Americans are taking a hard line on debt in 2021, with many households making debt reduction a priority. According to a December 2020 study from Fidelity Investments: 44% of Americans vowed to save more money in 2021 43% said they were going to aggressively pay down household debt 54% said they wanted to lead a debt-free life […]
When it comes to managing your money, it’s natural to have a lot of questions: Are there expenses you shouldn’t put on a credit card? How much cash should you keep in your savings and checking accounts? When are you ready to start investing? But personal finance is personal, and sometimes the answers to these questions aren’t straightforward. What […]
Many U.S. households retire without enough money to maintain their pre-retirement standard of living. Once retired, though, people often reduce their spending enough to make their money last, according to a recent study by David Blanchett, head of retirement research at Morningstar, and Warren Cormier, executive director of the Defined Contribution Institutional Investment Association’s Retirement […]
No crystal ball or vivid imagination could have foreseen the major events of 2020 that rocked American society. COVID-19 had an immense impact on the economy and caused wild swings in financial markets, but it also provided a couple of big lessons when it comes to retirement planning: Prepare as best you can for anything, […]
Most parents want their children to understand the value of a dollar. Financial literacy is something that you’re never too young to learn and teaching children while they’re young how finances work is important. Whether your child earns an allowance, has a part-time job, or is often gifted money from relatives in lieu of gifts, […]
This year’s child tax credit will send families who meet the requirements (and there are estimated to be nearly 49 million of them) a significant boost in their household budget over the next 12 months, with periodic payments starting in the second half of 2021. The new rules surrounding the child tax credit mean that […]
Travel is one of the great luxuries of retirement, and the pandemic has been “a real wakeup call” for single tourists, says Janice Waugh, founder of Solo Traveler. The website, which is aimed at single travelers, found that those over 65 are especially eager to make travel a priority once the pandemic is over. But […]
Americans who collected unemployment insurance in 2020 and filed their taxes before claiming a new tax break on the benefits can expect to receive an automatic refund in May, the IRS announced this week. The agency announced last month that eligible individuals would not have to file an amended return on their own to claim […]
If you plan to retire within the next 10 years, it’s time to start getting serious about preparing for a future without a paycheck. You’ll need a hefty retirement account to support you, and you must do everything possible to be fully financially prepared once you leave work. Here are three steps you should take […]
Although the Covid-19 pandemic has turned many Americans’ finances upside down, it’s provided others with the opportunity to beef up their emergency savings. So much so that nearly 1 in 4 Americans have over 10 months of living expenses saved up, according to a recent survey from SoFi. Another quarter of respondents say they have […]
If your goal is to enjoy your retirement to the fullest, the last thing you’ll want is to spend your senior years pinching pennies. And if you manage to sock away a nice amount of money in a 401(k) or IRA, you won’t have to. Your savings, combined with your Social Security benefits, could make for […]
On any given day, the line outside the Gucci boutique at the Mall at Short Hills in N.J. winds around the second floor nearly to the escalator. Among the shoppers waiting to enter are Gucci’s typical clientele as well as new customers who just became $1,400 richer. “Stimulus has definitely been beneficial,” said Cowen & […]
