Rising interest rates did nothing to deter an onslaught of mortgage demand from homebuyers. Applications for loans to purchase a home rose 5% last week from the previous week and were 13% higher than a year ago, according to the Mortgage Bankers Association’s seasonally adjusted index. Mortgage rates started the week near a record low […]
Social Security has long been an important source of income for retirees, and it could become even more so due to the coronavirus. Many workers will be forced to claim benefits earlier than planned if the recession caused by COVID-19 leads to long-term job losses and unexpected early retirement. And other retirees may reduce their […]
For most Americans, retirement isn’t necessarily something to look forward to. Instead, it’s a source of financial concern, with a recent survey from Capital One showing that 68% of Americans think they won’t have enough money in their later years. And this was before the coronavirus, which has caused even more concern about retirement readiness […]
Your standard Social Security benefit is based on your working history over your 35 highest-earning years. To get the standard benefit amount, you need to retire at a specific age called your full retirement age (FRA). Depending on the year you were born, you’d need to retire between the ages of 66 and 67. Many […]
Companies are feeling the financial strain of the COVID-19 pandemic as much as their employees, and for some, keeping their doors open and their employees on the payroll requires certain sacrifices, at least for the time being. One of the most unfortunate losses for workers is 401(k) matching. If your company has temporarily done away […]
Preparing for retirement can be daunting, particularly if you’re nearing retirement age and your savings are falling short. You’ll likely need several hundred thousand dollars (if not more than $1 million) to enjoy retirement comfortably, and that’s a challenging goal to achieve. As a result, many older workers are choosing to put off retirement to […]
The U.S. government has sent 159 million stimulus checks to Americans. But there are still an estimated 30 million to 35 million payments yet to be issued, according to new data on the progress of the payments from the House Ways and Means Committee. The stimulus checks — up to $1,200 per individual or $2,400 […]
Social Security is an important source of retirement income for millions of American workers, so the good news is that benefits are not taxed by a majority of states, which allows retirees to keep a little more of their cash. However, there are about a dozen that tx the benefits, although their methods differ. It […]
If you’re eyeing your 401(k) account to help shore up your finances amid the coronavirus crisis, there are a couple of penalty-free ways you can do it if your employer allows it. Just be sure you’re aware of the long-term implications. Each of the options available — a loan or withdrawal — would impact your […]
Starting a budget is the first step to preparing for your financial future and getting out of debt. As important as it is, a Debt.com survey shows that 20% of American adults don’t set one. Developing a budget is hard work. Spending within your means — and resisting the allure of credit-card financing — requires discipline, sustained patience and constraint. […]
Your estate plan may be your last words to those you leave behind. If you’re a parent, you should think carefully about the message you’ll be sending. Parents who leave their children unequal inheritances risk fueling family feuds. But strictly equal bequests also can cause resentment if the heirs don’t see the distribution as fair. […]
Having an extra bedroom is a popular waste of space. It is often just a lightly used home office, or the guest bedroom that is occupied a grand total of maybe two weeks a year, or the bedroom for your kid who moved out eight years ago, but you don’t dare downsize because of the […]
