Even with the shaky economic times, we need to remember it is still possible to save for retirement. Financial advisors say thanks to inflation and better saving habits, you could still retire with $1 million in the bank. So how much do you need to save now to get to a million later? Let’s break […]
Category: Personal Finance
Retirees Have Shockingly Little Retirement Savings, Data Shows
Social Security pays the average senior today about $1,500 a month, or $18,000 a year. That’s a nice chunk of money to supplement outside income sources, but it’s certainly not enough to live comfortably on. Yet many seniors risk having to do just that, and the reason boils down to not having enough retirement savings. […]
3 Signs You Shouldn’t Claim Social Security Early
You may be tempted to sign up for Social Security ahead of full retirement age (FRA) to get your money sooner. You’re allowed to claim benefits as early as age 62, whereas FRA doesn’t kick in until 66, 67, or somewhere in between, depending on your year of birth. Of course, the problem with taking […]
This Is Why The Stock Market Doesn’t Matter To Millennials Saving For Retirement
Does the recent fall in the market worry you? Depending on your age, it shouldn’t. If you’re a millennial, there’s something else that should worry you more. The good news, though, is that it’s something you have total control over. If you’re like most investors, you read the results of the market every day. In […]
Self-made millionaire: Don’t make these 5 mistakes when negotiating your salary
Negotiating your salary is the most crucial part of the hiring process. That single conversation can be worth enough money to spend lavishly on things you love, take that exotic trip, pay off debt, buy drinks for your friends or even retire early. There’s a limit to how much you can save, but there’s no limit to how much you can […]
Can You Collect Social Security and Still Work?
You may not realize it, but there’s a very good chance you’ll rely on Social Security income to some degree when you retire. An April survey from national pollster Gallup found that 89% of current retirees lean on their Social Security as either a major or minor source of income. This jibes with data from […]
Your internet bill might be too high — here’s how to save money
Whether you’re working from home, taking online classes, or streaming movies, everyone needs access to the internet. Heck, the U.N. considers it a human right. But getting fast internet access can be expensive, especially when you’ve got a lot of people using the same connection. That’s because the more people using your connection, the slower […]
Everything you need to know about payday loans
For the millions of Americans living paycheck to paycheck, running out of money is a constant, looming concern. Approximately 12 million people take out short-term, unsecured loans — sometimes called “payday” loans — every year, according to the Federal Reserve Bank of St. Louis. And though these loans may help them survive until they receive […]
Kiplinger’s Personal Finance: How to fix a bad retirement plan
Like gauze on a camera lens, a bull market can hide a lot of blemishes in retirement savings plans. But when the market heads in the other direction, the plan’s flaws become glaringly apparent. That’s particularly the case with some 403(b) savings plans. Typically offered to public school teachers, 403(b) plans have the same tax […]
How much you’ll have for retirement if you invest $100, $500 or $1,000 a month, broken down by age
CNBC crunched the numbers, and we can tell you the amount that investing your extra cash will equal when you are ready to retire. Just a few things to remember: These numbers assume you put the money in a retirement account, you will get a 4% return on your investments and that you will retire […]
Dabble in day trading? Beware of tax obligations
As more individuals dabble in day-trading during the coronavirus pandemic, some may be surprised by the tax implications next year. People who are not used to these types of tax obligations may not be aware that they will owe on gains, Michael Corrente, managing director at CBIZ MHM, told FOX Business. “There is a potential […]
This move will help your 401(k) recover faster when the markets are down
You may be tempted to revisit your retirement investing strategy now that stocks are falling, but history shows those who get the best return on their money stay the course. The Dow Jones Industrial Average dropped more than 800 points on Thursday in its biggest decline since June 11. The sell-off, accompanied by declines in […]