Sarah Fisher has been researching and writing about business and finance for years. She has worked for the Consumer Financial Protection Bureau and her work has appeared on Business Insider and Yahoo Finance. Sarah has a bachelor's degree from Georgetown University and is from New York City. When she isn't writing finance articles, she dabbles in animation and graphic design.
A retirement plan is a savings account you set up during your working years that helps you support yourself once you reach retirement. These savings plans come in many forms, including the 401(k), IRA and more. Usually, a retirement plan is set up to take advantage of an area of the tax code that grants special tax benefits for retirement savers. Using at least one retirement plan to build a nest egg is crucial element to saving for retirement. The type of retirement plan you want depends on what you’re looking for. Do you want a plan that you can get through an employer, like a pension or 401(k)? If you are self-employed, you can look into the Solo 401(k), SEP IRA, or Simple IRA, each with its own pros and cons. Below, we discuss some of the more popular retirement plans and how they work. Read more
Variable annuities are commonly used to save for retirement, as they combine investing and long-term income payments into one product. They also operate on a tax-deferred basis, meaning you won’t have to pay income taxes until you begin withdrawing money in retirement. Insurance companies typically offer variable annuity contracts, so there are many different options available. Read more
As of 2020, millions of Americans owe a combined $1.6 trillion in student loan debt. As a result, it’s currently the second-highest consumer debt category, behind only mortgages. There are, however, a variety of government programs offering relief for people with student loan debt, ranging from income-based repayment plans to debt forgiveness programs. And more help may be on the way: Democratic presidential candidates including Elizabeth Warren and Bernie Sanders have proposed programs that would do away with the country’s mountain of student loan debt. If you have questions about your debt, consider meeting with a financial advisor in your area. Read more
An amortization table shows the schedule for paying off a loan, such as a mortgage. Learn how to make and use one to determine your own loan payoff schedule. You could use the amortization table for… Read more
Co-signing your friend’s loan might seem like a nice thing to do. But it can put many things in your life at risk, including your finances, your credit score and even your friendship. While it’s… Read more
The Consumer Financial Protection Bureau (CFPB) is not well-known to many people. It’s a relatively new government organization that’s part of the Federal Reserve. The CFPB was created after the… Read more
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