Your credit score says a lot about you. If that number is strong, it sends the message that you’re a relatively low-risk borrower. Because of that, you may be more likely to get approved to borrow money, whether in the form of an auto loan, personal loan, or mortgage. If your credit score is poor, it […]
Category: Personal Finance
Most Americans still feel optimistic about retirement. But inflation is hurting some workers’ confidence
Despite the pandemic, most Americans still feel optimistic about a comfortable retirement, but inflation is the top concern among those who aren’t as prepared. That’s according to the Employee Benefit Research Institute and Greenwald Research 32nd annual Retirement Confidence Survey polling 2,677 workers and retirees in January. “Even with the concerns of the pandemic and […]
More than 1/3 Americans don’t have retirement; here’s how to start
SALT LAKE CITY — It may be the worst kept secret in America — many of us are falling short on retirement savings. A recent study from Bankrate found nearly 36% of us have never had any sort of a retirement account — period. And of those who do, 52% say they’re behind where they […]
Does Settling A Debt Hurt Your Credit?
Debt settlement lets an overburdened borrower pay off a loan in a lump sum that can be substantially smaller than what’s owed. It’s a tactic that can clear away a dark cloud hanging over your finances. But beware that a new source of gloom might start to hover, because debt settlement can be bad for […]
What Happens If I Convert My 401(k) to a Roth IRA in 2022?
If you’re ready to make some moves with your old 401(k), a Roth IRA conversion may be an option for you. This will give you a chance to turn your employer-sponsored retirement plan into a tax-free income machine. But as attractive as this may sound, you need to know what you’re signing up for so […]
Securing Your Retirement When Buying Bitcoin In The 401k
One area that has not experienced the cryptocurrency trend is the 401k. That could soon change, with the announcement by Fidelity this week that it would let 401k operators opt-in to allow their employees to invest in bitcoin through a retirement plan. It marks the first time that a major brokerage house has signaled that […]
The Best Retirement Plans For Self-Employed Workers
Americans are joining the Great Resignation with enthusiasm, quitting their jobs in search of better pay and more satisfying work. Many are opting for self-employment. According to Bureau of Labor Statistics (BLS) data, more than 10 million Americans have described themselves as self-employed in 2022, the highest number in 13 years. There’s an undeniable appeal […]
Georgia just became the latest state to require personal finance education
High school students in Georgia will soon have guaranteed access to a personal finance course before they graduate. On Thursday, Republican Gov. Brian Kemp signed into law SB 220, a bill requiring personal finance classes for high school students. Starting in the 2024-2025 school year, all 11th- and 12th-grade students will need to take at […]
88% of adults support requiring personal finance education in high school, survey finds
Most adults in the U.S. support guaranteed access to personal finance education for high school students. Eighty-eight percent of adults surveyed by the National Endowment for Financial Education said their state should require either a semester or year long personal finance course for graduation. The survey of 1,030 adults was conducted in March. “Americans overwhelmingly […]
U.S. Personal Finance Ratings Slide Amid Rising Prices
WASHINGTON, D.C. — Many fewer Americans now than a year ago rate their financial situation positively and more say their finances are getting worse than say they are improving. A record-high percentage mention inflation as the biggest financial problem facing their family. Meanwhile, about half say recent gas price increases have caused hardship for their […]
Here’s Exactly How to Optimize for the $4,194 Social Security Monthly Max
As of March, the Social Security Administration (SSA) reported that the average monthly Social Security benefit for retired workers came out to $1,665.18. However, it’s possible to receive a monthly benefit of up to $4,194 provided that you meet certain requirements. Qualifying for the maximum monthly benefit is easier said than done, but there are […]
How to strategize for retirement as inflation hits 40-year high
Inflation in the U.S. hit a 40-year high in March as consumer prices rose a whopping 8.5% from a year ago. While inflation is usually associated with higher costs for groceries, gas and other living expenses, many Americans might also be wondering: Could inflation also break my nest egg? For Americans who are nearing retirement, […]