When things go sideways, as they inevitably will, you’ll need cash. That’s what the rainy day fund — aka the emergency fund, savings pool or cash stash — is all about. Generally, the rule of thumb is three to six months’ expenses. Some experts even recommend tucking away even more. Is that even possible? Less […]
A military career isn’t typically the path to take if someone’s looking to reach hallowed “FIRE” territory — financial independence, retire early. But, with a little help, it is possible, according to Kupiga, as he refers to himself online. Having served in the military since he was 20 years old, Kupiga is already celebrating his retirement at […]
Contrary to popular perception, millennials actually are saving. But it’s not necessarily a good thing — at least for the economy. That millennials are saving more than their parents did is creating an “economic imbalance,” reported Pippa Stevens for CNBC. Data from the St. Louis Federal Reserve indicates the personal savings rate in the US […]
When it comes to health savings accounts, they all carry the same three major tax benefits. But that’s about where the similarities end. Tax-favored accounts for medical expenses, so-called HSAs are often paired with high-deductible insurance plans. These accounts come with three primary benefits: You can contribute to them on a pretax or a tax-deductible […]
In the mid-2000s, Michael Burry smelled trouble in the housing market, realizing that big banks were packaging shady subprime mortgages and reselling them as surefire investments. He concluded that it would lead to a spectacular collapse, made a huge bet against the market and, ultimately, tons of money. His story was dramatized in the book […]
About 40% of students say that when it comes to picking which college they will attend, the most determining factor is the “overall fit,” according to a recent survey by the Princeton Review. Only about 9% of students cited affordability as the most important element in choosing their school. That’s happening, in part, because parents, […]
Emergencies occur. So, it makes sense to start putting money aside. Yet many Americans aren’t. In fact, 28% of Americans have no emergency savings, a July survey from personal financial website Bankrate.com found. “Financial emergencies will happen, it’s only a matter of when,” said Kathy Kraninger, director of the Consumer Financial Protection Bureau. To help […]
Individual states do determine whether contributions are tax deductible, she said. Mott said initially, these accounts were created to encourage saving for college, but in 2017 the distribution rules were amended to cover secondary public, private and religious schools for beneficiaries in kindergarten through 12th grade. However, there is an annual limit of $10,000 that […]
General Electric’s move to significantly lower its pension liabilities is simply the latest in a sweeping corporate pivot away from guaranteed retirement benefits. GE on Monday announced that it would offer lump-sum pension buyouts to about 100,000 former U.S. employees who have not yet begun receiving their pensions. The company, which has been facing pressure […]
Social Security is so vital to so many people’s retirement plans, and yet is so shrouded in uncertainty. Some of this is beyond our control, but you have more power than you think when it comes to determining the size of your checks. Understanding how your decisions affect your Social Security benefits can help you […]
Struggling to save enough for retirement seems to be just part of the human experience for the majority of Americans. Six in 10 say they’re behind on savings and need to catch up, according to a recent TD Ameritrade survey. Most of them understand the importance of saving for their future and are willing to […]
Millennials — the selfie obsessed, avocado toast-loving generation — might be behind slower economic growth, according to a research note last week from Raymond James. This new generation, scarred by the financial crisis, is saving more than the free-spending boomers did before them, and it’s causing an economic imbalance. According to data from the St. […]
