When Lizzy and Paul Bernthal’s daughter Rodena was just two months old, the couple appeared in a Money Mail feature about saving for your children’s future. They told this newspaper they planned to squirrel away their child benefit payments into a pension for Rodena’s retirement. Two decades on, they are reaping the rewards as they […]
Need extra cash in retirement? Here are five surprising places you might just find it. Even when you retire from the workforce for good, those bills keep rolling in. Most people will receive a Social Security benefit, but for the average worker, Social Security checks will only replace about 40% of income. Yet the rule […]
Catch-up contributions for retirement savers could get more generous for certain savers, if legislation proposed in Congress becomes law. But the benefits of the increased limits will likely be concentrated among higher-income plan participants. Today, preretirees ages 50 and up can put away an extra $6,500 toward retirement through 401(k), 403(b) and similar plans. That’s […]
Four simple steps can make you a millionaire retiree. Becoming a millionaire may seem like a fantasy when you’re working hard to cover the bills. But the good news is you don’t need a huge paycheck or a winning lottery ticket to amass a seven-figure nest egg by the time you reach retirement age. In […]
A big retirement savings balance is great, but you’ll need income, too. Peanut butter and jelly are good individually, and great when paired together. The same dynamic exists between retirement accounts and dividend stocks. Read on for three reasons why holding dividend stocks (or funds of dividend stocks) in your 401(k) or IRA could be […]
It can feel harder than ever to keep grocery spending under control. But budgeting and cooking experts say there are strategies you can use to make a difference in your household budget. Expert tips for saving money on food Like many shoppers, I’ve noticed my grocery bill getting bigger each week: February food prices were […]
Your credit score is one of the most important factors when it comes to qualifying for a mortgage—and getting a good interest rate. But the credit score needed to buy a house depends on your lender, where you want to live, and how much you need to borrow. How Mortgage Lenders Look at Your Credit […]
Many people follow a budget to keep their finances in order and keep track of their spending. While some expenses occur monthly, like utilities, car payments, and mortgage or rent, planning for annual expenses is also essential. If you don’t, you may not have enough money left in your bank account to cover all your bills. Don’t […]
Generation Z spent years in the shadow of millennials, but they’re starting to come into their own now. They currently span ages 9 to 24, and the older half is starting to enter the workforce — with their first real jobs after graduation, or part-time and summer jobs while they’re still in school. As soon […]
It’s hard enough for employees to save for retirement, without historic inflation stretching their wallets thin. The continued economic strain caused by COVID has been exacerbated by the war in Ukraine and other economic stressors, causing prices to creep up. In March, the Consumer Price Index increased 8.5% from the previous year, according to the […]
The quick fix for rising expenses can be expensive long term. According to a recent survey from insurer Nationwide, 22% of 401(k) savers have cut or are considering cutting 401(k) contributions to deal with inflation. The stat isn’t surprising. After all, trimming retirement contributions is an easy, immediate way to add cash to your budget. […]
How much do you need to retire? As retirement becomes increasingly expensive, it’s more important than ever to have a healthy nest egg. Between surging healthcare costs, longer lifespans, and an ever-increasing cost of living, most workers will need to save a substantial amount to retire comfortably. But just how much should you save? One […]
