- Marriage Penalty vs. Marriage Bonus: How Taxes Work
Even if your wedding was all about eternal love, companionship and mason jars wrapped in twine, don’t fool yourself: at the end of the day, your marriage is essentially a tax arrangement in the eyes of the state. When two people become one unit, the way they pay into our society changes, as their income,… read more…
- Where Social Security Benefits Are Highest and Lowest Relative to Local Housing Costs – 2022 Study
Social Security benefits and housing expenses are two of the most important elements of a successful financial plan in retirement. While Social Security is the primary source of income for many retirees, housing can be their biggest monthly expense. According to Census Bureau data, the average Social Security beneficiary collects $19,792 per year. That’s 1.5-times more than… read more…
- Industries Where Employment Was Most and Least Affected by COVID-19 – 2022 Study
Census Bureau data from 2019 to 2020 shows the largest single-year drop in national employment. There were roughly 5.7 million fewer Americans employed in 2020 when compared with the prior year. Relative to total employment, the number of workers fell by an average of 3.58% from 2019 to 2020. Some industries were more affected than… read more…
- What It Takes to Be in the 1% By State – 2022 Study
An American family needs an income of $597,815 to be considered in the top 1% of earners nationwide. This, however, varies from state to state. In Connecticut, a family needs almost $900,000 in annual income to be in the top 1% of earners in their state, whereas a family in the top 1% of West… read more…
- Where Getting Married Is More Expensive Than Buying a Home – 2022 Study
Not all couples can afford to buy a home and have the wedding of their dreams. Some must choose between the two or postpone one in favor of the other. The Netflix reality series “Marriage or Mortgage” explores this dynamic, as a couple decides between buying a home or having their dream wedding in each episode.… read more…
- Most In-Demand Jobs for Bachelor’s Degree Holders – 2022 Edition
In 2021, millions of Americans voluntarily left their jobs every month in what is now called the “Great Resignation.” Some were burnt out, while others quit to look for better pay or new careers. A total of 4.4 million people left their jobs in September alone, raising the quit rate to 3%, the highest it’s been… read more…
- Best Places to Retire in the Midwest – 2022 Study
While many people look to sunny skies and year-round golf when picking a place to retire, there are also those who want to maintain a connection to all four seasons in their golden years, or perhaps those who want relatively easy access to all corners of the country. For these folks, a retirement in the… read more…
- States Where COVID-19 Most Affected Women Workers – 2021 Study
Research has shown that the COVID-19 recession was particularly harmful for working women. A recent report from the Brookings Institution highlights two primary reasons why this was the case. Firstly, the COVID-19 recession had an outsized impact on low-wage jobs and women are disproportionately represented in low-wage jobs. According to their findings, 46% of working… read more…
- Where Small Businesses Are Having the Most Trouble Hiring – 2021 Study
Layoffs and unemployment were early economic consequences of the COVID-19 pandemic. But 20 months after the pandemic shut down large swathes of the economy, businesses are contending with a new challenge: a larger percentage of people are quitting their jobs in 2021 than ever before and many employers are struggling to hire. In September 2021, there were… read more…
- Which Workers Should Expect an End-of-Year or Holiday Bonus? – 2021 Study
As the holidays approach, some workers may look forward to a bump in their paychecks with employers paying out bonuses. Across the many different types of bonuses allotted to workers (i.e. referrals, cash profit-sharing, etc.), data from the Bureau of Labor Statistics (BLS) shows that end-of-year bonuses – which are generally determined by hard work… read more…
- Places Where People Are Refinancing Most – 2021 Study
Many homeowners were incentivized to refinance their homes after mortgage rates reached historic lows in 2020. And Freddie Mac data shows that this caused mortgage refinancing activity to hit its second-highest milestone since peaking in 2003. For a comparison, there were about $2.6 trillion in inflation-adjusted refinance originations for the year 2020, compared with $3.9 trillion in 2003. Though refinancing… read more…
- Most Fitness-Friendly Places for 2022
The COVID-19 pandemic has made it harder for people to stay fit. While gyms have reopened in many places around the country, the pandemic interrupted many daily routines and this can make it difficult to work fitness back into your schedule. That said, fitness is important, and SmartAsset analyzed data to identify and rank where… read more…
- Best Cities for Beer Drinkers – 2021 Edition
Powered by a craft beer boom, the beer industry has undergone a renaissance in recent years. The number of craft breweries in the U.S. nearly doubled between 2015 and 2020, reaching 8,764 as of last year, according to the Brewers Association for Small and Independent Craft Brewers. With so much new beer being brewed in… read more…
- Metros Where People Owe More Than Their Homes Are Worth
The current residential real estate market in the U.S. looks nothing like it did just a few years back. While it was tough for homebuyers to find affordable housing in certain markets—take New York City or Los Angeles, for example—housing was still somewhat accessible in many other markets across the nation. That’s hardly the case… read more…
- Places Where People Spend the Most on Utilities – 2021 Study
Americans are spending slightly less of their pre-tax income on utilities when compared with a decade ago. According to Bureau of Labor Statistics (BLS) data, the average American household spent 4.93% of income on utilities, which includes electricity, gas, telephone services, water and other public services such as waste pickup. This is down from 5.86%… read more…
- Best Places to Work in Manufacturing – 2021 Edition
It’s no secret that manufacturing isn’t the economic force it once was in the United States. The U.S. Bureau of Labor Statistics says that 7.5 million manufacturing jobs have been lost since the peak in 1969. A variety of factors account for this, notably companies moving manufacturing to other countries where labor costs are significantly… read more…
- Best Places for Holiday Shopping – 2021 Study
Whether they’ll use savings, tax refunds or credit cards, Americans are poised to spend big once again this holiday season. According to an annual survey conducted by the National Retail Federation, consumers anticipate spending nearly $1,000 on gifts, holiday items and other non-gift purchases. Despite supply chain challenges that continue to plague the economy, the $997.73 that… read more…
- A Rising Number of Complaints Against Financial Institutions During COVID-19 – 2021 Study
Strains on consumer finances during the COVID-19 pandemic have increasingly pushed Americans to seek assistance from the Consumer Financial Protection Bureau (CFPB), which serves as an intermediary between consumers and financial companies. Consumers can file complaints on consumer financial products or services through the CFPB, which relays these concerns to financial institutions and also publishes… read more…
- Best Places to Retire in the Northeast – 2021 Study
Not everyone retires in Florida. For some, the Northeast is a preferable retirement destination for its seasonal changes, blend of cities and countryside, and rich history. Despite generally high costs of living when compared with other regions of the country, a comfortable retirement in the Northeast is possible if you know where to look. To determine the… read more…
- This Chart Shows Why You Shouldn’t Wait to Claim Social Security
Your health status, anticipated longevity and retirement cash needs all factor into when it makes sense to claim Social Security. Of course, you’re eligible to start taking Social Security at 62. But the longer you wait, the higher your monthly benefit will be, and conventional wisdom says that you should hold out as long as… read more…
- Where Do Americans Give the Most to Charity? – 2021 Edition
Charitable giving increased by 5.1% in 2020, as Americans donated $471.44 billion during a year defined by COVID-19. Of those donations, 28% went to religious organizations, 15% to education and 14% to human services, according to the National Philanthropic Trust. Giving to charity not only allows a person to support the causes they value, it can also… read more…
- Fastest-Growing Jobs for Young Professionals in America – 2021 Edition
For young professionals looking to kickstart their career, the current labor market offers many jobs, with companies taking steps to attract new workers into the fold. Keeping this in mind, SmartAsset wanted to look at the past few years to see which types of jobs have big gains among young professionals between the ages of… read more…
- States Where Credit Card Debt Is Becoming More Manageable – 2021 Study
Credit cards can be useful, especially if you use them responsibly to gain points, airline miles and other perks. That said, it is easy to let your credit card debt get out of control and end up in serious trouble. For the second quarter of 2021, Experian says that the average card balance was $5,525… read more…
- Best Cities for Military Retirees – 2021 Study
When the time comes for members of the American military to hang up their uniforms for good, they’ll inevitably face the same question anyone else asks themselves when nearing retirement: Where will I live? There are a number of factors that make a city or town a good place to retire. But which cities are… read more…
- Top Boomtowns in America – 2021 Edition
The U.S. recently hit a large milestone on the road to recovery from the economic fallout of COVID-19. In the second quarter of 2021, real gross domestic product (GDP) exceeded its pre-pandemic level, according to Bureau of Economic Analysis data. This rebound comes exactly a year after real GDP hit its lowest point during the… read more…