Everyone who works for the government should know how to calculate a basic Civil Service Retirement System or Federal Employees Retirement Benefit estimate. The formula can be found on the Office of Personnel Management website. It requires only two pieces of data that most federal employees can estimate with a reasonable level of accuracy: high-three average salary and length […]
If you’re planning to make a big purchase or consolidate high-interest debt, a personal loan or a home equity loan could be an excellent way to obtain the funding you need. Depending on which option you choose, though, you may get different requirements, repayment terms, interest rates and more. Here’s what to consider to make the right choice for […]
On Wednesday, Ramit Sethi, personal finance coach and best-selling author of “I Will Teach You to be Rich,” took over the CNBC Make It Instagram page to answer reader questions and offer financial advice. During the live Q&A session, Sethi fielded questions from CNBC Make It Instagram followers on everything from how to earn more […]
A 401(k) is one of the best ways to save for retirement, but there’s more than one type of employer-sponsored retirement account and knowing the differences can give you more options in the long run. One of the biggest perks of contributing to a traditional 401(k) is that doing so can save you money on […]
More than a decade ago, the markets were sent into a tailspin during the financial crisis of 2008-2009. But it turns out investors who left their retirement nest eggs alone fared best. That’s according to research from J.P. Morgan, which used the firm’s own data combined with research from the Investment Company Institute. In fact, […]
According to the TransAmerica Center for Retirement Studies, most workers are woefully unprepared for retirement. Higher earners, however, have far more money saved than those with lower incomes. In fact, the median savings for workers with an annual household income of $100,000 or more is $222,000, compared with $3,000 for workers earning under $50,000. While […]
What to do with a $1,200 “check” from Uncle Sam? Why, invest it, of course. Stimulus checks have been tried before. The idea is, during times of economic stress, money placed in the pocket of the consumer will spark demand as money is recirculated into the economy. Dolly Levi, the matchmaker in Hello, Dolly! expressed […]
When you’re saving for retirement, the ultimate goal is to squirrel away enough to last the rest of your life. However, that’s much easier said than done. The median amount baby boomers have saved for retirement is just $152,000, according to a report from the Transamerica Center for Retirement Studies. Yet a separate survey from […]
When you work hard your entire life, you want a comfortable retirement to look forward to — and that means having enough money to pay your bills with enough left over for leisure and entertainment. But if you fall victim to these blunders, you could wind up in the opposite scenario — miserable and cash-strapped […]
Many workers are putting money toward retirement, whether they realize it or not. If you have a traditional job, you pay 6.2% of your salary in Social Security taxes. That number is then matched by your employer. And when you retire, you’ll be able to cash in and collect benefits based on all the years […]
Medicare is a crucial part of retirement, yet 72% of Americans say they wish they better understood how the program works, according to a survey from Nationwide. Healthcare expenses can be significant in retirement, so not fully understanding Medicare could be a costly mistake. And these three mistakes in particular could throw off your entire […]
One driving force behind your retirement relocation decision may be taxes. The wrong choice can eat up a whopping 40% of your cash flow, especially with property, income, excise, gasoline, fuel, sales and luxury taxes. Not to mention the estate tax and probate costs that form a merger between death and taxes. Don’t make the […]
