You probably envision millionaires living in mansions and traveling the world on well-staffed yachts, but a lot of millionaires look just like you and me. They go to a regular job, they have a monthly budget, and they save up for big-ticket purchases. The truth is, $1 million really doesn’t go as far as you […]
How heavily should you bank on those benefits? Here’s what you need to know. There’s a trap that many people fall into when planning for retirement, and it’s assuming that Social Security will provide more financial stability than it actually does. In fact, many people routinely make the mistake of underfunding their nest eggs because […]
Need another reason to obsess over your credit score? Here’s a new (if macabre) one: According to a team of economists, that three-digit number isn’t just a good indicator of how stable you are as a borrower — it can also predict how long you’ll live. Researchers from the University of California Irvine and the […]
You need these facts to make a solid retirement plan. Making a retirement plan requires more knowledge than you might think. You’ll need to understand how inflation affects your investment account; how much income Social Security provides, and how much you need to subsidize it; and how much you can withdraw from investment accounts without […]
Many Americans don’t have access to an employer-provided retirement plan. Traditional employer-based retirement plans are typically not available for contractors, freelancers, gig economy workers, and part-time workers. And only 42% of small businesses with fewer than 100 employees offer retirement benefits, according to a LIMRA 2019 study. “We have to encourage people to start saving […]
Half of American adults started 2022 with a desire to boost their savings. That admirable intention could prove easier for those who developed good savings habits at a young age. After all, it’s possible kids who get used to regularly depositing some allowance funds in their piggy bank won’t think twice about setting money aside […]
The pandemic was hard on our savings accounts, but it’s time to get back on track. Here’s how you can accomplish your goals to do just that before the end of the year. Whether you lost a job, changed jobs, found yourself helping out a family member, or had to make an expensive cross-country move, […]
“Pennies” over “percent”? A new study finds that a simple change in information architecture, such as how the savings rate is framed, can lead to a significant boost in savings behavior among lower-income employees. Conducted in association with the Voya Behavioral Finance Institute for Innovation, researchers from Carnegie Mellon University (Dr. Richard Mason), Cornell University (Stephen […]
The American workforce has experienced an influx in early retirements—so many in fact, that the surge has contributed to what is now being referred to as “The Great Resignation.” A large portion of participants in this mass exodus are individuals born between the years of 1946 and 1964, or more commonly referred to as the […]
Lottery frenzies build whenever the Mega Millions jackpot crosses the quarter billion-dollar mark, invoking visions of big houses, fancy cars, and other luxuries. I bet almost no one thinks much about the parallels between lottery winnings and annuities. If you wonder how lotteries and annuities are linked, consider that jackpot winners face a choice in […]
Every worker should be prioritizing retirement savings to ensure they have a secure future. Investing for your later years is important because you can’t live on Social Security alone. You’ll likely need to rely on your nest egg to make up the difference between the income you need and the amount your retirement benefits provide. […]
Every worker should be prioritizing retirement savings to ensure they have a secure future. Investing for your later years is important because you can’t live on Social Security alone. You’ll likely need to rely on your nest egg to make up the difference between the income you need and the amount your retirement benefits provide. […]
