Whole life insurance has several benefits. There is a guaranteed savings account (also known as cash value). Whole life also provides long-term death benefit protection. While there are many reasons to purchase a whole life policy, currently low interest rates are making it challenging for existing whole life policyowners. If you have a whole life […]
Months of economic uncertainty have driven people to turn toward a normally forbidden pot of cash: their retirement savings. The CARES Act, which President Donald Trump signed into law this spring, allows individuals affected by the pandemic to take emergency withdrawals of up to $100,000 from their retirement plans. Savers under age 59½ can now […]
If you’re not good at maintaining a household budget, you’re not alone. Many families operate without a spending plan, and even those who think they are budgeting may not actually be doing so. Nearly 60% of people say they don’t track spending, and 2 in 5 have never had a budget, according to a 2019 […]
It’s the $1 million question for those nearing retirement. How much can you spend each year without running out of money? It’s a question I examine in my book, Retire Before Mom and Dad. The answer most commonly cited is 4%. Based on a 1994 paper published by William Bengen in the Journal of Financial Planning, […]
Here are common retiree regrets to avoid: 1. Moving on a whim: The lure of warmer climates has long been the siren call of many who are approaching retirement. But test the waters before you make a permanent move. Too many folks have trudged off to what they thought was a dream destination only to find […]
The $600 boost to weekly unemployment benefits will likely end in a matter of days. That will slash household income for millions, potentially jeopardizing their ability to pay for bills like rent and groceries. In May, the average American got $321 a week in unemployment aid, according to U.S. Labor Department data. (That’s without the […]
Though investing in stocks is a great way to grow wealth, you need safer investments, like bonds, in your portfolio as well to offset the risk of buying stocks, especially as you start getting closer to retirement. And in that regard, you have choices. You can buy corporate bonds — those issued by corporations — […]
Retirement planning becomes more important with every passing decade. But the typical American’s earnings peak in their 40s, so it might seem like the perfect time to loosen the purse strings and splurge. Not so fast, says Chris Hogan, a financial expert and bestselling author. In his 2016 book “Retire Inspired: It’s Not an Age, […]
Trump Says Second Stimulus Check Is Coming “Very Soon!”: Considering the USA’s crumbling economy, and the advent of Coronavirus Pandemic, the President, Donald Trump has recently assured the citizens that the Second Stimulus Check is coming soon! The first wave of Stimulus Check happened in 2009 during the reign of former President Barack Obama. It happened […]
Many retirees are spending their retirement savings quite frugally, according to a handful of recent reports and studies. These studies—from the Employee Benefits Research Institute, United Income, and the Boston College Center for Retirement Research—reveal that as a result, retirees might end up passing away with a lot of money in the bank, money they […]
Environmental, Sustainable and Governance (ESG) focused investments are performing as well, if not better, than traditional investments. In 2019, $21.4 billion went into sustainable funds, according to investment researcher Morningstar and this trend is strengthening, with deposits of $10.5 billion in the first quarter of 2020 alone. One out of every four investment dollars is in […]
THERE AREN’T MANY positives to take from the coronavirus pandemic, but there may be some upside. For instance, you may have relished the extra family time while sheltering in place. Or maybe you’ve taken far more nature walks than you did in the past – and plan to continue them even after the pandemic. And, […]
