College-sponsored bank accounts ding students with millions of dollars in fees each year, according to a report by the Consumer Financial Protection Bureau. The Education Department under President Donald Trump never published the analysis but advocacy groups recently obtained it through a Freedom of Information Act request. The bureau reviewed 573 colleges across the country […]
Some traders are using cryptocurrency as collateral to secure loans, allowing them to keep their bitcoin and get cash while avoiding capital gains tax. Due to the popularity of the option, the crypto loan industry has been growing rapidly. Crypto Loans and Tax Implications The ups and downs that have been synonymous with the crypto market ever […]
If you feel confident that you will live comfortably in retirement, you might want to double-check how much you are really saving. A new survey from Natixis Investment Managers finds that 44 percent of American workers who participate in a 401(k) or other workplace retirement plan feel secure about their retirement, as long as they […]
Investing in the stock market might sound intimidating, but getting started can be simple. “For many people, the best way to start investing is to contribute money to their 401k or other employer retirement plan with a company match,” Ryan Cole, a CFP and private wealth advisor at Citrine Capital in San Francisco, told Business […]
A 401(k) account can be a surprisingly powerful aid in securing a financially sound retirement Opens a New Window. , particularly if you’ve been making annual contributions, and especially if your employer Opens a New Window. has been matching those contributions. (That’s free money!). That’s not to say these accounts are perfect. They’re not. Here […]
Auto-enrollment introduces millions of Americans to the concept of saving for retirement — but it’s not enough of a good thing. More companies are implementing automatic enrollment, in which new employees are signed up for a retirement plan, such as a 401(k) or 403(b), when they start their jobs. The money comes out of the […]
To save, or not to save. That question might not be yours. A growing number of companies direct money from their employees paychecks to a retirement account — even after a worker has said “no, thanks.” Auto-enrollment into retirement plans, of course, is not new. The practice has taken off in the workplace since President […]
Health can destroy wealth. Just in the past year, Americans borrowed an estimated $88 billion to cover health care costs, according to a survey from West Health and Gallup, released Tuesday. What’s more, 45% of Americans are concerned that a big health event could cause bankruptcy. They’re right to be concerned. More than two in three […]
WHEN PARTS OF THE FEDERAL GOVERNMENT SHUT DOWNtoward the end of last year, many Americans went without a paycheck or two. Crisis followed. A tax examiner for the IRS couldn’t afford to pick up his insulin prescription. A geologist for the Department of Interior was left with just $33. Some workers had to take on temporary jobs. For a […]
Sometimes too much financial help Opens a New Window. is a bad thing. A new study from Merrill Lynch shows that 79% of parents provide some financial support for their adult children. And Ramsey Solutions financial expert Chris Hogan said parents may actually be setting them up for failure. “It’s so important for us to […]
With Tax Day around the corner, more people are able to answer the question: Will I get a refund or do I owe? The big takeaway: You could be surprised at how the new Tax Cuts and Jobs Act affects your bottom line. ln fact, almost one-third of taxpayers who must pay up to the […]
It’s financial literacy month, do you know where your retirement is? CNBC Chairman Mark Hoffman rings the NASDAQ opening bell today to kick off the special month, created in 2003 to teach Americans how to establish and maintain healthy financial habits. Americans can sure use help with retirement. Baby boomers, in particular, have not saved nearly enough for […]
