President Donald Trump intended his executive action over the weekend to offer some of the financial support the next stimulus bill would have provided. But when negotiations stalled, his team drafted up executive orders that focused on a few key areas, leaving plenty for room for a larger financial rescue package from Congress — including […]
While millions of people could lose most or all of the $600 bonus in their weekly unemployment benefits, threatening to slow consumer spending and the nation’s economic recovery, one thing could help cushion the blow: Americans have been saving lots of money during the COVID-19 crisis. The savings rate – the portion of monthly income […]
COVID-19 pandemic has caused us to rethink many parts of daily existence, such as our health, jobs, where we live, our financial future, education, travel and the simple handshake. But according to data released Tuesday, many savers are still financially on the path to retirement. The combination of a stronger market, pandemic-related stimulus opportunities and […]
Most Americans aren’t saving enough for retirement. And unless you’re putting aside around 15% of your income, chances are good that you’re one of them. Saving this much of your take-home money may seem daunting and may even feel downright impossible. But the reality is that if you don’t set yourself up for a secure […]
U.S. credit card debt continued to fall in June as overall consumer borrowing grew after three months of declines amid the coronavirus pandemic, according to a Friday report from the Federal Reserve. The report shows that consumer revolving debt – which is comprised mostly of credit card debt – dropped to $992.4 billion from $994.7 […]
Saving for retirement is one of the biggest financial goals you can aim for, and it’s not always easy to achieve. The average worker expects to need roughly $1.9 million to retire comfortably, a survey this week from Charles Schwab revealed. For Millennials and Generation X, the number is $2 million, while Baby Boom generation […]
The COVID-19 crisis has caused a lot of people to rethink their retirement plans. Specifically, a lot of people are now talking about postponing that milestone and extending their careers. If you were hoping to retire at some point in 2020, you, too, may be considering a change of plans. And here are a few […]
Seniors who rely on Social Security for the bulk of their retirement income tend to have ongoing financial concerns and constraints. To be fair, those benefits were never designed to sustain retirees by themselves. But many seniors enter retirement with inadequate savings, and instead depend heavily on Social Security to make ends meet. It’s for […]
The COVID-19 crisis has changed the way a lot of people plan to approach retirement. Some older workers, for example, are being forced to retire early despite a desire to keep holding down a job. But 21% of Americans now say they’ll be retiring later than planned, according to a new Charles Schwab survey. And while […]
When it comes to planning for retirement, the vast majority of investors focus on the size of their nest egg as the ultimate goal. Whenever I am asked during an initial meeting with a potential new client how much money they will need to save for retirement, my answer is always the same, “That depends. […]
Early retirement wasn’t in your plans, and then along came COVID-19, an unprecedented economic shutdown and massive furloughs. So much for your retirement savings plan or that target date fund you selected based on your planned retirement date. Now what? First and foremost: Don’t panic. Depending on your age, you likely have 20 to 30 or even 40 […]
Whether you believe money is a key part of your identity or shy away from it, chances are you fall into one of four money personalities outlined by financial psychologist Brad Klontz. From money avoidance and money vigilance to money worship and money status, experts describe why it’s necessary to know your script. “Money is […]
