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This blog highlights the importance of financial literacy for teens and young adults, covering key benefits like budgeting, saving, avoiding debt, and building financial independence.

A shakeup is on the way for borrowers in these two key areas

Here’s how it works: If you're single and 65 or older, and your income is under $75,000, you’ll be able to deduct: The standard deduction: $15,750 The senior bonus: $1,950 The new extra deduction: $6,000 That adds up to $23,700 in deductions—before we even get into anything else. If you’re married, both age 65+, and your combined income is under $150,000, you’ll get: The standard deduction: $31,500 The senior bonus: $3,200 The new extra deduction: $12,000 ($6,000 each) That’s a total of $46,700 in deductions. Now, this deduction starts to phase out once your income crosses certain thresholds:

Tax certainty – The new law makes permanent many parts of the Tax Cuts and Jobs Act of 2017 (TCJA).1 This tax certainty is helpful to individuals but also businesses who need to plan several years into the future. Without certainty around tax deductions for business investment, businesses can hold back spending and hiring. · Makes permanent current tax rates. College · Expanded uses for 529 college savings plans – Funds can now be used to cover post-secondary training and credentialing. · Student loan payments by employer – Currently excluded from taxable income up to certain limits; new law extends it and indexes the cap for inflation

When a person dies, their surviving spouse (and in some cases, ex-spouse) and minor or disabled children are entitled to Social Security death and survivor benefits. It is important to understand these potential SS benefits, whether or not you will qualify for survivor benefits, and how to access them.

Meet the new cool kid on the block: Grandparent owned 529s