Don’t throw away that debit card that just arrived in the mail — it could be your coronavirus stimulus payment. Instead of a paper check, the Treasury Department is sending economic impact payments in the form of prepaid debit cards to around 4 million people in order to expedite the arrival of the stimulus payments […]
Category: Personal Finance
Millionaire who saved 70% of his income and retired at 35: ‘We should all live by these 6 basic principles’
In 2016, after accumulating close to $1 million in savings, I quit my six-figure job in software development and retired at 35. A few months later, my wife Courtney joined me in early retirement. Not everyone will be able to retire in their 30s, but achieving financial independence is within grasp for many. It may not be […]
40% of Americans Don’t Think They Can Retire at All
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 […]
Is there a rent freeze in June? Can landlords evict tenants? Laws, late fees and what to do
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 […]
Thinking of taking money from your 401(k)? Check out this scary math first
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 […]
69% of Older Americans Are More Concerned About Retirement Than They Were a Year Ago
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 […]
Your 401(k) won’t be enough for retirement
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 […]
US mortgage rates fall; 30-year loan at all-time low 3.15%
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. […]
Student loan borrowers say the government is unfairly taking their tax refunds — here’s what they are doing about it
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 […]
The best moves you can make in retirement, from people who are nailing their senior years in style
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 […]
The No. 1 thing Americans are spending their stimulus checks on — even more than shopping at Costco, Walmart and Target
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 — […]
New IRA Offering Inches Bitcoin Closer To Your Retirement Account
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, […]