We all want to max out our 401(k) contributions — and a select handful of taxpayers are doing just that. Some 4.67 million taxpayers managed to squirrel away the maximum $18,000 in employee contributions to their 401(k) in 2016, according to data from the IRS. Those who were age 50 and over were able to […]
TAX SEASON WILL BE HERE before you know it, and you may be wondering what could happen if you don’t file your 2019 returns by the April 15, 2020 deadline. For many people, filing taxes is a straightforward process. Perhaps, you have tax withheld from your paycheck and you file your taxes on your own. Or maybe you […]
The average worker is deeply behind on saving for retirement, which is more troubling than some people might think. If you’re nearing retirement age and have little to nothing saved, you’re going to be in for a rough retirement. Close to half (45%) of Americans don’t have a penny saved for retirement, according to a […]
An unexpected decline in mortgage interest rates had homeowners calling their lenders last week, looking to save money on their monthly payments. Refinance demand surged, pushing total mortgage application volume up 5.2% last week compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. Volume was 69% higher than the same […]
It’s easy to assume that financial choices boil down to one’s preferences. While personal preferences, goals and priorities should drive most financial decisions, they often can convert a good intention into a mistake. Conversely, those mistakes may lead you astray: Setting the wrong goals, adopting the wrong strategies, and utilizing the wrong tactics. When the […]
When things go sideways, as they inevitably will, you’ll need cash. That’s what the rainy day fund — aka the emergency fund, savings pool or cash stash — is all about. Generally, the rule of thumb is three to six months’ expenses. Some experts even recommend tucking away even more. Is that even possible? Less […]
A military career isn’t typically the path to take if someone’s looking to reach hallowed “FIRE” territory — financial independence, retire early. But, with a little help, it is possible, according to Kupiga, as he refers to himself online. Having served in the military since he was 20 years old, Kupiga is already celebrating his retirement at […]
Contrary to popular perception, millennials actually are saving. But it’s not necessarily a good thing — at least for the economy. That millennials are saving more than their parents did is creating an “economic imbalance,” reported Pippa Stevens for CNBC. Data from the St. Louis Federal Reserve indicates the personal savings rate in the US […]
When it comes to health savings accounts, they all carry the same three major tax benefits. But that’s about where the similarities end. Tax-favored accounts for medical expenses, so-called HSAs are often paired with high-deductible insurance plans. These accounts come with three primary benefits: You can contribute to them on a pretax or a tax-deductible […]
In the mid-2000s, Michael Burry smelled trouble in the housing market, realizing that big banks were packaging shady subprime mortgages and reselling them as surefire investments. He concluded that it would lead to a spectacular collapse, made a huge bet against the market and, ultimately, tons of money. His story was dramatized in the book […]
About 40% of students say that when it comes to picking which college they will attend, the most determining factor is the “overall fit,” according to a recent survey by the Princeton Review. Only about 9% of students cited affordability as the most important element in choosing their school. That’s happening, in part, because parents, […]
Emergencies occur. So, it makes sense to start putting money aside. Yet many Americans aren’t. In fact, 28% of Americans have no emergency savings, a July survey from personal financial website Bankrate.com found. “Financial emergencies will happen, it’s only a matter of when,” said Kathy Kraninger, director of the Consumer Financial Protection Bureau. To help […]
