Royals aren’t the only ones leaning on family. As Prince Harry and Meghan, the Duke and Duchess of Sussex, struggle to become financially independent and forgo public funds, they are even more like the rest of us. More than half of millennials over 21 are receiving financial help from a parent or guardian, according to […]
Tax season is here, and whether you’re 23 or 53, it’s a good time to think about tax-saving strategies, particularly when it comes to retirement. While the biggest mistake is not having in place an overall financial plan and a risk management plan, there are smaller missteps you can easily correct that will help you […]
Everybody likes to get money back from the IRS, and as tax season has finally begun, millions of Americans hope that they’ll be able to get tax refunds after they file their returns this year. With more than 70% of taxpayers for the 2018 tax year having received refunds, it’s not uncommon to expect to […]
Social Security benefits in the United States aren’t well-understood by many pre-retirees. The benefit formula is a bit complex, and many people simply don’t have any idea how much they should expect to get. To look at one example, let’s say that you make $100,000 per year. Here’s a rundown of what this means in […]
The FIRE movement, short for “financial independence, retire early,” has many people dreaming of an early retirement. But while some people think “early retirement” means calling it a career at 55, some have far more ambitious retirement goals, aiming to retire as young as 40. But could you really have enough retirement savings to retire at 40? And […]
Today’s workers have their work cut out for them when it comes to preparing for retirement. Pensions are a thing of the past at most companies, and Social Security benefits are only intended to replace around 40% of your pre-retirement income. That means a significant chunk of your money in retirement will need to come […]
You have 15 or fewer years until retirement, you have a sound retirement financial plan that is adequately funded, and you’re counting down the years. And then, out of the blue, you’re let go. Your retirement financial plan becomes suddenly irrelevant, since it had assumed several more years of peak earnings, along with commensurately larger […]
It’s the gift that everybody wants: the ability to get a do-over when you make a mistake. In golf, it’s called a mulligan, or the chance to redo a stroke. With Social Security, it’s called a withdrawal of application. However, the circumstances under which you can exercise this option are limited. And you only get […]
Getting out of debt isn’t easy. It usually requires a lot of time and sacrifice. But having a game plan can make the process easier no matter how much you owe. If you’re not sure where to start, consider these six success stories about paying off debt with the help of simple tricks, tools, and strategies. […]
About 64 million Americans rely on Social Security benefits as a major part of their income in retirement. Consider these facts: Approximately 50% of married couples and 70% of unmarried persons receive 50% or more of their income in retirement from Social Security, according to the Social Security Administration. A good way to maximize your […]
It’s often reported that underfunded public employee pension systems create barriers to state and local governments’ ability to provide ample public services like education, parks, and libraries. Too often overlooked, however, is another looming fiscal challenge: the rising costs of paying for health insurance for America’s retired public employees. The Federal Reserve estimates that the […]
Social Security isn’t meant to sustain you in retirement by itself. Your benefits will replace around 40% of your former paycheck if you’re an average earner, and most seniors need far more than that to live comfortably. That’s why workers are often encouraged to save for retirement on their own. But in a recent TD […]
