Most people who start saving for retirement expect things to go well. However, a number of wrong turns can make it hard for your nest egg to grow. Recent research at Boston College found that a 25-year-old with a median income who contributed regularly to his or her 401(k) account starting in 1981 — when the […]
To take control of your financial future, you have to make sure you are managing, growing and protecting your money properly. It’s easy to get scared off by the thought of numbers and spreadsheets — but don’t. Instead, think of your financial health as a part of your overall wellness. “Research shows that financial worries […]
You’ve likely heard the pitch, “Would you like to apply for a store card?” as you’re making purchases. Many times, you should just say no to that offer, new research shows. That’s because many stores will try to lure customers with terms like “0% interest” or “special financing.” Once the initial time period ends, that […]
When you weigh the cost and benefits, personal loans are a smart play in these three scenarios. Personal loans are one of the most versatile types of loans because you can use them for just about anything. But the fact that they don’t require any collateral means that they aren’t always the most affordable option. […]
Finances can be a touchy subject for many people. In fact, 57% of Americans say they intentionally avoid discussing money with friends, according to a survey from eMoney Advisor. Among those who are working with a financial advisor, nearly one-third say they’re not completely honest about their spending habits. It can be tempting to avoid […]
As clients get older, they often start to feel obligated to retire. They love working, but they are 65 or older and all their friends are doing it. The traditional concept of retirement is called a “cliff retirement” because it is so abrupt. One day you are working full time, and the next you are […]
Without retirement savings, you’ll risk struggling financially later in life. That’s because Social Security won’t provide enough income for you to live comfortably. If you’re an average earner, you can expect those benefits to replace about 40% of your pre-retirement income, but most seniors need more like 70% to 80% of their former earnings, and […]
There’s a lot of information out there about the ideal way to save for retirement, and it can be overwhelming and downright stressful trying to absorb it all and make the best financial choices. In fact, roughly half of Americans report feeling anxious, insecure, or even scared about their finances, a survey from Northwestern Mutual […]
Saving money is difficult, and if you’re having trouble socking cash away for the future, you’re not alone. Roughly a quarter of U.S. workers have less than $1,000 saved, according to a report from the Employee Benefit Research Institute, and nearly half have less than $25,000 in total savings. Saving for retirement is a particular […]
No matter your income or background, you’ll probably experience a few financial emergencies in your lifetime. A tree might fall on your house during a storm. You might lose your job and be out of work for a couple of months. Your kid might break an arm and need to go to the emergency room. […]
Retirement is an adventure, and it can be the perfect time to start fresh with a new beginning. For some people, that may mean living out their golden years in a different city. Moving during retirement is a big decision that shouldn’t be taken lightly, and it’s not always the right decision for everyone. Some […]
If you want a financially secure retirement, you have to save for it. But it’s hard to get an early start on your retirement savings, especially with all the demands on your hard-earned money for immediate needs. Balancing current and future financial necessities can seem next to impossible. Unfortunately, it’s all too common for people […]
