credit Archives - DR News - News, Retirement, Finance

Retire at 64 with $1 million saved and $600,000 inheritance: Managing $38,000 credit card debt and $3,000-$5,000 monthly expenses

EUGENE, Oregon – A single individual in their 60s is pondering the possibility of retiring at the age of 64 with a significant amount of savings and anticipated inheritance. With $1 million saved and an expected $600,000 inheritance, they are facing financial challenges including $38,000 in credit card debt and monthly expenses ranging from $3,000 to $5,000. The individual is seeking guidance on managing their finances to ensure a comfortable retirement. Financial advisors suggest creating …

Tax Break Opportunity: Don’t Miss Out on Retirement Saver’s Credit for 2023 Taxes

Fresno, California – Tax filers have an opportunity to benefit from a tax break known as the retirement saver’s credit for the 2023 tax year. Despite this opportunity, the IRS estimates that only a small percentage—5.7%—of taxpayers claimed the saver’s credit for their 2021 taxes. The retirement saving contribution credit, also known as the saver’s credit, aims to assist low- to moderate-income individuals in offsetting a portion of the funds they contribute to individual retirement …

Tax Credit Crunch: Trump Administration Takes Aim at Climate-friendly Energy Subsidies

WASHINGTON, D.C. – Lawmakers recently passed a Democrat-led infrastructure and climate package that includes a range of tax credits for eco-friendly energy sources and electric vehicles. The legislation also allocates funds for grants supporting projects that reduce pollution and combat climate change, along with measures to hold oil and gas companies accountable for methane leaks. The new law has sparked controversy, particularly among Republicans who have expressed intentions to repeal at least parts of it …

Drug Prices in Focus Again as Biden Seeks Credit for Speech

Washington, D.C. – President Biden addressed the nation on Tuesday, advocating for policies aimed at reducing drug prices and improving access to healthcare. In his State of the Union speech, Biden highlighted the need for Congress to take action to address the rising costs of healthcare for Americans across the country. Biden’s speech focused on the urgent need to tackle the issue of escalating drug prices, emphasizing the importance of affordable healthcare for all. He …

Apply now for Pension Credit before time runs out on claiming extra £299 – Urgent Alert for Britons

Manchester, England – As the deadline approaches for Britons to apply for Pension Credit in order to claim an additional £299 as a cost-of-living payment, the Department for Work and Pensions (DWP) has issued an urgent warning to individuals aged 65 and over who have not yet taken advantage of this opportunity. The deadline for claiming this payment is quickly nearing, prompting officials to urge eligible individuals to act promptly to secure this financial benefit. …

Debt Relief: Consumer Financial Protection Bureau Targets Medical Bills and Credit Reports

Washington, D.C. – The Consumer Financial Protection Bureau, under the leadership of Rohit Chopra, is taking a proactive approach to protecting Americans from the burden of medical debt. Since its establishment in 2010 by President Barack Obama, the agency has shifted its focus from traditional financial sectors to address the growing crisis of medical debt plaguing millions of individuals across the United States. In recent years, the CFPB has taken significant action against medical debt …

The Significance of Credit Scores in Retirement

Do you believe your credit score loses importance during retirement? Think again. Even after you’ve retired, your creditworthiness plays a vital role when applying for new credit cards, borrowing money, or securing certain types of insurance.

Retirement-Age Americans Driving US Credit Rally and Record Annuity Sales, Bloomberg Reports

New York, NY – Annuity sales in the US hit a record high in 2023, driven by retirement-age Americans seeking higher interest rates to boost their premiums, according to data from the life insurance trade association LIMRA. Bloomberg reported that a total of $385 billion in annuities were sold, marking a 23% increase from the previous year and setting a new all-time record. These contracts provide customers with periodic payments from a life insurer, while …

June 2024 DWP Payment Dates: Universal Credit Change and More announced

Des Moines, Iowa – As the month of June 2024 approaches, beneficiaries in the UK are eagerly anticipating the upcoming payment dates for a range of benefits, pensions, and other financial updates. With changes to the Universal Credit system on the horizon, individuals relying on government assistance are eager to understand how their finances will be impacted in the coming month. One key area of focus for many is the Department for Work and Pensions …

Universal Credit Changes: Thousands Could Lose £2800 a Year in Benefits

London, UK – A recent change to the Universal Credit system in the UK could potentially leave thousands of individuals receiving benefits significantly worse off, with a potential loss of £2,800 per year. This adjustment has sparked concerns among experts and advocates for those reliant on the benefits for their livelihood. The potential decrease in financial support comes as the government plans to transition claimants from the legacy benefits system to Universal Credit. While the …