Federal authorities have a consumer warning for shoppers. Hidden skimming devices (commonly thought to be attached to gas station pumps and ATMs) have gone high-tech. “It’s hard to put really — definite numbers around it. But one thing we know for sure is that millions of credit card numbers have been stolen, even over the […]
Retirement is more expensive than ever, and if your savings aren’t keeping up, you’re not alone: The average retirees in the U.S. are expected to outlive their savings by around 10 years, according to a study from the World Economic Forum. If you run out of cash before the end of retirement, you may have […]
Some Americans are pinning their retirement hopes on their homes, betting that housing appreciation will continue and compensate for their lack of savings. But experts warn that adults shouldn’t bank on houses as their only retirement investment – even if real estate appreciation continues. One in 4 U.S. homeowners plan to use their home to […]
Someone in Florida woke up an awful lot richer Thursday morning. A single ticket sold in the Sunshine State matched all six numbers in Wednesday night’s drawing, nabbing the $396.9 million jackpot. Next up for the winner? Figuring out how to manage their new wealth. Among past recipients of huge jackpots — whether Powerball or […]
Millennials can get a bad rap for how they handle money, but according to a new study, young people are beginning to stash away money for retirement earlier than previous generations. Published on Thursday, Bank of America’s 2020 Better Money Habits Millennial Report found that millennials — Americans between the ages of 24 and 41 […]
Though there’s no magic savings number that guarantees financial security during retirement, as a good rule of thumb, it’s smart to close out your career with about 10 times your ending salary socked away. The reason? Social Security will only replace about 40% of the income you’re used to if you’re an average earner. If […]
Your credit score can determine whether you can buy a car, get certain jobs or rent an apartment. It’s a big deal. And so is this: Credit scores for many Americans are about to change — even if they don’t do anything. The changes will be extensive. About 40 million Americans are likely to see […]
Housing may be the key to bigger savings. Earlier this week, a Reddit post — from a 48-year-old woman claiming to be a millionaire despite having only low-paying jobs until about age 30 — went viral, and in it she details some extreme frugality. She says she saves tea bags so she can make multiple […]
If you put your money in the right places, it can grow substantially over time, thanks to the power of compound interest. It could even double, while you don’t have to do a thing. Want to figure out just how fast your money could grow? The “Rule of 72” approximates how many years it will […]
How does your saving for retirement compare to nest eggs built by other people your age? Are your IRA and 401(k) balances bigger? Smaller? If you are an active saver, chances are that your savings for retirement are much bigger than the average American’s. Active savers — in this case, Americans who own an IRA […]
The steps to follow in order to become a millionaire are simple. Save money, regularly, over time. However, there would be many more people reaching this wealth-building milestone if it were easy. While the net worth of many hard-working Americans skyrocketed during the last decade, nearly half of all families have nothing saved for retirement. […]
Here’s a head-scratcher: Getting a raise could hurt your standard of living in retirement. That conclusion seems counterintuitive. After all, wouldn’t saving the same percentage of a larger paycheck yield more savings, and therefore a healthier retirement? Not exactly, according to new research published by Morningstar. “Raises — and how we spend them — can […]
