Personal loans are the fastest-growing type of consumer debt. They can be an effective way to consolidate other forms of debt or to pay for an unplanned expense, like pricey home improvements or a car repair. In fact, more than 20 million consumers have a personal loan. If you’re among the ranks, you may be in […]
I’ve become obsessed with saving money in recent years. There are really only two ways to put aside more money: 1) make more or 2) spend less. I’m likely not in a position to make more for a little while, so my best bet in seeing my bank account balance grow at a faster rate […]
The COVID-19 crisis is making Americans rethink their retirement plans and alter the way they save for it. Specifically, 14% have decreased their retirement plan contributions, according to a new survey by TD Ameritrade, and 15% have already delayed retirement altogether. Realizing they may now retire with less money than expected, 51% of Americans are also gearing up to […]
The coronavirus crisis has had a huge impact on everybody’s lives. As well as rapidly having to adapt to a new way of life, most of us have also been affected financially. Some have lost jobs or had their salary cut, while others have ended up saving money simply due to spending less. New research […]
Retirement security is something every American deserves, but sadly there are millions of current and future retirees who won’t have the funds they need to provide financial stability. While there are many factors affecting retirement readiness, one of the big problems is that far too many people haven’t put a solid plan in place. In […]
If you think Medicare is free, guess again. Depending on your specific coverage and your use of the health-care system, the amount you pay out-of-pocket could climb well into six-figure territory over the course of your retirement, according to a report from the Employee Benefit Research Institute. “Some are surprised that, after working for decades […]
Are you setting yourself up for a tax problem caused by your retirement savings? Too often, people hear the tax-deductible and tax-deferred side of the story and assume that means tax-free. Not so, unfortunately. Recently a new client shared that she had made a withdrawal after age 59 ½ and found herself owing a tax […]
With much of the country beginning to reopen after months of lockdown due to COVID-19, many consumers are celebrating the return of small businesses. But some may not be able to open their doors, or at least not for long. As of mid-May, more than 100,000 small businesses across the U.S. had closed on a […]
When Microsoft (NASDAQ: MSFT) co-founder Bill Gates speaks, people tend to listen. Not only is Gates an acclaimed businessman and investor, he’s also a well-known philanthropist who’s made it clear that he’s passionate about educating others. As such, it pays to take a lesson or two from someone who’s managed to accumulate well over $100 billion in his lifetime. […]
According to the Department of Labor, the cost of groceries shot up from March to April. The price of meat, eggs, poultry and fish rose about 4.3 percent, cereal and baked goods went up 2.9 percent, and fruits and vegetables cost about 1.5 percent more. Many grocers also aren’t running as many discounts or promotions […]
The U.S. economy officially peaked in February and has since entered a recession, ending the longest expansion on record, the National Bureau of Economic Research declared Monday. This recession — spurred by the coronavirus pandemic and subsequent public health response — is an unusual one, NBER’s Business Cycle Dating Committee said in a statement. However, “the unprecedented magnitude of […]
401(k)s offer tax advantages, employer funded matching contributions, and convenient, automated deposits. Plus, the IRS discourages 401(k) withdrawals prior to retirement age — a good thing for anyone who has trouble saving. Still, there’s a case to be made for investing outside your 401(k) once you’ve maxed out your company match. And that case is […]
