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Should higher earners still make 401(k) catch‑up contributions?

Since 2002, retirement savers age 50 and over have had the option of making “catch-up” contributions to their 401(k) plans, which stack on top of the regular limits for employee contributions to tax-deferred retirement plans. The amounts were limited to $1,000 per year when they first came out but expanded to $7,500 by 2025. In addition, contributions to tax-deferred retirement plans are excluded from adjusted gross income, resulting in a lower tax bill on income that would otherwise be taxed. For example, a 50-year-old employee who contributed the $23,500 maximum to her retirement ...

SUV comparison: Honda Passport vs. Subaru Outback

There are seemingly countless options for a new SUV these days, but less so if you’re looking for one that’s comfortable, roomy, and able to tackle snowy roads in the winter and outdoor adventures in the summer. Thankfully, a pair of SUVs are up for the challenge: the 2026 Honda Passport and 2026 Subaru Outback. Both SUVs are bigger and roomier than their popular small SUV siblings, the Honda CR-V and Subaru Forester. They also have standard all-wheel drive and come in special versions that are more rugged and capable for occasional off-roading. Each SUV has also received a full ...

Oil surges to its highest price since 2023, and stocks drop after weak update on the job market

NEW YORK (AP) — Oil shot to its highest price since 2023 after surging again Friday because of the Iran war, and a weak update on the U.S. job market knocked stocks lower to cap Wall Street’s worst week since October. The S&P 500 dropped 1.3% after a report showed U.S. employers cut more jobs last month than they created and after oil prices spiked above $90 per barrel. The combination of a weak economy and high inflation is a worst-case scenario for investors because the Federal Reserve has no good tool to fix both problems at the same time. The Dow Jones Industrial Average ...

Surging oil prices sink stock market

NEW YORK (AP) — Stocks sank on Wall Street Thursday after the price of oil spiked to its highest level since the summer of 2024 because of the war with Iran. The S&P 500 fell 0.6% and erased what had been a small gain for the year so far. The Dow Jones Industrial Average briefly dropped more than 1,100 points before finishing with a loss of 784, or 1.6%. The Nasdaq composite slipped 0.3%. The losses came as financial markets around the world keep following the cue of oil prices. Sharp increases there are raising worries that a long-term surge could grind down the global economy, ...

Business at a glance for March 6

States sue over new global tariffs WASHINGTON — Some two dozen states are challenging President Donald Trump’s new global tariffs in court. On Thursday, the states filed a lawsuit over import taxes he imposed after a stinging loss at the Supreme Court. Democratic attorneys general leading the suit argue that Trump is overstepping his power with planned 15% tar an emergency powers law. Ohio is not among the states challenging the tarriffs. US jobless filings unchanged at 213K WASHINGTON — The number of Americans applying for unemployment benefits last week was ...

Judge rules companies are entitled to refunds for Trump tariffs overturned by the Supreme Court

WASHINGTON (AP) — In a defeat for the Trump administration, a federal judge in New York ruled Wednesday that companies that paid tariffs struck down last month by Supreme Court are due refunds. Judge Richard Eaton of the U.S. Court of International Trade wrote that “all importers of record’’ were “entitled to benefit’’ from the Supreme Court ruling that struck down sweeping double-digit import taxes President Donald Trump imposed last year under the 1977 International Emergency Economic Powers Act (IEEPA). Eaton also wrote that he alone “will hear cases pertaining to ...