Approximately 233,000 Americans have at least $1 million stashed in their 401(k) accounts, according to a report from Fidelity Investments. If your goal is to join that exclusive club, you’ll need to have a strategy in place. Reaching millionaire status by retirement isn’t easy, but it is an achievable goal if you’re willing to work […]
Saving money and having an emergency fund is important, especially in uncertain times, such as a pandemic. But stashing away too much cash might not be the best personal finance strategy, either. Americans constantly hear about how they don’t have enough money in savings. Or how a large portion of the population would need to […]
One of the main reasons high-yield savings account interest rates have been in free fall this year is because the Federal Reserve has cut its benchmark interest rate to near zero in response to the coronavirus pandemic. Low rates help stimulate some parts of the economy by making it more attractive for people to borrow […]
In your 20s, you’re focused on establishing a career post-college, perhaps moving to a new city and renting your first apartment. Because you are just starting to enter the work force, it’s natural that these years aren’t your most lucrative. But even then, building some type of savings for the long term should be a main priority. While […]
Everyone knows that they need a retirement plan. But that means different things to different people, and not every plan counts as a truly useful retirement plan. Sometimes a retirement plan is something that is prepared for you by a professional. It is likely a thoughtful plan, but how exactly is it going to be […]
What is a conventional mortgage? One of the first decisions you’ll make when shopping for a home loan is whether you want a government-backed loan or a conventional loan. A government-backed loan is secured by a federal agency. You may qualify for a mortgage backed by the Federal Housing Administration, United States Department of Agriculture, or Veterans Affairs. If you […]
If you’re getting ready to retire, it’s important to think about what your later years will look like. One of the biggest decisions you’ll make is where you’ll spend that time. While many people simply stay put where they live out of expediency or because family is close by, the reality is that your decision […]
It’s easy enough to contribute to a 401(k) or 403(b) plan. But getting your money back out of these workplace retirement accounts can be more difficult. Unless you’re at least 59 1/2 years old, it usually triggers taxes and penalties. But those who have reached the age of 55 have a special option to access their funds penalty-free. This […]
Retirement often seems like a far-off destination. But once you hit your 40s, it’s no longer the distant country you once thought it was. On the plus side, you still have time to make some smart money moves with retirement savings. On the minus side, saving what you’ll need may be a bit more challenging […]
Anew survey from Voya Financial (NYSE: VOYA) indicates that 54% of employed Americans now plan to work in retirement. For many, their motivation is to shore up their finances and improve preparedness for market volatility. While continuing to work goes against the traditional definition of retirement, the trend could be good for Social Security, considering the program is […]
The Thrift Savings Plan has served you well over a long career but now it is time to retire. My retiring clients often say things like, “Is the TSP still the best option in this new stage of life? Some people talk about moving it to an IRA, but all I’ve known is the TSP. […]
If you live in Tucson, Ariz., and like barbecue, Brooks McDaniel is the man to see. Or at least was. In February 2019, McDaniel, then 38, cleaned out his 401 (k), all $16,000 of it, and started up a food van. “Black Market BBQ” he called it. “The first year we did really well,” he […]
