Although they are rising, mortgage rates continue to remain below 3%. But a surge in home prices is threatening to make buying a home unaffordable once again for many Americans. The 30-year fixed-rate mortgage averaged 2.99% for the week ending Aug. 20, rising three basis points from the week prior, Freddie Mac FMCC, -2.67% reported […]
Financial security comes at a high price, at least according to most Americans. A recent Schwab survey of workers who are investing in 401(k) plans reveals that, on average, these investors believe they need to save $1.9 million for their retirement. This hefty sum is a big increase compared with last year’s survey, when 401(k) […]
Retiring is a huge life event, and it isn’t one that comes with many do-overs. You have to get it right the first time. Luckily, there are ways to prepare for retirement—and even practice it—to help ensure you’re ready when the day comes. What to do first A few years before you plan to retire, have a […]
Not every young adult in the U.S. has the safety net of generational wealth, but anyone can learn how to manage their personal finances. That’s the philosophy of Evan Leaphart, founder of the children’s financial literacy app Kiddie Kredit. In his early 20s, Leaphart failed an employer’s credit check because of missed payments on his […]
One of the most important retirement decisions you’ll make is choosing when to begin claiming Social Security benefits. The age you file for benefits will affect your monthly checks for the rest of your life, so it’s not a decision to be made lightly. You can begin claiming benefits at age 62, but the longer […]
There’s a lot of uncertainty in the air as we enter this year’s “back-to-school” season. Whether parents are initiating their children into the world of masks and socially distanced at-school learning or facilitating at-home learning, many are embarking on uncharted territory. While you may be looking for a little more recess as opposed to more […]
Motivating people to save for retirement isn’t easy. Fraught decisions around when to start a nest egg, how much to set aside, and where to invest can be so overwhelming that inertia often sets in. Increasingly, economists who study this paralysis have shown that minimizing the complexity surrounding retirement choices inspires workers to start saving […]
A credit score is a three-digit number that lenders use to determine whether you’ll get approved for financial products like credit cards and loans. Credit scores typically range from 300 to 850, but there are dozens of versions — from base scores to industry-specific scores — that make it tricky to know which one you’re being evaluated […]
Saving for retirement can be a huge financial challenge, especially when out-of-pocket healthcare costs alone could add up to as much as $325,000 for some senior couples. The good news is, a number of tax-advantaged accounts help make saving easier. Unfortunately, not everyone is taking advantage of them. In fact, millions of Americans could be […]
Checking accounts and savings accounts have a lot of similarities, but they are used for different purposes. And when it comes to your money, where you decide to deposit it for short- or long-term plans is important. Checking accounts are meant to hold cash for your everyday purchases, allowing you to deposit and withdraw cash […]
Putting money in your 401(k) helps you be more prepared for retirement, but how far that money goes in the future depends in part upon the choices you make now. The amount you contribute matters, but so does what you invest in and your plan’s rules. Here are a few key strategies that can help […]
You might want to hold off on that Winnebago. The 4% Rule has long been used as a guideline for retirees in determining how much they should be able to withdraw from their retirement account while still maintaining a balance that will allow for the same income stream to flow through their golden years. But […]
