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 […]
The FinTech revolution is transforming the financial industry rapidly. The use of digital technologies is the norm, and together with regulatory and market changes, it is creating a revolution. FinTech has also assisted in leveling the financial playing field by giving everyone access to services that were previously reserved for the privileged. Now we have […]
As the coronavirus shut down the economy last spring, many consumers had their budgets cut by default. Trips and shows were canceled, nonessential medical procedures were postponed and restaurants closed. For retirees living on portfolios—or those forced into retirement unexpectedly due to the virus—the forced spending slowdown may have helped cushion the financial blow as […]
There are still a lot of moving parts with the first stimulus package. For one, checks are still being mailed out. The last checks aren’t supposed to hit mailboxes until September. Plus, it’s estimated at least 365-thousand people who were supposed to get money for their dependents…didn’t. That could be fixed next week. Starting August […]
Millions of Americans have lost their jobs during the coronavirus pandemic – and many who are claiming unemployment benefits may be faced with a surprise tax bill next year. The IRS requires people to report income received in the form of unemployment. Some states tax benefits, too. However, when you receive unemployment there’s typically no […]
In general, using as little of your credit card limits as possible is better for your score. So logic would suggest that paying off your credit cards early so that a zero balance is reported to the credit bureaus would produce the highest scores, right? Turns out, having 1% of your credit limits in use […]
As companies look for ways to reduce their workforce to trim costs during the pandemic, more are offering early retirement packages to their employees. And it’s not just affecting individuals in their late 50s or older. Younger workers who are in their 40s are getting offers too. The trend has become widespread in industries such […]
Retirement can be a scary prospect. In exchange for the freedom of not having to report to an office every day, you’re instead propelled into a situation where you’re forced to live on a fixed income. That’s why it pays to save as much for retirement as you possibly can. The stronger your nest egg, […]
The only constant is change in the COVID-19 era, and college students and their families are dealing with near-daily upheaval as they look to the fall. Colleges are increasingly releasing updates to their instructional plans that shift most, if not all, of students’ coursework online. But not all colleges have reduced their costs as a […]
