money

What will Black Friday look like during a pandemic?

It's going to be a holiday season like no other in a year like no other.
The familiar scene of crowded malls and rushed vacation shoppers on Black Friday is unlikely to happen in 2020 as the majority of Americans choose to shop online this year amid a pandemic.
According to Katherine Cullen, Seni...

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States mull their own coronavirus stimulus packages as D.C. talks stall

Several states are intervening to provide economic relief for their residents, filling the void left by the federal government.
Colorado, Minnesota, New Mexico and Washington are among the states proposing smaller economic aid packages to help families and businesses in trouble while talks in Con...

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Biden’s plans will help those ‘fearful of outliving their retirement savings’

President-elect Joe Biden wants to help Americans save for their golden years by expanding access to retirement plans, making health care more affordable for seniors, and strengthening social security.
"These will comfort those who may not have saved enough or were afraid of surviving their retir...

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Coronavirus stimulus checks: 127 economists urge Congress to provide more 'direct cash payments' to Americans

After the business cycle negotiations stalled and millions were on the verge of losing unemployment benefits, 127 economists urged Congress to send Americans a second round of business cycle reviews.
"We urge political decision-makers to use all the instruments available to them to revitalize the...

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Biden's health care policy will change Medicare in 2 big ways

Joe Biden's biggest goal for Medicare is to contain high drug prices and make the state health program available to more elderly Americans.
"The Biden Plan reduces drug companies' influence on providers by stabilizing prices, promoting the best treatments for Americans," said Justin Beck, CEO of ...

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Struggling renters put pressure on landlords to sell or tighten tenant screening

Many tenants struggle to stay afloat amid the coronavirus pandemic. This has been shown by two recent studies that are increasing the pressure on their landlords.
According to the Mortgage Bankers Association, a trade organization, around one in every 12 tenants - or 2.82 million households - mis...

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President-elect Biden calls on Congress to 'pass a COVID relief package like the HEROES Act'

President-elect Joe Biden urged Congress at its Lame Duck session to pass a stimulus plan similar in size and scope to the legislation the Democratically controlled House originally passed in May.
"Right now, Congress should come together and pass a COVID relief package like the HEROES Act that t...

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Up to 15 million Americans face a devastating loss of pandemic stimulus 'the day after Christmas'

Another fiscal cliff looms for millions of unemployed Americans.
The Pandemic Unemployment Assistance (PUA) and Pandemic Emergency Unemployment Compensation (PEUC) programs will expire at the end of 2020 and will leave around 15 million unemployed people without unemployment benefits unless Congr...

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'The American public can’t wait two more months' for a new coronavirus stimulus deal, Ohio senator says

Senator Sherrod Brown (D-OH) urged Congress to pass a stimulus agreement before President-elect Biden's inauguration as Americans face mounting economic difficulties.
"The American public can't wait two more months for Congress to act," Brown told Yahoo Finance Live (video above). “We have to hel...

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The number of 401(k) and IRA millionaires reach record high amid pandemic

The number of retired investors with at least $ 1 million on their Fidelity Investment accounts hit a record high in the third quarter, although the second wave of the pandemic was approaching and the economic outlook remained uncertain.
The number of so-called 401 (k) millionaires rose by 17% fr...

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Election 2020: California strikes down rent control in ballot voting

California voters on Tuesday rejected a proposal to extend rental controls to homes over 15 years.
Proposition 21 would have taken the place of the Costa Hawkins Rental Housing Act, which prevents cities from capping rent on buildings built after 1995. The bill would also have paved the way for l...

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US cruises can sail again starting in November, but under new CDC coronavirus rules

Cruise ships will be able to sail in U.S. waters starting Sunday, provided they follow the Centers for Disease Control and Prevention's new coronavirus protocols.
The CDC announced on Friday that its No-Sail regulation will not be renewed and will expire on October 31st - nearly eight months afte...

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Here's how the Biden tax plan would affect each U.S. state

Presidential candidate and former Vice President Joe Biden has said he wants to cut taxes for the middle class.
His plan would raise the corporate tax rate to 28%, impose a true minimum tax of 21% on all foreign income from U.S. companies, impose a tax penalty on companies that relocate jobs over...

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Unemployment benefits from Trump's executive memo run out as stimulus deal fails to materialize

One of the few aid programs for unemployed Americans practically came to an end when the prospect of a new economic deal fading before the elections.
At least 46 states have paid out all of the benefits available under the Lost Wages Assistance (LWA) program, with the remainder only being paid fo...

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Stimulus deal signed by President Trump before election increasingly unlikely as time runs out

Hopes for a stimulus agreement before the elections are quickly fading.
While spokeswoman Nancy Pelosi (D-CA) said Thursday that she and Treasury Secretary Steven Mnuchin are "almost there" on a package valued at between $ 1.9 trillion and $ 2.2 trillion, it may be too late for one Bill all gover...

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Coronavirus stimulus: Pelosi says President Trump ‘wants a bill’ but obstacles remain

House spokeswoman Nancy Pelosi (D-CA) was once again optimistic that a bipartisan economic stimulus plan would be passed before the elections, even if the White House continued to disagree on important provisions.
"We're almost there," Pelosi told reporters on Thursday. “The president wants a bil...

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Coronavirus: Millions are at risk of utilities being shut off as protections expire

Keeping the lights on is getting harder for millions of fighting Americans.
Government protection against electricity, water and gas shutdowns in the US will quickly expire as soon as colder weather emerges, unemployment remains high and the prospect of additional government aid remains uncertain...

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Coronavirus stimulus: GOP's $500 billion plan fails in Senate as deadline for bigger deal looms

The GOP's $ 500 billion coronavirus stimulus package failed to go through in the Senate Wednesday as the White House and Democrats are still negotiating a bigger deal that needs to be reached this week to be passed before the elections.
The Senate, which is controlled by the Republicans, voted wi...

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Biden's Social Security and SSI plan would lift 1.4 million out of poverty, study finds

Joe Biden's Social Security and Safety Income plans would lift 1.4 million Americans out of poverty in their first year, according to new analysis, and guarantee full benefits paid for an additional five years.
The former Vice President's plan is contingent on the introduction of 6.2% Social Secu...

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Coronavirus stimulus: White House ups offer to ‘almost $1.9 trillion’ ahead of Pelosi’s Tuesday deadline

White House chief of staff Mark Meadows said the White House had increased its stimulus supply as of Tuesday's deadline to hold out a deal ahead of the upcoming election.
"We increased our offering to nearly $ 1.9 trillion," Meadows told reporters Monday morning. "[The President] is willing to gi...

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Boomers' savings would only last seven years in 'ideal' retirement, study finds

According to a new study, the average baby boomer's savings will only be seven years at retirement unless they curtail their spending during their golden years.
According to a survey by Charles Schwab, boomers have saved an average of $ 920,400 for retirement, but expect to save $ 135,100 per yea...

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Mortgage rates sink to another new low

Mortgage rates hit a new low again this week - they set a record for the tenth time this year - and experts said they could go further.
According to Freddie Mac, a government sponsored agency that supports millions of mortgages, the average 30-year fixed mortgage rate fell from 2.87% the previous...

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Mortgage delinquency rate hits 21-year high

The percentage of homeowners who were four months behind their mortgage payments hit a 21-year high in July. This comes from the latest numbers from CoreLogic, a financial data and analytics company.
The 120-day crime rate was 1.4%, up from 0.12% in July 2019 and the highest since CoreLogic began...

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Social Security recipients will get $20 more each month in 2021

Social security and disability benefits are set to increase 1.3% over the next year, with the average monthly benefit increasing by $ 20 from $ 1,523 to $ 1,543, according to the Social Security Agency.
The increase explains the rise in inflation and is calculated by assessing the change in the c...

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Coronavirus stimulus: Pelosi lays out 8 areas of disconnect, calls President Trump's attitude 'shameful'

House spokeswoman Nancy Pelosi (D-CA), who has been actively negotiating a major new stimulus package with the White House, said the government's recent offer was insufficient but she still hoped for a deal.
"The president's stance is shameful when the need for immediate and meaningful action cou...

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Landlords can start the eviction process despite moratorium, government says

Landlords across the country can initiate the eviction process as long as a federal moratorium remains in place. This emerges from a government protocol published on Friday. You do not need to inform tenants of the protection they are entitled to.
Updated guidelines from the Centers for Disease C...

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'We're at the table': Pelosi responds after Trump admits need for coronavirus stimulus

President Donald Trump said the stimulus negotiations "start to work" on Thursday morning after the talks abruptly broke off less than two days earlier.
"Well, I cut the talks two days ago because they didn't work out," the president told Fox Business on Thursday morning. “Now they're starting to...

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Coronavirus stimulus: Failed negotiations will force Americans 'to make devastating cuts,' experts warn

Failure to get a bipartisan coronavirus stimulus agreement ahead of the presidential election would likely result in slower economic recovery and lower spending as millions of Americans' savings plummet.
"In October and November, unemployed families will run out of savings they rely on, and then ...

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Coronavirus stimulus checks: IRS can't keep $100 million in payments from incarcerated Americans, judge rules

Detained Americans who were originally not eligible for coronavirus stimulus checks can now pick them up following a ruling by the Northern District of California District Court.
As a result of the ruling, at least 84,000 stimulus payments to detainees worth approximately $ 100 million are non-re...

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Coronavirus stimulus: Fed Chair Powell says Congress dithering risks 'creating unnecessary hardship'

Federal Reserve Chairman Jerome Powell warned of the risks of limited government support to American households, businesses, and the economic recovery as Congress continues to try to reach a new economic agreement and renew aid provisions.
"Too little support would lead to a poor recovery and cre...

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