Jhere are millions of Americans struggling to cope with the financial pressures caused by the rise in inflation and the sharp rise in gas prices. However, some programs have been introduced to try to help those who feel the pinch, such as the gas stimulus check, food stamps, tax credits and more.
In our live blog on the latest American financial news and advice this Thursday, March 31, we’ll have updates on all of these stories and more.
Mortgage rates are soaring in the United States.
In recent news, mortgages in the United States are reaching levels not seen since 2018. Inflation is the main reason why this is happening in America.
President Biden plans to release 1 million barrels of oil per day.
In order to bring down gas prices in America, President Joe Biden decided to take barrels of oil on United States reserves. The intention is to lower gasoline prices between 10 and 35 cents per gallon and also prevent prices from rising further.
How will the new 401K retirement bill affect you?
The second Secure Act includes several provisions that would benefit both retirees and employers.
A proposal would require employers to automatically enroll eligible employees in 401(k) plans at a rate of 3% of salary, with the rate increasing each year until the employee contributes 10% of salary.
The idea would also change how much savers can contribute if they are nearing retirement, as well as when retirees can withdraw funds from their accounts. People aged 62, 63 and 64 could make catch-up payments of $10,000, up from $6,500 previously.
Student borrowers would also benefit from the legislation, which would allow employers to match student loan payments as pension contributions.
For more specific information, click on the link to read the article.
Are you considering buying a house? We’ll tell you how to lower your mortgage interest rate
Not all Americans have the ability to purchase a home.
Finding a mortgage that suits your needs is just as important as buying a home.
Reducing your mortgage rate is synonymous with saving money. You can lower your mortgage payments over the life of your loan with the next tip.
We have five steps to lower your mortgage interest rate, HERE.
Joe Biden’s call for further COVID-19 relief
President Joe Biden wants action to be taken to tackle rising inflation, calling on Congress to approve new measures.
“Americans are starting to live their lives again,” he said in a tweet. “We can’t let all of this go now. Congress must act on COVID funding immediately. The consequences of inaction are severe.”
Prediction COLA 2023
the cost of living adjustment (COLA) reached a nearly 40-year high of 5.9% in 2022, but could be even higher in 2023.
As the Senior Citizens League explains, there could be a 7.6% COLA next year for Social Security beneficiaries if the current rate of inflation does not decrease.
Read more here about what could happen to us regarding the COL 2023.
Why is my tax return lower than I expected?
There have been many cases in the United States where people were not getting as many tax refund as they expected, which caused some concern among Americans.
Yet some of the reasons behind it include your higher salary last year – you may have worked more hours compared to last year, for example – or because you claimed the increased child tax credit payments.
Learn more here about some of the reasons why your the tax refund is lower than last year.
Claim Earned Income Tax Credit (EITC)
One of the big tax credits that the US federal government has put in place is the Earned Income Tax Credit (EITC)which was made available to low to middle income families.
When filing your 2021 tax return, you should check whether you are eligible to receive assistance under the EITC program.
You can read more here on how to claim the Earned income tax credit.
Verification of gas stimulus
There have been calls from Democratic politicians in the United States for a $300 gas stimulus check to be introduced to help Americans deal with the rising cost of gas in the country.
Families could claim that $300 in areas with gas prices above four dollars a gallon, with $100 made available to individuals.
You can read more here about the latest details of the Verification of gas stimulus.
Additional SNAP Benefits
Many of the programs introduced at the height of the COVID-19 pandemic have now ended, but one that is expected to continue concerns the Supplemental Nutrition Assistance Program (SNAP) Payments.
Many states have chosen to stop this expanded program for low-income families, but others will keep it in place.
You can find out more here about the additional SNAP benefits in some states.