The COVID-19 pandemic has been an epic wake-up call to the importance of saving money for emergencies. Households with no financial cushion face potentially disastrous consequences. Those who have emergency funds may be realizing it’s not enough. An emergency fund is a critical component of any financial plan. But you need to know how much […]
Once COVID-19 cases started multiplying in the U.S., the unemployment rate exploded. Now, months later, we’re still in a recession, and the outbreak is showing no signs of getting better. Recognizing the need for relief, lawmakers implemented the CARES Act back in late March. It was responsible for the $1,200 stimulus payments that went out […]
Divorce can affect your life in many ways. Unfortunately, one big way it could have an impact is by making it harder to retire. Divorce can affect your retirement security because the process itself can be costly and you may drain your savings to pay for legal support. If you lose a portion of your […]
The U.S. officially entered a recession back in February, according to the National Bureau of Economic Research, and the economy doesn’t seem to be bouncing back just yet. Gross domestic product (GDP) fell by nearly 33% in the second quarter of this year, the Commerce Department revealed, which is the largest drop in U.S. history. […]
For many Americans, retirement will last decades. Being prepared is essential, and there’s a lot that goes into a successful retirement plan. But according to research from Wells Fargo, three key issues stand out above the rest in what Americans believe is most important when preparing for their later years: 1. Making your savings last […]
One of the consequences of the COVID-19 pandemic has been a dramatic reduction in transportation of all kinds. Between lockdowns, quarantines and social distancing protocols, far fewer people are flying and driving. It’s been a major boon to the environment — and it turns out that it could save you money, too. Auto insurance was […]
AFTER WEEKS OF STALLED negotiations in Congress, President Donald Trump took it upon himself to issue a series of presidential executive orders, or memorandums, designed to reinvigorate the U.S. economy. One of those executive measures, called the “Memorandum on Deferring Payroll Tax Obligations in Light of the Ongoing COVID-19 Disaster,” includes a directive to suspend […]
Sarah Ackerman of Randolph, New Jersey, has been piling money into her retirement accounts during the coronavirus recession. And it’s paid off. Since the shutdown began in March, Ackerman has cut her expenses by $300 to $500 per month by working from home and driving less, providing a boost to her savings. She used to […]
A college education in the U.S. comes at a high cost. Tuition rates have reached record highs over the past few years, with no relief in sight. So, it’s not surprising that many students and their parents worry about paying for a college education, especially when undergraduate tuition, room and board, and fees at public […]
A new report from Fidelity Investments shows that the coronavirus pandemic’s toll on the economy did not keep Americans from growing their workplace retirement accounts. The average IRA balance increased compared to last quarter and last year to $111,500, according to Fidelity. The average 401(k) balance increased to $104,400, a 14% jump compared to last […]
Vesting is an important concept in the world of employer retirement plans. For most people, they’ll encounter the term vesting when they’re dealing with their employer-sponsored retirement plans such as a 401(k) or 403(b) plan. In this context, vesting refers to how much of your employer match is actually owned by you. Here’s how it […]
Many new lawyers feel frustrated with their student loans — and some say they’re depressed due to their debt — according to a new report from the American Bar Association. The July 2020 survey of 1,084 lawyers found that student loan debt affects nearly every facet of their lives: 48% said they had postponed having […]
