As a retiree in the United States, your monthly Social Security checks will likely help you make ends meet. Unfortunately, though, the average monthly check isn’t very big, coming in at just $1,503 in 2020. While the biggest factor affecting the size of that check is your yearly earnings over a lifetime of employment, there’s […]
Though not every worker has access to a 401(k) plan, those who are eligible to participate in one would be wise to capitalize on that option — especially as retirement nears. But in a recent survey by Principal Financial Group, roughly 16% of pre-retirees earning $100,000 or more per year are not participating in a […]
Most Americans are confident they will be able to retire comfortably. A 2019 study by the Transamerica Center for Retirement Studies and the Aegon Center for Longevity and Retirement found that 63% of U.S. workers are confident that they will be able to fully retire and still live well. And if they plan to stop […]
What do the changes to state workers’ 401(k) plans mean for me? California state workers soon will face higher fees and have fewer investment options in the retirement savings plans many use to supplement their pensions. We heard from several workers about the changes. Savings Plus, which manages the plans under CalHR, will offer six […]
If you want to improve your financial know-how, there are plenty of opportunities to do so. From short online tutorials to extensive in-person bootcamps, the number of “Money 101” classes has ballooned since the Great Recession. And yet, when it comes to financial literacy, Americans are still falling far short. According to a survey by […]
Unless you’re lucky enough to have a full pension and benefits, most of us will need to work until at least age 66 to save enough money for a comfortable retirement. According to Forbes, 64 percent of all Americans will essentially retire broke. Local author and entrepreneur Rachel Richards said she believes setting yourself up […]
PRIOR TO THE PASSAGE OF the Tax Cuts and Jobs Act of 2017, some newly married couples received an unpleasant surprise at tax time. Spouses who earned similar amounts of money – especially those considered high earners – often found themselves subject to a marriage tax penalty. “The marriage tax penalty means that when you’re […]
You may be overlooking one retirement investment choice. That’s the ability to put away post-tax money through a Roth individual retirement account. Recent research from TD Ameritrade finds that many individuals are confused when it comes to Roth IRAs. And that means many people are leaving cash on the table when it comes to maximizing […]
Breaking up is hard to do. Still, breaking up with your bank can put money in your pocket. Most of us have sat across from a friend and said, “You can do better.” The truth is, if we look closely enough at our own lives, there are a number of things we could do better. […]
If you feel like you can’t get ahead in life, you’re not alone. According to data from the Bureau of Labor Statistics, making more money generally translates to spending more money. That’s called lifestyle creep, and it’s public enemy No. 1 with respect to retirement savings. Lifestyle creep, also known as lifestyle inflation, is the […]
The percentage of Americans whose families have trouble paying medical bills has generally declined in recent years, according to a recent government report, but a substantial number of people continue to struggle. The share of people in families with problems paying medical bills in the past year fell overall from 19.7% in 2011 to 14.2% […]
Hacking your finances — ordering water instead of cocktails, moving to a less expensive area or hoarding grocery coupons just to save a few bucks — has become a bit of an obsession among Americans, especially millennials, looking to get rich and retire early. Eating $0.69 ramen and skimping on $8 avocado toast isn’t a […]
