Knowing your net worth isn’t just for the 1%. Even if you don’t fly in first class or summer in the Hamptons, this simple equation is an important tool that says a lot about your financial health. Still, most people don’t bother to calculate it. That’s a mistake. “It’s the first snapshot into an overall […]
LAST YEAR, 14.4 MILLION people were victims of identity fraud, according to the 2019 Identity Fraud Study from research and advisory firm Javelin. Nearly a quarter of victims had unreimbursed personal expenses related to the fraud, and the median loss was $375 among cases reported to the Federal Trade Commission. While not all fraud rises […]
After hearing so many stories of people saving hundreds of thousands or millions of dollars and then quitting their day jobs, it’s natural to wonder, “Can I do the same?” That’s the question one Reddit user, called “Firetaway” on the site, posed to the financial independence sub-section of the online forum, and provided plenty of […]
It’s no secret that many millennials feel regret over their student loans and prioritize paying them off as a result. But if you don’t start saving for retirement at the same time, you’re likely to end up with a different regret when your career is over. A recent report from Bankrate found that three quarters […]
Certain retirement expenses, like transportation, utilities, and communication services, are fairly predictable. But if there’s one senior expense that can be difficult to nail down, it’s healthcare. There are so many variables that go into that equation, especially the evolving state of one’s health. But there are estimates out there as to what healthcare in […]
If you’re fortunate enough to have access to a 401(k) through your employer, take full advantage of it. Only around 53% of workers over the age of 22 have access to a defined contribution plan, such as a 401(k), according to a Pew survey. Of those who have access to this type of plan, however, […]
When you’re creeping toward retirement age with little to no savings, it can be tempting to lean on your Social Security benefits a little too heavily. For those with average earnings, benefits are only designed to replace around 40% of your income. And yet half of baby boomers say they expect Social Security to be […]
When it comes to retirement savings, many Americans miss the mark. On average, Americans believe they need $1.7 million to retire, according to a recent survey from Charles Schwab, which looked at 1,000 401(k) plan participants nationwide. In fact, “that’s a pretty good number if you average out age and median salary across the U.S.,” […]
Before you head to the beach, use this tax-advantaged account to stock up on summer necessities. Flexible spending accounts allow workers to sock away cash on a pretax basis into a savings account. You can take tax-free distributions from your FSA as long as the money goes toward qualified medical expenses. Last year, about 3 […]
It says something about the industry that there aren’t many retailers that qualify as a Dividend Aristocrats by having boosted annual payouts for at least 25 consecutive years. Competition is fierce, profit margins are thin, and shifting consumer demand trends make it difficult to manage the business for the long term — let alone to […]
For many retirees, Social Security is the difference between enjoying a comfortable retirement and barely scraping by. Nearly half of married beneficiaries rely on their Social Security checks for at least 50% of their income, according to the Social Security Administration, and around 21% rely on their benefits for at least 90% of their retirement […]
When it comes to retirement savings, many Americans miss the mark. On average, Americans believe they need $1.7 million to retire, according to a recent survey from Charles Schwab, which looked at 1,000 401(k) plan participants nationwide. In fact, “that’s a pretty good number if you average out age and median salary across the U.S.,” […]
