Retirees in their early years want to live it up — spending more during those years than what people traditionally have done, while at the same time keeping money in their workplace retirement plans to continue building wealth. Problem is, they’re taking more money out of their plans than they have put in, and many could potentially […]
After spending years working hard and saving up, retirement is that welcome reward of relaxation, travel, and new hobbies, or even a transition to something new such as consulting or a new business endeavor. While most people can say definitively that they would like to and plan to retire, the issue of when is often […]
The latest iteration of President Biden’s Build Back Better bill, the $1.75 trillion social spending initiative that has been struggling to get votes in Congress, now preserves a lucrative retirement account loophole that was initially slated for elimination. For months the bill, which once had a $3.5 trillion price tag before getting cut in half, […]
The holidays are fast approaching, and consumers are expected to shell out $1,463 per household on presents this year, according to Deloitte’s Holiday Retail Survey, up 5% from last year. That’s no small chunk of change, and you might be worrying how you’ll pay for all those presents without racking up a bunch of credit […]
Here’s why it pays to downsize while you’re still working. It’s common practice for people to downsize their homes once they enter retirement. For one thing, retirees with children often reach empty-nester status by the time their careers come to a close and therefore don’t need as much space at home. Also, retiring can mean […]
Many freelance workers are drawn to self-employment by the flexibility and freedom to be their own boss. But one big tradeoff is a lack of retirement benefits. New research by the Pew Charitable Trusts found that just 21.9% of nontraditional workers—defined as contingent, gig, alternative, or independent workers—participate in a workplace-based defined contribution plan. Defined […]
“Creating a culture of savings is a neural process that triggers decision-making and then an action. This leads us to analyze that the barriers or limitations to taking care of our finances are often in the mind and not in our income. It is important that we change our mindset and give savings the importance […]
STATEN ISLAND, N.Y. — New Yorkers, your wallets may soon catch a needed break thanks to recently introduced legislation. Co-sponsored by Assemblymembers Michael Tannousis (R-Staten Island/Brooklyn), Michael Reilly (R-South Shore) and other Assembly Republicans, the Inflation Relief & Consumer Assistance Plan would suspend sales tax on a variety of goods and services for two years […]
Some people may choose to abstain from opening a credit card for various reasons. Maybe they don’t trust themselves to not overspend or perhaps they have a fear of going into debt. But how does this decision play into your overall financial health? Here’s a look at the possible pros and cons of never having […]
When it comes to managing your finances, you can set out with the best intentions but still make mistakes because, well, you’re human. Maybe you feel discouraged when you make a budget but overspend anyway. Or, you tell yourself you’ll only order one glass of wine at dinner with friends but end up drinking three […]
U.S. citizens have $15 trillion in household debt. Within this astronomical number, there are both good and bad loans. When people borrow and spend the money on something that won’t appreciate in value (often with no other choice), they’ve taken on bad debt. But when it’s used to invest in something that appreciates more than […]
Whether you’re already retired or not, you probably know two types of retirees. Some of them have never had so much fun. They embrace the freedom of their senior years with both hands. Their days are so full of meaningful activities that they joke “I don’t know how I ever had time to work.” Others, […]
