Setting specific financial goals is often the first essential step toward achieving your dreams. After all, if you don’t have goals, you won’t know what to do with your money — and you won’t know if you’re on track to be prepared for important life milestones such as retirement. Unfortunately, it can be hard to […]
If you retired in your 40s, how much money would you need to live comfortably for the rest of your life? That’s one of the questions at the heart of the FIRE (financial independence, retire early) movement. Financial independence, at least for many online communities, is defined as having enough savings and investments to fund […]
Americans’ view of the strong U.S. economy appear to be increasingly heretical. Millions of American believe a downturn is coming: 40% of people polled by personal-finance site Bankrate.com say they feel the next recession has already begun or will begin within the next 12 months. These feeling, however, are divided along political lines. Democratic Americans […]
Often it’s the smallest charge that triggers the biggest fee. Overdraft fees, which is what banks charge when transactions including debit card purchases cause your account to drop below zero, average $35 — nearly twice the size of the average $20 debit card transaction, according to the Center for Responsible Lending. Altogether, customers of larger […]
ESTABLISHED IN 1997, the Roth individual retirement account has long been a favored option for retirement savings due to its promise of tax-free withdrawals in retirement. To make the most of this type of account, it’s essential to pay close attention to the rules. “As with just about any tax break, there are loopholes and pitfalls to realizing real […]
For all the hype about the upcoming presidential election in 2020, there is something coming earlier that is much bigger, and its ramifications for the global economy will last for decades. What am I talking about? The first wave of millennials is about to turn 40. That’s right. This super-caffeinated, highly educated generation is rapidly […]
We all make mistakes, but some cost us more than others. As you grow older, money mistakes can have bigger and bigger consequences. Financial miscues can affect your ability to buy a home, put your kids through college, advance your career or retire without worry. It can be hard to plan ahead and know what […]
Most Americans aren’t saving enough for retirement, leading to big retirement-savings shortfalls. In fact, according to Employee Benefit Research Institute (EBRI), more than four in 10 families where the head of household is between the ages of 35 and 64 will run short of money during their retirement. Not all households are equally short on […]
According to a recent Gallup poll, the average retirement age in the U.S. is 61. But enjoying your retirement hinges on whether you’ve saved enough money to live comfortably. “When people are going into retirement there are more and more things that they’re uncertain about. They’re uncertain about their health, uncertain about their income, are […]
There are dozens of factors to consider as you’re planning for retirement. How much should you be saving? What age should you retire? How much will you be receiving in Social Security benefits? One factor that’s probably not among your top concerns, however, is where to stash your cash. Not all retirement accounts are created […]
If you start saving around $400 a month in your 20s, you’ll likely be able to retire at age 67 with $1 million in the bank. But what if you’d rather reach that seven-figure milestone — and become financially independent — much sooner? CNBC calculated how much you need to save and invest each month in […]
Americans who are nearing retirement age have about $200,000 in their 401(k) accounts on average, a new survey found. According to Vanguard’s “How America Saves 2019” report, published this month, the average American worker aged 65 and older has about $192,877 in their 401(k) and a median balance of around $58,035. That’s nearly $20,000 more […]
