The average American thinks they’ll need approximately $1.7 million to retire comfortably, a survey from Charles Schwab found. Considering the median amount baby boomers have saved for retirement is just $152,000, according to a report from the Transamerica Center for Retirement Studies, there’s a significant gap between what workers have saved and how much they […]
One of the questions I hear most frequently from colleagues is: Why are IRA limits so much lower than those for 401(k) plans? There is actually a good answer, but it never leaves people feeling good about our retirement system. To be clear, the difference in the limits is unfair: People lucky enough to have […]
Thanks to structural and personal reasons, many workers are falling short of adequately funding their retirement accounts, according to the authors of a new report, titled “Why Are 401(k) Balances Substantially Below Their Potential.” “A 25-year-old median earner in 1981 who contributed regularly would have about $364,000 by age 60 [under ideal conditions], but the […]
Approximately 58 percent of millennials Opens a New Window. have been rejected for at least one financial product Opens a New Window. , a new survey has found. The reason, according to the Bankrate.com Opens a New Window. report published Wednesday, is because of their credit score Opens a New Window. . Meanwhile, the survey […]
Hackers are increasingly targeting the education industry, leaving students’ information vulnerable to identity theft and other types of fraud. Colleges, training providers and other private educational companies received more malicious emails than any other sector in the first quarter of 2019, according to Mimecast, an email and data security company. “Education information is really sensitive, […]
When it comes to your money, don’t make these 8 money mistakes. Here’s what you need to know and what to do instead. 1. Not creating an emergency fund An emergency fund is the safety net that you need in place before disaster strikes. At a minimum, you should save 6-9 months (preferably longer) of cash […]
If you’re worried about making ends meet in retirement, you’re not alone—around half of Americans feel the same way. As data from my research team at the New School’s Retirement Equity Lab shows, as many as 40% of older workers could face downward mobility in retirement. But if retirement insecurity is such a widespread and systemic issue, why […]
The time is still right to refinance your mortgage, especially if you bought your home within the last two years, said Mortgage Bankers Association CEO Robert Broeksmit. That’s because home loan interest rates are at their lowest point since 2016, Broeksmit said Wednesday on CNBC’s “Squawk on the Street.” Mortgage rates are down about 1.25% […]
Most of us have been told that when it comes to debt, it’s best to avoid it altogether You’ve heard it everywhere: Aside from a major purchase, like a home, if you can’t pay cash for something, then you can’t afford it. Of course, that’s easier said than done. Consumer debt rose to $4.05 trillion […]
Americans aren’t exactly known as strong savers, which explains why so many live paycheck to paycheck. But in a survey by the CFP Board released earlier this year, 48% of U.S. adults aren’t saving any money for retirement. And that’s disturbing, because while Social Security will provide some income for bill-paying purposes, those benefits aren’t […]
Your college major has a huge impact on the size of your paycheck later on. Pharmacy majors earn a median salary of $100,000, while music majors make $36,000. Flower fan? Botany majors typically earn $50,000. A new ranking by personal finance website Bankrate.com orders majors by the median income and unemployment rates they lead to. […]
Perhaps it’s time for a refresher on the financial etiquette of eating out. Yes, splitting a check is okay. No, you should not shame someone for how much he or she leaves as a tip. Let’s start with asking for separate checks. If I’m eating out with a large group, I always ask the server […]
