Saving money for your children’s education is not always easy, but it’s great you want to start, as achieving any monetary goals takes time and you should start as early as possible. When you start saving some money, consider investing them through different investment vehicles, so then you can improve the returns of your investments. […]
Category: Personal Finance
4 Ways to Get a Do-Over After Starting Social Security Too Soon
Deciding when to claim Social Security can be nerve-wracking because it’s so permanent. If you start benefits as soon as possible at age 62, your monthly checks will be about 76% lower than if you wait to get the maximum benefit at age 70 — and your options for reversing course are extremely limited. But […]
Jaw-Dropping Stats About the State of Retirement in America
Many Americans spend their lives working hard and dreaming of the day they can finally retire. But planning for retirement requires more than dreaming — it means being strategic and focused on saving money, among other things. The average age of retirement for Americans is 66, according to a Gallup poll, which is up from […]
Heading back to work after retiring? That cash may impact the rest of your financial life
It’s not uncommon to want to return to work after retiring. Whether for financial reasons or personal fulfillment, many older Americans find that retirement isn’t working for them. Yet before you make the leap, it’s worth considering how that extra income could affect other parts of your financial life. Of workers age 65 or older, […]
7 tips to save costs when sending money abroad
The cost of sending money abroad can be expensive depending on the method you use. Some options cut a fixed percentage while others make money using interest rate differentials. In this article, we will look at some of the best tips to save costs when sending money abroad. Take advantage of introductory offers The online money […]
Biden’s tax proposal means that 60% of Americans could pay more: Here’s how much
President Biden repeatedly pledged during the 2020 campaign to not raise taxes for Americans earning less than $400,000, but a new analysis suggests that nearly 60% of taxpayers would pay more under his proposals. Findings from the Tax Policy Center, a nonpartisan think tank based in Washington, show that while most of Biden’s proposed tax […]
A new round of surprise tax refunds is coming next week. Will you get one?
If you’re still in financial pain from the COVID crisis, or if you could just use a few extra dollars, you’re in luck: An unexpected windfall may come your way next week. The IRS will send out another cluster of surprise tax refunds, courtesy of the pandemic relief bill President Joe Biden signed earlier this […]
Social Security Recipients Could Get a Big Raise Next Year
Your Social Security income could get a nice boost next year if inflation continues to climb. Every year, Social Security considers changes in the price of goods and services to determine if Social Security recipients deserve a raise. Based on changes so far this year, the increase could exceed 4% in 2022. If so, then the increase […]
Just 5% of people who applied for public service loan forgiveness have qualified
In January, Anna Brekken had finally made 120 student loan payments, the number at which borrowers are supposed to get the rest of their debt canceled under the public service loan forgiveness program. When she submitted her request for forgiveness, she looked forward to walking away from her $100,000 balance and no longer having a […]
Improve Your Retirement Finances By Doing Less
Sometimes normal human instincts don’t lead to the best actions. That’s a basic finding of behavioral finance research, and it’s true of a lot of retirement planning. People often believe that taking more actions is better than doing less, but doing more often doesn’t improve retirement plans and often can make them worse. For example, […]
Big savers may boost their retirement stash with this option
Many people know about their 401(k) perks, but their plan may have a hidden feature that allows for even more savings. When someone maxes out their 401(k) — $19,500 in annual contributions for those under 50 in 2021 — some plans may permit them to stash more money into their account. After-tax 401(k) contributions may […]
4 Ways to Grow $100,000 Into $1 Million for Retirement Savings
Retirement is becoming more expensive every year. With general living costs increasing, healthcare expenses skyrocketing, and financial safety nets like pensions and Social Security becoming less reliable, retirees will need to save more than ever. Saving $1 million for retirement may sound impossible, but it’s more realistic than you may think. Even if you’re not […]