Saving enough money for retirement is challenging, even if you have a clearly defined plan. What’s disturbing is that most people don’t even have that much going for them. This causes many to underestimate certain retirement costs and overlook others altogether. Here are five commonly ignored costs that could take a sizable chunk out of […]
Category: Personal Finance
Why Millennials Could Face Retirement Nightmare
A recent survey shows plenty of baby boomers and Gen Xers are financially unprepared for retirement. But so-called millennials, those born between 1981 and 1996, likely will have it much worse. New research shows this generation, which will begin to retire around 2050, faces “dismal retirement finance prospects,” writes veteran columnist Mark Hulbert at MarketWatch. […]
5 Reasons Personal Finance Should Be Taught In School
Having basic personal financial skills is one of the most important things you can do to live a healthy, happy and secure life. Your level of understanding around the fundamentals of budgeting, saving, debt and investing will impact every part of your life and can mean the difference between prosperity or poverty. With how important […]
Are You Patient Enough To Earn This $440,000 Retirement Savings Bonus?
If you’re in the homestretch toward retirement but not confident that your retirement savings are on track for you to live the lifestyle you expect, don’t give up. Two easy, totally realistic steps can dramatically boost your retirement savings. One of our what-if scenarios pays off by adding a hefty $440,000 to your nest egg. […]
53% of Savers Are Setting Themselves Up for Retirement Failure
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 […]
Why Are IRA Limits So Much Lower Than Those for 401(k)s?
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 […]
There are 4 major reasons why those about to retire don’t have enough money in their 401(k)s
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 […]
Here’s why a majority of millennials are rejected for loans, credit cards
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 […]
As the school year begins, beware of hackers
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, […]
Don’t Make These 8 Money Mistakes
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 […]
Why Do We Feel Shame About Retirement Savings?
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 […]
People who bought homes in the past 2 years could see ‘significant’ savings by refinancing now
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% […]