways

  • Over time, paying down debt has the potential to significantly improve your health and overall quality of life.
  • No matter how small, any step toward becoming debt-free is a positive move in the right direction.
  • Once you've paid off your debt, you will still face challenges, including fighting against old patterns and bad spending habits, which will need to be addressed.

Americans across the nation have undoubtedly felt the impact of inflation on their wallets over the last few months amassing a record-breaking $1 trillion in credit card debt. Not only that, but a recent Bankrate survey found that 47 percent of cardholders are carrying a balance month-to-month — the highest percentage since 2021.

For those struggling with debt, there are debt relief options available that can help make monthly payments more manageable and quicken the road to financial stability. This, in turn, can lead to a healthier state of mind, as money is still one of the top stressors for the American population.

Read more at BANKRATE

Need Fee Income? Add New Services for Small and Midsize Businesses

Though focused on growing fee income, banks may be overlooking a valuable opportunity in their existing customer base: businesses. There’s a perception that small and midsize businesses aren’t willing to pay for fee-based services, but many busy business owners are already paying fintechs thousands of dollars for tech solutions that help with accounting, payroll, marketing and more. Banks that integrate cloud-based business solutions into their platforms could not only charge for the added value, but enhance relationships as well.

One area where many banks are getting lapped by fintechs is with small and midsize business customers. But the shortcoming that’s causing this dynamic is fixable.

Bankers — who often perceive the SMB segment as fee-averse — need to recognize that some of their business customers are already spending thousands for subscription services in accounting, payroll, marketing, and customer relationship management.

By integrating these types of services into their own platform, banks can enhance relationships with their business customers and tap a new source of noninterest income.

Read more at The Financial Brand

Servicemembers continue to face major financial challenges: CFPB

Financial readiness is critical to military readiness. That is why the CFPB is working hard to ensure that servicemembers get the protections they are entitled to under the law. Despite our progress, there is still work to be done. Below, we discuss three major protections that the CFPB is working to secure for all servicemembers.

As interest rates remain high, too many companies still fail to provide servicemembers reduced rates

Under the Servicemembers Civil Relief Act (SCRA), active duty servicemembers are entitled to a reduced interest rate on loans they took out before military service. In December 2022, the CFPB did a first-of-its-kind analysis that quantified whether servicemembers were receiving their interest rate reductions on certain loans and made recommendations for financial institutions to increase the use of SCRA reductions. However, recent research on the credit card market suggests that many credit card companies have not adopted the straightforward fixes that could help ensure that servicemembers get interest rate relief.

The CFPB’s 2022 analysis estimated that fewer than 10% of eligible auto loans and 6% of personal loans to activated members of the National Guard and Reserves were receiving interest rate reductions, resulting in nearly $10 million a year in estimated lost savings. This report covered only auto and installment loans, but there is ample evidence to suggest that servicemembers face hurdles in other areas, like credit cards and mortgages

Read more at CFPB

Self-Service Check Cashing ATM

8 Free Investment Classes and Resources for Adults and Teens

Here are some of the best free online investing resources, from podcasts to open college courses.

Warren Buffett, chairman and CEO of Berkshire Hathaway Inc. (ticker: BRK.A, BRK.B), once quipped, "If you are investing in your education and you are learning, you should do that as early as you possibly can, because then it will have time to compound over the longest period."

While an education is often considered an end in itself, rather than strictly a means to an end, the cumulative effect for people who want to learn more about investing can be quite rewarding. Investment education can lead to such things as peace of mind about income strategies throughout retirement, confidence about saving enough for college and an increased awareness about how different types of investments can be used effectively for various goals over time.

What's more, consumers now have access to a wide variety of free educational resources on a range of investment topics. Here are eight sources to consider:

Read more at USNEWS

Dreher Tomkies LLP

IRS bumps 401(k) contribution limit to $23K for 2024

The $500 increase comes amid widely felt inflation and rampant financial anxiety.

Workers can contribute up to $23,000 annually to their $401(k) plans in 2024, the IRS announced at the top of the month, a $500 increase from the previous limit of $22,500.

The new contribution limit also applies to 403(b) plans and some 457 plans as well. This jump is incremental compared to the $2,000 increase between 2022 and 2023.

Annual contribution limits for IRAs will be set at $7,000, also a $500 increase from the previous year’s limit.

The income ranges regarding eligibility to make deductible contributions to traditional IRAs and Roth IRAs and to claim Saver’s Credit also increased for 2024. For single taxpayers covered by an employer retirement plan, the phase-out range will be between $77,000 and $87,000 — up from $73,000 to $83,000. 

Read more at HRDIVE

4-day workweek postings are increasing but still rare, Indeed says

Most job ads with a 4-day workweek are growing in in-person fields instead of remote-focused areas, according to the report.

Job postings that advertise a 4-day workweek have grown steadily in recent years but still remain low overall, rising from 0.1% in September 2019 to nearly 0.3% in September 2023, according to an Oct. 30 report from Indeed’s Hiring Lab.

Interestingly, the increase in postings has occurred among in-person sectors rather than remote-friendly industries. The bulk of advertisements with a 4-day workweek has been in veterinary services, dentistry and manufacturing, where many striking workers have demanded shorter workweeks.

“A 4-day workweek may be gaining popularity, but it has a long way to go before becoming the norm,” wrote Allison Shrivastava and Nick Bunker, economists with the Indeed Hiring Lab.

Read more at HRDIVE

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