The Money Section | Hey, more stimulus payments

͏Also, these non-tech stocks are beating tech stocks in 2023. ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ [The Charlotte Observer]( July 27, 2023 • Issue #43 [The Money Section] This week, we’re looking at why several states are giving money away to their residents, why many Americans don’t think they’ll ever retire, and how El Salvador is betting big on cryptocurrency. Beware, (very) high income earners. [High Income]( Money; Getty Images The IRS is using the funding from the Inflation Reduction Act to crack down on tax evasion by wealthy Americans, resulting in the recouping of tens of millions of dollars. The agency is focusing on high-income earners and has already generated $38 million in extra revenue. [Here’s what some conservative lawmakers are worried about.]( 🚶 No more surprise IRS visits. The IRS is ending the practice of unannounced visits by agents to ensure the safety of both taxpayers and employees. Instead, appointments will be scheduled through mailed letters, [with exceptions made for certain situations.]( 💸 Hey, more stimulus payments. Several U.S. states are providing additional stimulus payments and tax rebates to their residents using surplus budget funds, such as Montana offering up to $2,500 for eligible taxpayers and Massachusetts providing a 14% refund of 2021 state tax liability. [Read more.]( Will you ever retire? [Retire]( Rangely García for Money A significant portion of working Americans are concerned they may never be able to retire, with one in five stating they don't believe they will ever retire, and 70% of them attributing it to financial limitations. [Read more.]( ⛱️ Calculating retirement goals. Starting retirement planning early is essential to ensure financial security in the future. CNBC calculated how much to save now to achieve up to $60k a year without depleting the principal, taking into account various investment strategies and conservative return rates. [Watch video here.]( 🌍 Global retirement crisis. The French government's decision to raise the retirement age to 64 from 62 sparked widespread protests, and the U.S. faces a potential retirement crisis with Social Security projected to run out by 2033. [Here’s how experts recommend you prepare.]( Move over, Silicon Valley. [Non-tech]( Money Non-tech stocks are outperforming tech stocks in 2023, with travel-related companies like Carnival Corporation and airlines showing significant gains. Some of the non-tech stocks that are performing well include Tesla, Amazon, and Netflix. [Read More.]( 🅱️ El Salvador bets big on crypto. El Salvador plans to open a "bitcoin embassy" in Texas, which is already a prominent crypto-mining hub. Texas has enacted several cryptocurrency-related bills, including measures to protect cryptocurrency users and require large crypto miners to register with the Public Utility Commission. [Here’s what you need to know.]( 📈 Timing the market continues to be a bad idea. Timing the stock market by selling during declines and buying back later can harm portfolio performance. Behavioral data from Dalbar Inc. shows the negative effect of investors' actions, and historical data highlights the impact of missing the market's best days. [See the better approach for investors here.]( Smart Money Move What you should know about Student Loan Refinancing [Student] [Student]Refinancing your student loan replaces your existing loan with a new one, usually with more favorable terms such as a lower interest rate or a shorter repayment period. If your income or credit score has improved since you first applied for the loan, you might want to think about refinancing. Better terms could greatly benefit your financial circumstances. Start the process now before student loan payments resume in the fall. [View the Best Student Loan Refinance Companies of 2023]( Stories we're reading this week - [Here’s How Much Americans Have in Their 401(k)s at Every Age]( - [Inside Barbie's 401(K): How Much She Has Saved for Retirement as She Reaches 64, After Over 200 Careers Since She Burst Into Life in 1959]( - [4 Things Families Often Get Wrong About College Costs]( - [Student Loan Payments Are Resuming Soon — Here’s How Much Borrowers Can Expect to Pay]( - [Why Labor Unions Are More Popular than They’ve Been in Six Decades]( - [Rejection Rates for Credit Cards, Auto Loans and More Hit Historically High Levels]( - [The Bizarre TikTok NPC Livestream Trend—Where Creators Act Like Robots—Explained]( - ['Bougie broke' Is the Latest Financial Trend Sweeping the Internet, and It's All About Living Large with a Small Budget]( The Money Section is written in partnership with Money Research Collective This email was sent to {EMAIL} because you are signed up to receive marketing emails or newsletters from The Charlotte Observer. If you no longer wish to receive emails of this type, you may [unsubscribe]( or [update your email preferences](. We are unable to monitor replies to this email. Please [contact customer service]( if you have any questions or concerns. [Privacy Policy]( | [Terms of Service]( | [View in Browser]( Copyright © 2023 The Charlotte Observer. All Rights Reserved. 9140 Research Drive, Charlotte, NC 28262