Saving for retirement has long been a source of concern for many Americans. It’s a difficult task, especially with costs rising, pensions fast becoming a thing of the past, and the future of Social Security looking uncertain. Now, with the COVID-19 pandemic slowing our economy to a crawl, some people are writing off retirement as […]
June 1 is days away, and for the millions of Americans who are out of work, pressing questions about making rent on your apartment home are inevitable. What happens if you can’t make rent in June, July or August, for that matter — will you get evicted? What kinds of resources and protections are available […]
Never has the money sitting in your 401(k) retirement savings plan looked so enticing. Thanks to the CARES Act stimulus package Congress passed in March, if you’ve been negatively impacted by the coronavirus pandemic, you can pull up to $100,000 from your retirement account through the end of the year, without being dinged the usual […]
It’s natural to have retirement concerns under normal circumstances, but during a pandemic, those worries can surely escalate. In fact, 69% of Americans in their 50s are more concerned about retirement today than they were a year ago, as per the May 2020 Simplywise Retirement Confidence Index. If you feel similarly, here are a few important […]
In light of the continuing pandemic, Congress has temporarily changed the rules on hardship withdrawals from your 401(k). It’s easier to take money out penalty-free, up to $100,000, and you can pay it back and avoid the tax hit. But should you even think about raiding your 401(k) plan? Vanguard, the investment firm founded by […]
WASHINGTON — Long-term U.S. mortgage rates fell this week as the key 30-year home loan marked an all-time low for the third time in the last few months since the coronavirus outbreak took hold. Mortgage buyer Freddie Mac reported Thursday that the average rate on the 30-year loan tumbled to 3.15% from 3.24% last week. […]
Thousands of student loan borrowers who seriously need their tax refund money now aren’t getting it because the federal government isn’t following its own rules, a new lawsuit charges. The $2.2 trillion stimulus bill passed in March put a six-month pause on the Department of Education’s ability to take someone’s tax refund money and apply […]
Retirees are feeling the pinch from Covid-19. The financial app Personal Capital found that from Jan. 31 to March 31, retirement balances dipped by 10% for people in their 60s. Those in their 70s saw their accounts slip 8.5% during the same period. Retirement in general seems shakier now. In fact, almost 1 in 4 […]
Nearly one-third (30%) of people said they used their stimulus checks to pay bills, according to a survey released this week, another sign that Americans are struggling to make ends meet, particularly with more than 38 million people filing for unemployment since mid-March. Those bills — including for cellphones, utilities, cable TV and rent — […]
Ever since cryptocurrencies busted on the scene, they’ve fought to grow their legitimacy by gaining access to retirement accounts. It’s a particularly valuable spot for the asset. Within an individual retirement account (IRA), for example, you could, theoretically, hold the majority of your coins never spending the investment as they grow, tax-free. Once you withdraw, […]
Even before the COVID-19 pandemic pounded the economy, research had shown that maybe four out of 10 Americans retired before they had planned. This fact comes from Scott Wardell, an Eden Prairie financial planner and adviser who in 2013 published “Retiring in Turbulent Times,” walking readers through the financial lives of nine families who had […]
A House bill with bipartisan support would allow 2020 college graduates to postpone their student loan payments for three years without interest accruing. Meanwhile, Sen. Mitt Romney, R-Utah, has introduced legislation in the Senate that would do the same. “Students graduating from college this year are suddenly facing significant hurdles entering the workforce,” Romney said […]
