Even though Shang Saavedra and her husband have been financially independent for about three years, Saavedra only recently stopped working so she could take a year-long maternity leave for her first child. The couple lives in Manhattan and are followers of the F.I.R.E. Movement — which means Financial Independence, Retire Early. However, Saavedra and her […]
Millions of workers contribute to a 401(k) plan so they can have more money when they retire — and then sometimes, when they get to that point in their lives, they don’t touch those accounts for another few years. More than half of workers — 55% — are choosing to leave their assets in their […]
Is it possible to retire in your 40s or even earlier? One couple from San Francisco, California is saying yes, and sharing their tips. In July of this year, Amon Browning, 39 and his wife, Christina, 41, parents of two daughters, announced in a YouTube video that they “are financially independent and have retired early” […]
The Federal Reserve’s decision to cut interest rates by a quarter point for the third time this year is meant to bolster the economy. Everyday Americans may lose some ground. On the one hand, lower rates often mean cheaper loans, which can impact your mortgage, home equity loan, credit card, student loan tab and car payment. […]
Sen. Mitt Romney, R-Utah, is taking the lead on a new proposal aimed at fixing funding shortfalls for Social Security, Medicare and the nation’s crumbling highways. What the plan may mean for the future of Social Security has some advocacy groups concerned. Romney, together with a group of senators from both sides of the aisle, […]
There are a lot of gloomy headlines out there about how Americans are struggling financially. And while it’s true that many workers are not as prepared as they should be (only 28% of Americans are considered to be financially healthy, a report from research company Financial Health Network found), that doesn’t mean the average worker […]
As you choose your benefits for 2020, don’t overlook a key saving account that could beat your 401(k) plan — at least in terms of taxes. This year, nearly 3 in 10 employers that offer workplace benefits provided a high-deductible health insurance plan along with a tax-advantaged savings account, according to data from the Kaiser […]
It’s possible to live on Social Security if you scale your expenses accordingly. That means you have to find a way to keep your housing costs as low as possible since, for most people, that’s the biggest expense they pay each month. Possible, it should be noted, does not mean it’s a good idea. Social […]
This would seem to be a reasonably straightforward question to answer. On the surface, it would appear a federal employee could add up his assets (TSP, IRA’s, savings, etc.) then subtract his debts (mortgage, credit cards, car loans, etc.), and voilà…he would have the result. Not exactly! This will tell you your current net worth, […]
As cost-of-living adjustments (COLA) go, it’s paltry. Some 68 million Social Security beneficiaries will receive a 1.6% increase in their monthly check starting in 2020. That means the average Social Security beneficiary will see their benefit increase by just $23.40 a month to $1,460. What’s more, some of the increase will be used to offset […]
When you’re trying to balance multiple financial responsibilities at the same time, saving for retirement may seem like a lesser priority than your other tasks. In fact, 42% of workers say they don’t want to think about retirement planning until they get closer to retirement age, a survey from the Transamerica Center for Retirement Studies […]
With some experts warning that $1 million in retirement savings might not even do the trick these days, it’s understandable if you’re kept up at night wondering: Will I have enough? Here’s another question worth asking: How should I spend what I have? A good answer to the latter can help you with the former. […]
