Most of us aren’t interested in holding down a job into our 80s, and nobody wants to be a financial burden on others, yet far too many people experience one or both of these fates because they fail to properly save for retirement. How much you’ll need to save in order to afford to stop […]
If the government agrees on a second stimulus check and you met the requirements for the first economic stimulus payment in 2020, you’ll automatically qualify for the new one, right? We hate to pop your bubble, but not so fast. Lawmakers haven’t decided who would qualify for more stimulus money or how much they would […]
Certain groups of workers, like the self-employed and those in the gig economy, are pulling in an increasing share of jobless benefits relative to others. Around 12.9 million Americans are collecting unemployment benefits through the Pandemic Unemployment Assistance program, according to most recent Labor Department data. That program, created by the federal CARES Act relief […]
Personal finance hacks are not easy because shortcuts rarely exist. Rewards take time and effort. The personal finance industry — filled with advice that sounds and feels good, but doesn’t actually move the needle — needs to recognize this. As a partner at a venture capital firm who has spent much of his career studying and writing about behavioral finance, I’ve […]
In the U.S., taxes work on a pay-as-you-go basis, and it’s not a perfect system. If you’re a salaried worker, you claim allowances on your W-4 withholding form each year, and based on that information, your employer holds back a certain portion of your income for tax purposes that gets paid to the IRS. Most […]
Investing is a powerful way to maximize savings. But because of its risky nature, it pays to be prudent. If your living expenses are taken care of and you’re deciding where to put your next dollar, following a financial planner-created framework might be helpful. Here are the steps Phuong Luong, certified financial planner and founder of Just […]
Saving for retirement can be hard. Planning how to spend that nest egg — while ensuring the money doesn’t run out — is harder. But there’s good news: Americans can build a simple, low-cost retirement plan using just Social Security and savings, according to experts. From an academic standpoint, the “optimal” retirement strategy combines two […]
Lima City Council will be looking at a program to incentivize early retirement for city employees. Council will be voting on legislation to set up a “Voluntary Retirement Incentive Program.” Because of the COVID-19 outbreak, Lima is seeing a significant loss of tax revenues and service charge revenues and will be forced to cut around […]
The pandemic that shuttered businesses and left 40 million Americans unemployed also means fewer dollars flowing into Social Security’s coffers. What does this bode for people collecting benefits or who hope to do so one day? The good news is that Social Security can pay 100% of benefits for the next dozen or so years […]
You’ve seen the news. COVID-19 is still taking its toll, to the extent that several states are closing up bars and restaurants, once again. You’re right to worry about how a second wave might affect your retirement savings and what steps you should take to protect your assets. Your next move mostly depends on when […]
Social Security has been referred to as a near-perfect source of retirement income by the Stanford Center for Longevity. There are a few simple reasons for that, including the fact you won’t ever have to worry about the money running out during your lifetime. Since this source of retirement funds is so important, you don’t want to […]
Withdrawing money from a 401(k) before age 59 1/2 is usually an extremely expensive proposition since you’re hit with a 10% tax penalty on your early distribution. The CARES Act aimed to change that by allowing you to take a penalty-free withdrawal of up to $100,000, or 100% of your vested account balance — whichever is less. While this […]
