Every month for more than 15 years, Lois Brayfield automatically contributed $100 to $200 to her sons’ 529 college savings plans. By 2018, one of her sons pointed out that she’d done more than rack up $110,000 of 529 savings — she’d given them a leg on which to stand. “He said, ‘Mom, I can’t […]
Many older workers sign up for Medicare Part A as soon as they turn 65, even if they’re still working and have insurance through their job. For most of them, Part A, which covers hospitalizations, doesn’t cost anything, and it may pay for expenses the employer plan doesn’t cover. But there is one caveat if […]
Andrew Biggs, American Enterprise Institute scholar (and fellow Forbes contributor) has a new article at the Washington Post, “State-run retirement plans are the wrong way to protect the poor,” in which he addresses the new auto-enrollment state-managed IRA plans. Five states are launching plans to automatically enroll employees, predominantly lower-income workers, in state-administered individual retirement […]
For most of us, retirement is a goal we hope will allow us to enjoy the fruits of previous sacrifices. While advance preparation clearly increases the likelihood that we can enjoy our “golden years,” there are many circumstances that dictate whether retirement is an opportunity or a burden. Most of us would also like to […]
Saving money is a little bit of an obsession of personal finance and early retirement bloggers. We fill the digital airwaves with wickedly creative “hacks” to save a buck or two with virtually everything we do. Like going out to eat. Or shopping in bulk. Or refusing warranties. Surely, saving money has something to do […]
Money can be a tense subject for couples, with topics such as debt, credit history and attitudes toward handling finances liable to lead to heated arguments. Spouses, who have promised to love and cherish each other, can turn into judgmental and cruel critics when their financial philosophies collide. Still, “most couples feel they are on […]
Almost everyone wants to talk about how busy or tired they are. But speaking about these things isn’t such a good idea. Yet people keep on harping about their full schedules and lack of sleep. That’s because they want to be seen as valuable. They believe that valuable people ostensibly earn more money, fame, and […]
Preston Tedesco comes from a family of real estate developers. His grandfather lent him the money for his first property, which he successfully flipped last year while he was a full-time law student. It made him a profit of $70,000. Looking to make a name for himself in the New Orleans real estate world, the […]
You may have stopped punching the clock at work, but Uncle Sam hasn’t: Retirees still need to pay income taxes. Once older Americans have left the workplace, they may be generating income from a variety of sources, including Social Security, pension payments and withdrawals from various retirement accounts. Instead of having a set amount of […]
As the rules around office attire evolve, it’s important to ensure that your work apparel matches those around you. But keeping up with trends can get pricey. And considering work clothes tend to be pricier than what you might wear on the weekends, figuring out your clothing budget is crucial. The general rule of thumb: […]
Medicare pays for many of the health care costs incurred by older Americans, but it doesn’t cover everything. This creates a financial-planning problem: How much should a person expect to pay in out-of-pocket health-related expenses during retirement? It’s a tough question because there are so many unknowable factors: What medical problems will you face? How […]
You’re 50 years old. Can you still retire a millionaire? Retiring a millionaire is really quite simple but it’s not easy.Otherwise, we’d see millions more people accomplishing this feat. Here is the basic math – to help you see daily, monthly and yearly what it will take to retire a millionaire. Or dream bigger and retire […]
