Nearly everyone wants to save as much as possible for retirement, but doing so is a lot easier said than done. Only 28% of baby boomers think they’re doing a good job of financially preparing for retirement, according to a survey from the Insured Retirement Institute. Millions of workers are falling behind on their savings, […]
Have you and your 401(k) plan ridden this relentless bull market into glorious millionaire territory? If so, congratulations! Well done. Etc. Now here’s the bad news: “The new rule of thumb is $3 million.” That is financial planner Thomas Balcom explaining to Fortune why the long-held goal of a million bucks in retirement savings isn’t […]
Millions of retired seniors today collect Social Security, and for many, those benefits serve as their main source of income. But last year’s Trustees Report shed some unfavorable light on the state of Social Security’s finances. Specifically, it reported that the program’s trust funds are expected to run dry in 2035. As such, many working […]
Let’s face it: Saving for retirement can sometimes feel overwhelming. Money is the number one source of stress among Americans, according to a survey from Northwestern Mutual, and roughly half of survey participants admit feeling anxious, insecure, and/or fearful when it comes to their finances. When you start to feel overwhelmed by retirement preparation, it’s […]
The IRS began accepting 2019 tax returns Monday, January 27. Refunds are the biggest “paycheck” of the year for almost half of taxpayers, who often use them to pay bills or add to an emergency fund. The tax agency says most refunds will be paid within three weeks of filing. Whether it brings dread or […]
More than 40 years after rule changes started lowering the cost of trading stocks, we are now living in a perfect environment for beginning investors. No longer required to purchase stocks in 100 share bunches, investors are now able to purchase as little as one share. And most firms will allow people to open a brokerage account with a […]
New versions of the FICO score are coming, but that doesn’t necessarily mean you’ll have a harder time getting a loan. Fair Isaac Corp. FICO, -1.36%, which creates the widely-used FICO scores, will roll out two new credit scores this summer, the FICO Score 10 and the FICO Score 10 T. The changes FICO has […]
If you have yet to step into the role of caregiver, there’s a good chance it may be in your future. A 2017 joint survey by Merrill Lynch and Age Wave estimated that 40 million Americans have already served as a caregiver. With the advancing age of baby boomers, 20 million more are expected to […]
Many workers put off retirement savings when they’re new to the workforce and they’re grappling with high levels of debt and limited earnings. But there comes a point when you really can’t afford to delay your long-term savings, and unfortunately, a large number of Gen Xers are already well past it. A surprising 50% of […]
The Tax Cuts and Jobs Act was the most sweeping overhaul to the United States tax code in three decades. In addition to lowering the tax bills for the majority of Americans, the tax reform bill also simplified the tax code tremendously. One of the ways the tax code has been simplified is that there […]
Feeling restless at work again? It won’t help to count the days until you retire, especially if those days number in the thousands. That might only get you thinking about the contradiction of retirement: By the time we have the freedom to do what we want, we could be too old to enjoy it. Of […]
If you happen to hit the next Powerball jackpot, brace yourself for the life-changing decisions ahead of you. With no one matching all six numbers drawn on Wednesday, the top prize has jumped to $373 million for Saturday night’s drawing. And while winning such a huge amount could open a world of possibility, formulating a […]
