For months, we’ve been talking about our topsy-turvy economy and what it could mean for your finances if we experience a recession. And while the sheer occurrence of a recession isn’t anything to get worked up about on its surface, there’s the issue of the Great Recession still weighing on a lot of us. Maybe […]
A new Form 1040 tailored to taxpayers 65 and older is making its debut. In mid-July, the IRS released a draft form of the 1040-SR, “U.S. Tax Return for Seniors.” The form is designed to be easy for seniors to use and highlights retirement income streams and other tax benefits for older taxpayers. People 65 […]
Getting through a day of work can be challenging. But it can also be challenging not having to work. Take it from Kristy Shen and Bryce Leung of Millennial Revolution. The two former computer engineers quit their jobs at 31 as millionaires to travel the world. In their book, ” Quit Like a Millionaire,” they […]
From the 1980s through 2007, household saving followed a predictable pattern. It typically rose after a recession as people paid down debt and rebuilt balance sheets, then declined as they grew more optimistic—and spendthrift. That hasn’t happened during the current expansion. The personal-saving rate, the portion of after-tax income that consumers don’t spend, rose from […]
Plenty of parents start their kids off with a piggy bank to underscore the importance of savings. Very few teach their children how to invest. “Investing is something a lot of parents struggle with,” said Roger Young, a senior financial planner at T. Rowe Price in Owings Mills, Maryland. Parents who don’t have best habits […]
The Federal Reserve’s recent interest-rate cut might help frequent credit card users, but it offers nothing for people trying to build a cushion of savings. The central bank announced on Wednesday it was reducing its benchmark interest rate by one quarter of a percentage point, its second rate cut this year, and that could pinch your wallet, […]
When planning for your golden years, many people prefer to think about the “good” costs they’ll face. Considering vacations, home renovations, or new hobbies, it can be fun to plan for the leisurely side of retirement. But there are plenty of dangerous costs associated with your post-working years, too. In general, workers are most worried […]
Too many millennials (ages 23 to 38) are in the dark when it comes to their savings. Nearly half (48%) don’t know how much they have in their personal savings, according to data from Northwestern Mutual’s 2019 Planning & Progress Study, which polled more than 2,000 U.S. adults. It’s important to be aware of how much […]
Many people dream of retiring early, and for you, that could mean leaving the workforce during your 50s. And there are plenty of good reasons to go this route. By retiring young, you’ll get a chance to travel or enjoy your newfound free time at a point when you’re likely to have a decent amount of […]
It may seem like student loans and millennials are inextricably linked. But a new survey shows that education bills are not the leading source of debt among this generation. Millennials (defined here as ages 23 to 38) have racked up an average of $27,900 in personal debt, excluding mortgages, according to Northwestern Mutual’s 2019 Planning […]
Young Americans stressed about their financial health might take solace in one thing: they’re not alone. According to new data released by Northwestern Mutual on Tuesday, a significant percentage of millennials and other young Americans are carrying large amounts of personal debt—and feel guilty about it. Millennials on average carry $27,800 in personal debt, most […]
We all need money in savings, and if you don’t make an effort to accumulate some cash reserves, you’ll be in real trouble when emergencies arise. And although you may have every intention of saving money, your chances of success are limited if you fail to do these important things. 1. Follow a budget The […]
