6:["$","div",null,{"className":"SiteLayout_main__BxEV1 ","data-pagekey":"sa.general.au.tiffanypat","data-pagegroup":"general","children":[["$","div",null,{"className":"layout_leftRail__IWBxU","children":[["$","main",null,{"className":"AuthorPage_main__fr9hw","children":[["$","header",null,{"className":"layout_header__5aZWZ","children":["$","h1",null,{"children":"Tiffany Patterson"}]}],"Tiffany Patterson has a BA in Political Science from Temple University and an MBA from La Salle University Business School with a concentration in Finance. She is an expert on topics including home buying, life insurance and credit cards. She believes how we treat our finances can have a lasting impact on our lives for years to come. Tiffany loves researching and writing on topics that will help readers lead better lives."]}],["$","h2",null,{"className":"AuthorPage_postsBy__lTnsc","children":["Posts by ","Tiffany Patterson"]}],["$","div",null,{"className":"AuthorPage_posts___N3uw","children":[["$","section",null,{"className":"ArticleSummary_articleSummary__IeaXB undefined","children":[["$","figure",null,{"className":"ArticleSummary_image__nvUWg","children":["$","$L10",null,{"href":"/retirement/ways-to-protect-your-retirement-savings-after-divorce","children":["$","img",null,{"src":"https://smartasset.com/wp-content/uploads/sites/2/2019/04/someone-messed-up-picture-id1146474107-2.jpg","alt":"Protect Your Retirement Savings in a Divorce"}]}]}],["$","div",null,{"className":"fonts_category__lXjI0","children":"Retirement Planning"}],["$","$L10",null,{"href":"/retirement/ways-to-protect-your-retirement-savings-after-divorce","children":["$","h4",null,{"className":"fonts_title__B8NZZ","children":"Ways to Protect Your Retirement Savings in a Divorce"}]}],["$","time",null,{"dateTime":"2023-7-31","className":"fonts_date___Ofhz","children":"July 31, 2023"}],["$","$L1a",null,{"article":{"id":"cG9zdDoyODg4Mw==","databaseId":28883,"postId":28883,"author":{"node":{"id":"dXNlcjoyMg==","databaseId":22,"userId":22,"avatar":{"url":"https://secure.gravatar.com/avatar/76685c9dd1ff2deea851b708801b9610?s=96&d=mm&r=g","size":96,"__typename":"Avatar"},"description":"Tiffany Patterson has a BA in Political Science from Temple University and an MBA from La Salle University Business School with a concentration in Finance. She is an expert on topics including home buying, life insurance and credit cards. She believes how we treat our finances can have a lasting impact on our lives for years to come. Tiffany loves researching and writing on topics that will help readers lead better lives.","additionalMeta":{"expertise":null,"__typename":"User_Additionalmeta"},"email":null,"firstName":"Tiffany","fullName":"Tiffany Patterson","lastName":"Patterson","name":"Tiffany Patterson","postCount":{"pageInfo":{"offsetPagination":{"total":23,"__typename":"OffsetPaginationPageInfo"},"__typename":"UserToPostConnectionPageInfo"},"__typename":"UserToPostConnection"},"slug":"tpatterson","__typename":"User"},"__typename":"NodeWithAuthorToUserConnectionEdge"},"categories":{"nodes":[{"id":"dGVybToxOTQ3NA==","children":{"nodes":[],"__typename":"CategoryToCategoryConnection"},"databaseId":19474,"categoryId":19474,"link":"https://smartasset.com/planning-for-retirement/articles","name":"Retirement Planning","postCount":{"pageInfo":{"offsetPagination":{"total":577,"__typename":"OffsetPaginationPageInfo"},"__typename":"CategoryToPostConnectionPageInfo"},"__typename":"CategoryToPostConnection"},"slug":"planning-for-retirement","ancestors":{"nodes":[{"name":"Retirement","slug":"retirement","__typename":"Category"}],"__typename":"CategoryToAncestorsCategoryConnection"},"parent":{"node":{"name":"Retirement","id":"dGVybTo5Mw==","slug":"retirement","__typename":"Category"},"__typename":"CategoryToParentCategoryConnectionEdge"},"__typename":"Category"}],"__typename":"PostToCategoryConnection"},"content":"$1b","date":"2019-04-25T18:00:38","excerpt":"

\n","featuredImage":{"id":"cG9zdDoxOTk4Mjg=","databaseId":199828,"altText":"Protect Your Retirement Savings in a Divorce","date":"2023-05-16T22:04:32","fileSize":33809,"mimeType":"image/jpeg","modified":"2023-05-16T22:04:32","sourceUrl":"https://smartasset.com/wp-content/uploads/sites/2/2019/04/someone-messed-up-picture-id1146474107-2.jpg","__typename":"MediaItem"},"modified":{"datetime":"2023-7-31","readable":"July 31, 2023"},"multipleBylinesByRole":{"editedBy":null,"reviewedBy":null,"writtenBy":null,"factCheckedBy":null,"secondEditor":null,"hideAuthor":null,"__typename":"Post_Multiplebylinesbyrole"},"adTargetingOverrides":{"fieldGroupName":"adTargetingOverrides","pageGroupNewKey":null,"__typename":"Post_Adtargetingoverrides"},"seo":{"canonical":"https://smartasset.com/retirement/ways-to-protect-your-retirement-savings-after-divorce","metaDesc":"Protecting your retirement savings during a divorce can be complicated. Learn what the rules typically are and how you can protect your assets.","metaKeywords":"","metaRobotsNofollow":"follow","metaRobotsNoindex":"index","readingTime":9,"title":"How to Protect Your Retirement Savings in a Divorce - SmartAsset","__typename":"PostTypeSEO"},"slug":"ways-to-protect-your-retirement-savings-after-divorce","status":"publish","title":"Ways to Protect Your Retirement Savings in a Divorce","uri":"/retirement/ways-to-protect-your-retirement-savings-after-divorce","tags":{"nodes":[],"__typename":"PostToTagConnection"},"__typename":"Post","adPageGroupOverride":null,"bylines":{"writtenBy":{"id":"dXNlcjoyMg==","databaseId":22,"userId":22,"avatar":"$1c","description":"Tiffany Patterson has a BA in Political Science from Temple University and an MBA from La Salle University Business School with a concentration in Finance. She is an expert on topics including home buying, life insurance and credit cards. She believes how we treat our finances can have a lasting impact on our lives for years to come. Tiffany loves researching and writing on topics that will help readers lead better lives.","additionalMeta":"$1d","email":null,"firstName":"Tiffany","fullName":"Tiffany Patterson","lastName":"Patterson","name":"Tiffany Patterson","postCount":"$1e","slug":"tiffany-patterson","__typename":"User"},"editedBy":null,"reviewedBy":null,"factCheckedBy":null,"secondEditor":null},"category":{"id":"dGVybToxOTQ3NA==","children":"$21","databaseId":19474,"categoryId":19474,"link":"https://smartasset.com/planning-for-retirement/articles","name":"Retirement Planning","postCount":577,"slug":"planning-for-retirement","ancestors":"$23","parent":"$26","__typename":"Category"},"isModifiedBeforePublished":false,"contentBlocks":["

Protecting your retirement savings during a divorce may not be at the top of your mind when you are going through the process of splitting up with your spouse. The emotional toll on you and your family, after all, likely takes precedence. Still, your financial well-being matters, and that includes making sure that your retirement savings, including any money you have in a 401(k) or other retirement savings plan, are protected. There are some financial advisors who are certified divorce financial analysts (CDFAs) and can help you through this process. If you need an advisor, find one with SmartAsset’s free financial advisor matching tool.

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How Retirement Accounts are Split During a Divorce

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Assets are split differently depending on a number of factors, such as the type of account and when the earnings were received. Before defined contribution plans can be split, the court must issue a qualified domestic relations order (QDRO). You can get a blank copy of this from your plan administrator. In most instances, your attorney drafts the QDRO before sending it to the divorce Court.

","

Once a judge signs it, the QDRO makes the asset split official, and it allows plan administrators to enforce it. However, these administrators must first accept the QDRO. This applies to all plans governed under the Employee Retirement Income Security Act (ERISA) of 1974. These include the following:

","

401(k) plans
403(b) plans
Thrift Savings Plan (TSP)

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Marital Property vs. Separate Property

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Assets are split differently for individual retirement plans or accounts. These are almost always considered to be property that is part of the marriage and is split evenly.

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The framework varies based on different factors like plan type and state law, but the typical scenario looks like this. The judge analyzes “marital property” and “separate property.” In most cases, money contributed toward the plan after the official date of marriage as well as the earnings it generates is considered marital property. Anything contributed or earned prior to or after the marriage is separate. That’s the portion the judge would split.

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Fortunately, however, the QDRO allows you to roll over your portion into your own qualified plan penalty and tax-free. You should continue contributing to this plan or roll it over to a Roth IRA via a trustee-to-trustee transfer.

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TSP plans for employees of the federal government and armed services follow slightly different rules. The divorce decree must clearly detail how much of the account balance each spouse is entitled to in order to meet QDRO rules.

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How to Protect Your 401(k) in a Divorce

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You’ll need a QDRO to split the assets in a 401(k) account, per the rules for a defined contributions plan above. The rules for how the money in your 401(k) will be distributed will depend on the state you reside in. Most states follow a marital property law that divides assets equitably. Some states follow the community property law that will divide all marital assets 50/50.

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Both laws are applied the same way for your 401(k). Everything you contributed and earned prior to your marriage is yours to keep, but everything that was earned during the marriage will be split evenly. The good news is that you may not have to liquidate your 401(k) and pay a penalty.

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If you and your spouse have equal, or close to equal, amounts in your own individual 401(k) accounts then you could both mutually agree to just retain your individual accounts without anything changing.

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It’s when one has significantly more than the other that something must happen. You can either agree to liquidate or split the account dollars into two new accounts, one for each of you. Your spouse may not like the latter option because they won’t be able to contribute new dollars to that account. But, everything is up for negotiation in a divorce.

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How to Protect Your IRA in a Divorce

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You don’t need a QDRO to split Individual retirement accounts (IRAs) and Roth IRAs. If you already had one or more of these accounts during your divorce, the court would likely split under the “incident to divorce” provision in the tax code This allows the balance to be split among both ex-spouses tax-free within a year following the official divorce date.

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In any case, you should continue to invest whatever portion of your retirement plan you keep. If you still have a long way to go before retirement, this money will continue working for you by growing in the market. If you’re closer to retirement, consider buying an annuity.

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How to Protect Your Pension Assets in a Divorce

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According to most state laws, pension assets that are in the plan during the marriage are joint or marital property. So the court would typically split distributions of these assets in half. However, you keep the portion you contributed and earned before the marriage. So if you and your employer contributed toward the plan for 10 years before you got married, that money remains yours.

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However, pension plans work differently across states and you should be aware of how yours functions. Pay attention to how the plan makes distributions. You usually can choose between a lump-sum payment or a monthly annuity payment.

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If your plan allows a joint-life payout, your ex would receive payments even after your death. On the other hand, your ex-spouse can get to the option of your choice with a single-life payout.

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Several pensions also allow survivor benefits. The framework of these can get very complex in a divorce proceeding. For instance, some states allow the ex-nonworking spouse to keep his or her survivor’s benefit even after divorce. So you should consult your employer to learn all about the rules of your particular pension. A financial advisor can then help guide you through the right moves to make for your plan.

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Negotiating Retirement Assets in a Divorce

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As you can see splitting retirement assets can be costly and time-consuming for both parties in a divorce. Keep in mind we haven’t covered legal fees. And plan administrators typically charge fees for QDROs as well. So if you and your spouse are relatively the same age and have similar retirement account balances, it may be best to agree that each walks away with what’s already theirs.

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If there’s a wide gap, you may need to negotiate. Consider trading in other assets of equal or greater value than your ex-spouse’s portion of your retirement savings. Maybe you can transfer some of those funds from other accounts like a brokerage one. Remember, such accounts don’t enjoy the same tax treatment as your 401(k) or Roth IRA. And it can be easier to regain that loss if you’re still working. It’ll be harder to make it up when the paychecks stop rolling in. Or if you’re living in a mortgage-free home, you may want to hand over the keys to your ex-spouse in exchange for leaving your hefty retirement benefits intact.

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When it comes to evaluating your assets and deciding which ones you can put on the negotiating table, a financial advisor would come in handy.

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Know the Rules and Regulations of Your Retirement Plan

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You and your ex-spouse can decide how to split up certain retirement plans such as a 401(k) in a divorce along with other financial assets if applicable. Of course, agreement rarely comes up during a divorce. That’s why it’s best to seek professional legal and financial help to make sure you come up with a clean divorce agreement that won’t leave you open to loopholes that can suck your hard-earned cash.

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Divvying up retirement accounts in a divorce is different from splitting other types of assets, because specific tax laws and regulations governing these plans. The court can’t simply order you to split retirement accounts in half.

","

In any case, your summary plan description would give you some details as to where your assets would go in a divorce. If you receive retirement benefits from work, you can get it from your employer. Otherwise, you can contact your plan administrator.

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But, we’ll cover the basics of how you can protect specific retirement plans below. We’ll also cover other steps you can take to shield your entire financial picture.

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Close Out Your Joint Accounts

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Early on in the divorce process, you will want to close any joint accounts you and your spouse share to prevent further spending or cash-grabbing. This includes savings and checking accounts, along with credit cards or any other debt accounts you may share. Unfortunately, not all divorces are amicable, and one of the best ways to protect your finances is to begin ensuring your spouse does not have access to them.

","

With that said, you should move forward as fast as you can with the divorce proceedings. If you may get a hefty share of your ex-spouse’s 401(k) or IRA, your ex may borrow against it. You should also check with a divorce attorney about all financial moves you are planning to make once the divorce proceedings are underway.

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Bottom Line

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Divorce can be detrimental to your finances. Luckily, there are ways to repair your credit and protect your personal assets and retirement savings. Following the steps above and getting help from experienced professionals can help you move on from a divorce with your savings intact.

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Tips for Retirement

","$28","

Photo credit: ©iStock.com/PeopleImages,©iStock.com/sorrapong,©iStock.com/hidesy

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A year after the housing bubble burst, I decided to make a career change and go back to school for my MBA. During one of my first finance courses, my professor discussed her reasons for refinancing her home mortgage at that time. Despite the housing crisis, high unemployment and poor economy, for those who had plenty of equity in their homes, it was a good time to refinance. Mortgage rates were falling and lenders were willing to negotiate. Before making a large decision like refinancing your home, consider working with a financial advisor to make sure it’s a good next step for your financial plan.

","

There are a number of benefits to refinancing a mortgage, but doing it at the wrong time can lead to underwater mortgages and even foreclosure. Here are six important questions to ask when considering refinancing a mortgage.

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1. How Much Equity Do You Have in Your Home?

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A homeowner must have at least 20 percent equity in their home in order to avoid having to pay for private mortgage insurance. The more equity you have in your home already, the less you will end up having to pay over the course of the loan. Still, for those who do have a lower equity in their homes, refinancing may still be a viable option through specific programs.

","

2. What Is Your Credit Score?

","

Just as it was when you initially purchased your home, your credit score will be an important factor when you refinance. A higher credit score will help to ensure you will be able to get a better interest rate. Since one of the main purposes of refinancing is to get a better rate, it is important to make sure you have a good credit history. If your credit score is not where you would like it — say if it’s below 700 — you may want to work on building up your credit first before refinancing.

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3. What Are Your Goals?

","

","

Refinancing a mortgage can be beneficial, but it’s important to be clear on what it is you are trying to accomplish. Are you looking to shorten your mortgage? Decrease your monthly payments? Change from an adjustable-rate mortgage to a fixed-rate mortgage? These are important questions that will help you recognize your goal and therefore make the best decisions to meet it. Remember to include other financial aspects in this goal, such as your current level of savings, proximity to retirement and more.

","

4. What Are the Terms of Your Current Mortgage?

","

This goes along with question number three. Do you currently have an adjustable-rate mortgage (ARM) and are you looking to switch to a fixed rate? With an ARM, your monthly payment can jump a few hundred dollars from one month to the next. To avoid these changes, a fixed-rate mortgage may be best, but you need to be aware of what your terms are. Be sure to thoroughly read and understand your current loan and your new loan.

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5. Can You Afford to Refinance?

","

","

There are additional costs associated with refinancing, including closing costs paid to the lender to process your loan. These fees can add up and cost you thousands. While you may be able to get these costs absorbed in your loan, it may raise your monthly mortgage, making the refinance not worth it. Remember to add up all the costs of refinancing while you’re planning.

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6. Do You Have the Time to Dedicate to Researching Your Best Options?

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There is a bit of work and research that’s associated with refinancing. You need to be aware of your own financial position, what your goals are, the terms and conditions of your current loan and more. In order to get the benefits you are looking for through refinancing, you must be willing to put in a little effort to answer the above questions and to search for the best refinance options, otherwise, you may find yourself stuck with a loan that is not favorable. If you do not have the time or energy to do this research, it may be best to wait.

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The Bottom Line

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Refinancing a home mortgage is not a small decision. Refinancing will not only impact your mortgage payments but also the entirety of your financial portfolio, as it will affect your overall wealth. Asking yourself the six questions above will allow you to make the best decisions so you can reach all of your financial goals.

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Tips for Refinancing

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If you want more help with this decision and others relating to your financial health, you might want to consider hiring a financial advisor. Finding the right financial advisor that fits your needs doesn’t have to be hard. SmartAsset’s free tool matches you with up to three vetted financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
Before jumping into working with lenders, consider using our free mortgage calculator to help you estimate what you might be able to save on your monthly payment.

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Photo credit: ©iStock.com/Feverpitched, ©iStock.com/Choreograph, ©iStock.com/baona

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Recently a younger family member mentioned that he had just gotten a new debit card for his checking account because someone had gotten into his account. He said he wasn’t sure how it happened, but someone got access to his checking account information and racked up a number of charges. This was the second time this had happened to him in less than a year. And he’s not alone. Fraud attempting to take advantage of your banking accounts is bigger than it has ever been. Consider working with a financial advisor to create a financial plan that involves security measures.

","

The Need for Banking Security

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As it turns out, illegal access to bank accounts is one of the fastest-growing financial crimes today. Thieves are constantly trying to get access to your bank accounts and they tend to make large or multiple purchases with your information. This can cost you thousands of dollars if you aren’t properly prepared, severely damaging your budget.

","

Unfortunately, my relative is still uncertain how someone was able to gain access to his account not once, but twice. His situation got me thinking of ways one can protect his or her bank account from scams and illegal activity. Here is a list of five ways to protect your accounts from thieves.

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1. Check Your Accounts Regularly

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Keeping an eye on your account will help you know when something is wrong. Even accounts that you may not use very frequently must be checked on a regular basis. Balance your checking account each month to make sure all the purchases being debited from your account are actual purchases you made. If something does not seem right, contact your bank immediately.

","

2. Never Give Out Your PIN to Anyone

","

While this tip may seem obvious to those of us who have had a checking account for years, it’s not always so obvious to new checking account holders. Your PIN should never be given out to anyone—not even bank tellers. If you are ever asked over the phone to directly give your PIN to the person on the other end, don’t do it! Most banks have an automated system that will ask you to punch in or say your PIN and then connect you to a teller or bank representative. Remind your family members and loved ones they are never to give anyone their PIN.

","

3. Use Stronger Passwords

","

","

Online banking is the fastest-growing sector of banking for scammers and thieves. While online banking provides great convenience, it also makes us more susceptible to theft. One way to ensure your security is to create a password that is strong. Don’t make your passwords too easy by using your birthdate or your child’s name. It’s a good idea to include a series of numbers, letters and symbols in your password to help ensure the security of your accounts.

","

4. Be Careful Where You Access Your Account

","

On just about every corner, you can pop into a coffee shop or local fast food place and get free Wi-Fi access. This allows you to get work done outside of the office, but think twice about using these connections to check your banking account. Remember, these are still public places, and you don’t necessarily know what security measures are in place. Someone looking over your shoulder as you log in or a hacker may be able to gain access to your account through a public Wi-Fi connection.

","

5. Avoid ATMs in Touristy Areas or That Look Out of Place

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If you need to use an ATM, it’s always best to use one you are familiar with and that belongs to your bank. It’s a good idea to avoid ATMs in touristy locations or stand-alone ATMs that look out of place. Not only will you save yourself money by avoiding ATM fees, but you may also save yourself from having your information taken by scammers.

","

There are a number of ways that other people can gain access to your bank account. It’s imperative that you stay on top of your information, use strong passwords and be on guard when it comes to accessing your accounts online. While new technology is great and offers convenience, it can also give thieves more of an opportunity to gain access to your hard-earned money. Be alert, and do what you can to avoid the headache of having your bank accounts become the target of thieves.

","

Bottom Line

","

Regardless of where you do your banking, it’s important to take precautions and do your best to protect against bank account fraud. Following these five tips can go a long way in protecting your money and preparing yourself for any potential threats. You can also work with your bank to see what precautions they take in the event something goes wrong.

","

Tips for Banking

","$3e","

Photo credit: ©iStock.com/Rockaa, ©iStock.com/cnythzl, ©iStock.com/martin-dm

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We’ve all heard the statistic that says an increasingly prevalent cause of divorce is financial issues. It takes more than love to keep a marriage intact, and unfortunately, many people don’t realize that until it’s too late. Marriage requires communication and honesty, as well as the knowledge that your life is no longer solely about yourself. Thus, any financial pitfalls made by your spouse will likely blow back on you as well. This is especially true if you and your spouse have joint bank accounts, a home together or multiple shared credit cards.

","

Do you have questions about how to get your finances back on track? A financial advisor can help.

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Be Honest With Yourself About Their Financial Tendencies Before Marriage

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For many people who get married, their financial issues should’ve been worked out years before. If it’s possible, try to learn about your spouse’s financial tendencies before you actually sign the marriage documents. While some believe a prenuptial agreement is the antithesis of romance, it can allow both parties to air their financial history openly.

","

Even if you choose not to get a prenup, though, there are still plenty of steps you can take to achieve success. This involves simply talking with one another, pulling each other’s credit history or seeking financial counseling before getting married. In an ideal world, this will help illustrate any potential financial issues long before they become a real problem.

","

During these discussions, you can also talk about how money will be divided in the household, who is responsible for what bills, how savings will be handled and any other financial goals you may have.

","

Have a Heart-to-Heart With Your Spouse as Soon as Possible

","

Once you’re married and you see your spouse is financially irresponsible, it’s important to act promptly. However, before you have a heart-to-heart with your spouse, the first step you should take is quantifying the actual financial damage being done. Is there an imminent crisis, like overdue bills or is your spouse’s profligacy compromising the ability to achieve goals like buying a house, funding a child’s education or retiring comfortably? The second step you should take is attempting to determine if there has been deception.

","

Now you’re ready to talk with your spouse. There are three issues that this conversation should shed light on:

","

Is the profligacy compulsive (regular) or impulsive (occasional)?
Is the spouse willing to turn over control of finances to you?
Is the spouse willing to a) acknowledge his or her problem? and b) get help?

","

Take Over the Family Finances

","

","

You two are still a team, and as such, you need to work together to ensure the financial health of your household. However, if your partner is not upholding their end, having the more responsible of you two maintain the finances until the other can get it together will help to keep your household afloat.

","

One of the best ways to ensure the bills are being paid on time is to allow the more financially responsible partner to take over paying them. Even with this approach, you will still want to include your spouse in what bills are being paid and when, as well as their amount.

","

If your spouse is willing, you should explore having him or her use only a secured credit card.

","

Seek Counseling and Financial Help

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There are numerous support groups and specialized counselors for people who are financially irresponsible.

","

Seeking the help of a financial advisor who understands your goals and financial situation is a great way for you and your partner to confront the issues plaguing your marriage. An advisor can help you develop a budget and a plan to pay down any debts that need attention. They can also become another person on your team to help you and your spouse rebuild a solid financial foundation for your marriage.

","

However, while a financial advisor can provide plenty of practical benefits, they probably don’t have the expertise to get to the root of the problem. You may also want to go to marriage counseling, or a therapist who specializes in financial issues.

","

Protect Yourself and Your Own Finances

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If you’ve done all these steps and your spouse is still behaving irresponsibly, it’s important to protect yourself. You can begin by removing your spouse’s name from the household bills, so that only you have access to them and ensure payment is received.

","

Furthermore, setting up your own bank accounts for savings and paying household necessities is another way to ensure your spouse does not have access to your funds. This may seem harsh, but if your spouse continues to put your family in jeopardy by behaving irresponsibly with money, you will have to take measures into your own hands to ensure your own financial stability.

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Bottom Line

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While falling in love and deciding to spend the rest of your life with someone is undoubtedly wonderful, it’s important to remember that marriage is based on more than love. Each partner has an obligation to their spouse and their family to be open, honest and responsible when it comes to finances. If one partner isn’t being transparent, there are measures that can minimize or solve the problem. However, these steps demand a commitment from both parties.

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Financial Planning Tips

","$47","

Photo credit: ©iStock.com/PeopleImages, ©iStock.com/Geber86, ©iStock.com/marchmeena29

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Mixing money and family can quickly become very tricky. The reality, though, is that many of us will go through tough financial times—whether we’re just starting out on our own, we recently lost a job or we had some other major expense come up that we weren’t prepared for–and family members are often the first ones we ask for a little financial assistance. There are some pros and cons to allowing family members to borrow money, however. Here are some you should consider:

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Pro #1: Teach Fiscal Responsibility

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If your family member finds themselves in need of extra money due to poor spending habits or lack of savings, this can be an opportunity to teach them about being more responsible with money. You can set boundaries around the money you lend, such as when it needs to be paid back by, and even charge interest. This is especially effective when lending to teens or young adults to teach them how to better manage their money, without harming their actual credit rating.

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Pro #2: You May Need Help in the Future

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Now, of course, you should not lend money to family with the stated intention of being able to borrow in the future. That said, there may come a time when you need a little help of your own. Naturally, it will be up to you and your family member to discuss future methods of payback or favors.

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Pro #3: Helping Someone You Love

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Sometimes family members just need help. They may need to borrow money through no fault of their own, and helping them out can just feel good. No one wants to see their loved ones suffer, and if you are financially capable of helping them out, it can be empowering to give the assistance they need. Of course, you should not let yourself be taken advantage of, but if you are able and willing to help, it can be a great feeling.

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Con #1: Becoming Known as the Family Bank

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If you are known as the person everyone can rely on to borrow money from, it can lead to family members taking advantage of your generosity. This could then lead to constantly being asked to lend money to more than one family member. For this reason, it’s important to take into consideration whether or not you will begin to be looked at as the family bank.

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Con #2: Resentment

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If you lend a family member money and they do not pay you back or adhere to some other terms that were agreed to, tension and resentment can easily arise, which can make for some uncomfortable family get-togethers and holidays.

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There’s also the possibility that if you lend to one family member, and not another, resentment can stem from that, as well. It’s necessary to look at whether your family member is mature and responsible enough to not gloat the fact you let them borrow money and will actually pay you back, if requested.

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Con #3: Overextending Your Own Finances

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We all want to help those we love. Yet while you don’t want to see a family member down on their luck, sometimes you are not in the financial position to help them out. If you have to overextend your credit or risk not paying your own bills to provide a family member money, it’s probably not the right decision to lend it. You don’t want to put yourself in the position to have to be the next family member asking to borrow money because you were too generous.

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When it comes to allowing a family member to borrow money, there’s a number of important considerations to be made. While you may have the best intentions, things may not turn out as well as you hope, and you could find yourself overextended, constantly being asked to borrow money, and resenting family members.

","

On the other hand, there are benefits to helping those you love, as well as the possibility that you may need help one day. No matter what decision you make, make it with a clear mind and stick to it.

","

Update: Have more financial questions? SmartAsset can help. So many people reached out to us looking for tax and long-term financial planning help, we started our own matching service to help you find a financial advisor. The SmartAdvisor matching tool can help you find a person to work with to meet your needs. First you’ll answer a series of questions about your situation and goals. Then the program will narrow down your options from thousands of advisors to up to three fiduciaries who suit your needs. You can then read their profiles to learn more about them, interview them on the phone or in person and choose who to work with in the future. This allows you to find a good fit while the program does much of the hard work for you.

","

Photo credit: ©iStock.com/DeanMitchell, ©iStock.com/Tomwang112, ©iStock.com/AleksandarNakic

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Saving for retirement can be confusing and arduous. This is especially true if you’re in your twenties or thirties and have decades ahead before you can even seriously consider retiring. However, thinking about and saving for retirement is a major burden that we all have to deal with. To that end, there are constant threats and risks that can severely affect your retirement fund, which means they can have a major impact on your quality of life during retirement. The more you know about these risks and educate yourself on how to minimize them, the better chance you have of securing a sizeable retirement fund that will last you long into your golden years.

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Find out now: How much do I need to save for retirement?

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Starting Late

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Ask any savvy investor what your greatest asset is when it comes to saving for retirement, and they will tell you it’s time. This is true because it allows for compound interest to work in your favor. Compound interest is the interest you earn on your retirement fund, and it adds up significantly over time. Unfortunately, a lot of people fail to recognize its importance, and when they start their first full-time job, they neglect to save early on, forgoing thousands of dollars in lost interest.

","

Fees

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Most retirement accounts and funds will have their share of fees. While inevitable, however, they should not be draining your retirement account, leaving you with minimal savings. The best way to get a hold on fees is to check your statements on a regular basis. Know what it is you are paying for and why. There may be a number of hidden fees you find as you examine your retirement account, so do not be afraid to ask questions about them.

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Are Hidden Fees Draining Your 401(k)?

","

Longevity

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We often hear the average American is living longer and longer, and while this is good news, it also has repercussions for your retirement fund. Obviously, the longer you live after retirement, the longer you will need to stretch your savings. There are things you can do to minimize this particular risk, though. Some experts recommend looking at annuities to help provide a stable income throughout your retirement. Also, I would add in taking care of your health, as your retirement years are the time when you’ll likely need the most care. Getting regular checkups, eating a well-balanced diet and getting enough exercise will help to minimize health risks which could eat up a good portion of your retirement fund.

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Inflation

","

Inflation is the increase of prices over a period of time. For those in retirement, rising prices pose a major threat to your savings, as you have to keep withdrawing more and more money just to meet basic needs. Luckily, there are ways to overcome inflation risks, as you can invest in inflation-protected securities, such as stocks aimed at growth rather than income.

","

Find out now: How should I save for retirement?

","

Major Life Event

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There are a number of life events that can pose a risk to your retirement fund. These include divorce, death of a spouse, major illness, loss of a home and more. These different events can put a strain on your finances and have you withdrawing money from your retirement fund or saving less than expected. Taking money from your retirement fund prior to retirement should be a last resort, though. In order to make sure you do not have to consider pulling money out early, you should have an emergency fund of savings already in place, as well as be regularly checking your savings and investments to ensure you are as informed as much as possible. It’s nearly impossible to predict or avoid major life events, so you can attempt to safeguard your finances by being aware and working with a trusted financial advisor.

","

5 Retirement Planning Moves for Late Starters

","

Saving for retirement can seem daunting, especially if it’s far off. What you do years before your retirement, however, can have major consequences for how you live in retirement. Knowing your risks and how to minimize them is one of the best ways to get to retire with the lifestyle you desire.

","

Photo credit: flickr

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One of the toughest things you will do as an adult is watch as your parents deteriorate with age. Emotionally, it is taxing to watch the very people or person who cared for you as a child slowly become more and more dependent on you for support. The emotional strain can be difficult enough, but other factors, such as medical costs, deciding the best way to care for them and how their assets will be utilized in aiding with this care, can cause even more frustration.

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While these are not easy decisions, the sooner you start thinking about them and getting organized, the better it will be for you and them in the long run. Here are five steps to take when it comes to caring for your aging parents.

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Start Talking

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This seems simple enough, but the longer you wait to do it, the worse off it will be. You want to talk with your parents about how and where they will live should they require help or living alone stops being a viable option. Talk to your parents about what assets they have, their monthly income, health care costs and more.

","

Everything doesn’t have to be discussed at once, as it can be overwhelming. However, knowing where your parents want to live as they age, or discussing the type of funeral and burial they would like to have can help you prepare for these things. This way, when it does occur, you won’t guessing your parents’ wishes.

","

Seek Help from Professionals on the Elderly

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It’s smart to speak with a professional, such as a financial advisor or lawyer who handles estates. The benefits of speaking with someone like this is that they can tell you a great deal of information you may not have even thought of. They are knowledgeable in specific state requirements when it comes to wills, probate, establishing guardianship, etc., so you can be sure you are following proper regulations and guidelines.

","

Again, this is something you want to do early on, especially while your parents are still competent enough to make legal decisions over their lives. Should an elderly parent develop Alzheimer’s or dementia, you may end up needing to apply for guardianship in order to make the necessary decisions, which costs more money, time and effort.

","

Do Not Do It Alone

","

If you have siblings, it is a good idea to work together to help lessen the strain of taking care of your parents. As they age, chances increase greatly that your parents will need live-in care or have to move in with a family member. If this occurs, it is important to get your other siblings involved in the caretaking so all the responsibility does not fall on one child’s shoulders.

","

If you do not have siblings, you will want to look into how you can use your parents’ assets to pay for an in-home health aide or, in some cases, living in a nursing home. This is where speaking with an attorney will come in handy, as they will know the Medicare requirements and how the assets will be used to pay for any care that may be necessary.

","

Organize All the Paperwork

","

Having met with an attorney, you will have discovered that having paperwork–such as the deed to your parents’ home, insurance appraisal of the value of the home, life insurance policies, retirement account information, etc.–is all too necessary. These can help in pre-paying for funeral costs, healthcare costs and more.

","

It is best to know where this paperwork is and have it at the ready for when it’s needed. It’s also best to have copies of these forms in case you need to send them out anywhere. Usually, copies are suitable while you keep the original form, but be sure to ask whomever you are sending the form to if a copy is sufficient.

","

Take Over Gradually

","

One of the reasons it is best to start this process early is to give both you and your parents time to adjust to these changes. The last thing you want is to look up one day and realize you are knee-deep in caring for elderly parents without any warning or preparation.

","

Once you get the ball rolling by opening up a dialogue and speaking with the necessary professionals, you should ease into taking over your parents’ finances and other care. It is important, though, that your parents retain some sense of autonomy for their own sense of well-being. But acclimating yourself with your parents’ doctors, adding your name to parents’ bank accounts, etc. are some ways to slowly take over for your parents.

","

Photo credit: flickr

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Although it can be disheartening to dwell on what happens after we die, it’s important for all of us to get our personal affairs in order while we’re alive. That way, those who love and depend on us are taken care of after we’ve gone. Arguably the most important part of the estate planning process is […]

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","

What Is a Life Insurance Beneficiary?

","

An insurance beneficiary is someone who will receive a cash payout and other benefits upon your death. You can have more than one beneficiary. And sometimes, it might make sense to select a primary beneficiary and a contingent beneficiary. The primary beneficiary is the first person the life insurance company looks to when sending a payout following your death. A contingent beneficiary is the person who receives the payout in the event that the primary beneficiary predeceases you.

","

You can also have one beneficiary receive a certain percentage of the payout and a secondary beneficiary receive the rest. In this scenario, your secondary beneficiary would receive her share regardless of the status of the primary beneficiary.

","

It might be a good idea to have both a primary and contingent beneficiary designation. If there’s no listed beneficiary, the payout might go to your estate. If that happens, those who may be relying on the money to survive or contribute to funeral costs or paying off debts may not receive the money for some time.

","

List Your Beneficiaries by Name

","

It’s important to be specific with your life insurance beneficiary designation. Specificity and clarity in naming who is to receive your cash payout helps to prevent confusion. For example, if you simply state “my wife”or “my husband” is to receive your benefits, an ex-spouse may emerge and claim ownership of them. Furthermore, if you simply put “my children” as beneficiaries, step-children who you may not have intended to receive your payout could claim it.

","

It’s wise to include the beneficiary’s full name and social security number. Doing so can help the insurance company or any other benefits agency find this person. You might not want to name any minors as your beneficiaries. Instead, it might be better to leave certain benefits to your children in your will to be paid out when they reach a certain age.

","

Naming and Updating Beneficiaries

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When you’re deciding who to name as a beneficiary for your life insurance, ask yourself who would be in a tight spot if your income were to unexpectedly vanish. This could be your spouse, children, other family members or anyone who financial relies on you.

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Many people choose to name a trust as the primary beneficiary for their life insurance or other accounts. This allows you to have a bit more control over the assets after you die, since the transfer will have to adhere to the terms of the trust. For instance, if you wanted a beneficiary to receive some assets, but only after she turned 18, a trust would allow you to do that.

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When you name beneficiaries for your life insurance policy, you can’t just set it and forget about it forever. Maybe you got divorced and remarried; maybe you named your children but you’ve had additional children since. Regardless of the circumstance that changes, failing to reflect the change can mean serious headaches for your survivors after the fact.

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Per Stirpes vs. Per Capita

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There are some cases where one of the beneficiaries you designate may predecease you. If this occurs, the default course of action is usually to transfer that share to the other beneficiaries. You can, however, customize this process by setting up a per stirpes or per capita designation. With a per stirpes designation, the inheritance of a predeceased beneficiary would be split among that beneficiary’s heirs rather than a different beneficiary.

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A per capita designation has a similar effect, but it ignores any weight you originally gave to one beneficiary over another. For example, if you name Tom as a 65% beneficiary and Janice as a 35% beneficiary and they both die before you, each of their heirs would receive an equal amount under a per capita designation, whereas Tom’s heir would receive more under a per stirpes designation.

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Other Entities with Beneficiaries

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While people are generally referring to life insurance policies when they discuss beneficiaries, there are other accounts and documents for which you should name beneficiaries.

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For one, you’ll need to name beneficiaries if you write a last will for yourself. Once you pass away, the executor of your estate will be in charge of transferring your assets to the beneficiaries you name according to the terms of your will. Creating any type of trust, whether it’s a living trust, testamentary trust, charitable trust or any other kind, will require naming beneficiaries as well.

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You can also name beneficiaries for qualifying retirement plans like 401(k)s and IRAs. The funds will transfer to the beneficiaries you name if you pass away with money left in these accounts. If your spouse is the beneficiary of your IRA, he can roll the funds directly into his IRA. If your beneficiary isn’t your spouse, there are a few ways to transfer the funds. The exact method will depend on your plan administrator.

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Tips for Planning Your Estate

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If you’re planning your estate or just searching for financial advice in general, a financial advisor can be a big help. SmartAsset has a financial advisor matching tool to find you an expert who fits your needs. Just answer a few questions about your financial situation and the tool will match you with up to three advisors in your area. Then you can review your options and meet with your matches to see which advisor is best for your needs.
If you’re planning your estate and the idea of probate seems like a hassle, you may want to open up a living trust. Once you pass away, your successor trustee will be able to transfer the contents of your trust directly to your beneficiaries. The trustee won’t have to seek approval from the court.

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Photo credit: ©iStock.com/Susan Chiang, ©iStock.com/kali9, ©iStock.com/monkeybusinessimages

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Life insurance is just that, insurance on your life. You pay your policy usually for 10 to 30 years. If you die during this period, your beneficiaries receive a payment from the insurance company. With a traditional term life policy, you do not receive any payout if you outlive your policy. For many, this can […]

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Find out now: How Much Life Insurance Do I Need?

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Why You Might Want ROP Life Insurance
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The notion of ROP is simple. You pay your policy, you live past the end of the policy and you get all your money back.

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On the surface, this seems like a pretty good deal, especially if you are young and in good health. Those of us who take pretty good care of ourselves may see this type of life insurance as a bonus.

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Of course we would want to get our money back should we outlive the policy. And if we didn’t outlive the policy, money would still be paid to our beneficiaries just as with traditional term life insurance. However, there are some drawbacks to consider when thinking of ROP life insurance.

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The Added Cost of ROP Policies
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For one, ROP policies tend to cost approximately 30% more than traditional life insurance. This occurs for a few different reasons.

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Not as many insurance companies offer ROP and there are fewer customers. So in order to make it worthwhile, return of premium life insurance companies have to charge higher premiums. Also, since the purpose of ROP is to pay customers who outlive their policies back, insurance companies use a portion of your premium to invest. This allows them to pay you back at the end of the policy.

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Opportunity Cost

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If you’ve never heard about opportunity cost, you can easily speak with a financial advisor and hear it then. It often comes up when discussing options for investing and types of life insurance. Opportunity cost provides a look at how much you are giving up to go with one investment over another.

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When it comes to ROP, you will be paying more for this type of life insurance over a traditional policy. This means you’ll have less money to spend or invest in something else. Furthermore, you only get the premium back, so you lose any additional returns you could have made had you invested your money elsewhere.

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Final Word

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Given the issues listed above, a number of financial advisers tend to advise against buying ROP. Instead, they often recommend traditional life insurance. Ultimately you’ll have to make the decision that’s right for you. It’s always a good idea to do some research like reading reviews from ROP policyholders. Knowing about all the pros and cons associated with these policies can help you determine if it’s worth it.

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If you dislike that paying for traditional life insurance can get you nothing in return, you might want to consider ROP. However, if you’d rather invest the extra money you would have paid in a retirement account, it probably makes more sense to go that route.

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Photo credit: ©iStock.com/andresr, ©iStock.com/-Oxford-, ©iStock.com/dolgachov

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When it comes to life insurance, one of the main questions that consumers contend with is when is the right time to purchase? In order to answer this question, it is important to first understand what life insurance is. Related: …

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Related: What Is Life Insurance?

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The term “life insurance” is actually rather self-explanatory. It is a form of insurance that is paid out upon the death of the insured party. Some contracts may vary, and the insurance may actually be paid out prior to death if the insured person has a terminal illness.

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Typically, the old school thought process on life insurance was that it would go to help support a family in the event of a death. Thus, having one’s own family became one of the defining moments when a person made the decision to purchase life insurance. However, the need for life insurance is not limited to whether or not you have family.

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That Was Then, This Is Now

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Historically, once we had settled into our careers, married and started a family it was time to think about purchasing life insurance. The purpose of life insurance was to help cover expenses that the person who was insured would otherwise be able to manage themselves because they were working.

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Usually, in a nuclear family, one or both of the parents would be the ones to purchase the life insurance to help ensure the spouse and their child or children would face less of a financial burden if one or both parents passed away. This notion is still the case today.

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Given that in most two parent households, both parents work in order to sustain the family, in the event of one parent’s death the money from the life insurance policy would help the family survive by replacing the dead parent’s income. In this case, the time to purchase life insurance is around the birth of your first child..

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Another time to think about purchasing life insurance is at the time of another big purchase – a home. Taking on a mortgage is a big responsibility and if the homeowner were to pass away, life insurance could ensure that the debt would be covered. This is true for a person who buys the house with another person but the other person can’t cover the mortgage with just his or her salary. But it’s also true for a single person who doesn’t want to put whoever inherits the house in the position where they have to sell immediately to pay off the mortgage.

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Related: How Much House Can I Afford?

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The Future Is Sooner Than You’d Think

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While having a family was one main reason to purchase life insurance, our age can also be a factor on when is the right time to buy. We tend to be at our healthiest when we are younger, in our twenties to mid-thirties.

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The older we get, and the more the aging process starts to take its toll, the more at risk we are for more severe illnesses. These factors tend to have an impact on the cost of purchasing life insurance. The older we are when we try to purchase life insurance, the more costly it will be. Therefore, even if you do not have a family, but have started a career and are living on your own, and are in relatively good health, it may be time to start thinking about purchasing life insurance. When you are at your peak health and fitness levels, it is likely more beneficial in terms of cost to purchase life insurance.

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Life insurance is a big step, and one we tend to think of as something that we need to think about far off in the future. However, if you are working and building your financial nest egg, life insurance should, at least, be on your list of things to consider.

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Photo credit: ©iStock.com/shorrocks, ©iStock.com/stockstudioX, ©iStock.com/monkeybusinessimages

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Most people’s first venture into establishing credit is opening a credit card. Unfortunately, many of those people are young, on their own for the first time and still figuring out how to handle their money. This can lead to a number of problems, often eventually leading to poor credit. However, opening a credit card does not have to spell disaster and can actually set you up for having and maintaining a good credit score – if you know how to handle them properly. Here are five common credit card mistakes to avoid.

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Late Payments

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Credit card due dates tell you the exact day when your payment is due, there is no excuse not to know that date. Most credit card companies will allow you a grace period of a few days, however once you reach thirty days, you will be reported to the credit bureaus as being late, which affects your credit score.

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If your due date falls at an inconvenient time of the month, you can call your credit card company and try to change your due date to better fall in line with your ability to pay. Setting up automatic bill pay is another way you can avoid falling behind on your payments. Just make sure you remember you have these automatic deductions set up so you don’t overcharge your account.

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Making Only the Minimum Payment

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Each month there is an amount you are required to pay by your credit card company. However, it is in your best interest to pay more than the minimum payment and ideally pay your credit card off completely.

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The minimum payment only ensures you are making the monthly interest payment, along with a small amount of the principle. By only paying the minimum each month you are dragging out the length of time it will take to pay off the card and increasing the amount you will pay in interest.

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Cash Advances

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While most traditional credit cards offer cash advances, or the ability to take out cash, this should always be a last resort. By taking out a cash advance you will get hit with an interest charge that is more than 10-15 points higher than interest on purchases.

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Cash advances from credit cards are only one step above payday loans, and you should know how much of a swindle those loans are.

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Avoiding Your Credit Card Bills

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If you have run up your credit card debt and cannot pay the charges or you think you will be late making payments, do not avoid those creditors. In fact, you should call them directly… seriously.

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Often times the credit card company will be willing to work out some deal with you, such as lowering your monthly payments or decreasing the amount of interest you are charged. If you know you are going to be late one month, call your credit card company and inform them. Chances are they can work with you so that your credit score does not take a hit.

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Closing Old Cards

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You may have opened your first credit card at the age of 18 and now you’re 28 with good credit. Perhaps you don’t use that first credit card too often and you may be considering closing it. This would be a mistake.

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Your credit report is not only a reflection of how good you are at making payments on time, but also of your credit history. Closing older lines of credit can actually hurt your overall credit score by shortening your credit history.

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Credit cards are often our first foray into establishing credit. It is important to know how to best handle them, as our behavior could impact our entire financial future. Establishing good credit is important when you want to go buy a car, purchase a home, and even get a job. Use your credit cards wisely and it can help you meet your financial goals.

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Photo Credit: Wonderlane

"],"experts":null,"link":"/credit-score/top-5-frequent-credit-card-mistakes","published":{"datetime":"2014-5-15","readable":"May 15, 2014"},"shareInfo":{"title":"Top 5 Frequent Credit Card Mistakes","origin":"/credit-score/top-5-frequent-credit-card-mistakes"},"isNewsArticle":false},"includeReadMore":true}]]}],["$","section",null,{"className":"ArticleSummary_articleSummary__IeaXB undefined","children":[["$","figure",null,{"className":"ArticleSummary_image__nvUWg","children":["$","$L10",null,{"href":"/retirement/the-pros-and-cons-of-raising-the-minimum-wage","children":["$","img",null,{"src":"https://smartasset.com/wp-content/uploads/sites/2/2014/04/american-money-picture-id498458397.jpg","alt":"The Pros and Cons of Raising the Minimum Wage"}]}]}],["$","div",null,{"className":"fonts_category__lXjI0","children":"Retirement"}],["$","$L10",null,{"href":"/retirement/the-pros-and-cons-of-raising-the-minimum-wage","children":["$","h4",null,{"className":"fonts_title__B8NZZ","children":"The Pros and Cons of Raising the Minimum Wage"}]}],["$","time",null,{"dateTime":"2023-9-2","className":"fonts_date___Ofhz","children":"September 2, 2023"}],["$","$L1a",null,{"article":{"id":"cG9zdDoxNTA4NA==","databaseId":15084,"postId":15084,"author":{"node":{"id":"dXNlcjoyMg==","databaseId":22,"userId":22,"avatar":{"url":"https://secure.gravatar.com/avatar/76685c9dd1ff2deea851b708801b9610?s=96&d=mm&r=g","size":96,"__typename":"Avatar"},"description":"Tiffany Patterson has a BA in Political Science from Temple University and an MBA from La Salle University Business School with a concentration in Finance. She is an expert on topics including home buying, life insurance and credit cards. She believes how we treat our finances can have a lasting impact on our lives for years to come. Tiffany loves researching and writing on topics that will help readers lead better lives.","additionalMeta":{"expertise":null,"__typename":"User_Additionalmeta"},"email":null,"firstName":"Tiffany","fullName":"Tiffany Patterson","lastName":"Patterson","name":"Tiffany Patterson","postCount":{"pageInfo":{"offsetPagination":{"total":23,"__typename":"OffsetPaginationPageInfo"},"__typename":"UserToPostConnectionPageInfo"},"__typename":"UserToPostConnection"},"slug":"tpatterson","__typename":"User"},"__typename":"NodeWithAuthorToUserConnectionEdge"},"categories":{"nodes":[{"id":"dGVybTo5Mw==","children":{"nodes":[{"name":"401(k)","slug":"401k","__typename":"Category"},{"name":"Annuities","slug":"annuities","__typename":"Category"},{"name":"Healthcare & Living","slug":"healthcare-and-living","__typename":"Category"},{"name":"Legislation & Policy","slug":"legislation-and-policy","__typename":"Category"},{"name":"Medicaid & Long-Term Care","slug":"medicaid-and-long-term-care","__typename":"Category"},{"name":"Medicare","slug":"medicare","__typename":"Category"},{"name":"Other","slug":"other-retirement","__typename":"Category"},{"name":"Pensions & Other Retirement Accounts","slug":"pensions-and-other-retirement-accounts","__typename":"Category"},{"name":"Retirement Planning","slug":"planning-for-retirement","__typename":"Category"},{"name":"Retirement Taxes","slug":"retirement-tax","__typename":"Category"},{"name":"RMDs","slug":"rmds","__typename":"Category"},{"name":"Rollovers & Conversions","slug":"rollovers-and-conversions","__typename":"Category"},{"name":"Roth & Traditional IRAs","slug":"roth-and-traditional-iras","__typename":"Category"},{"name":"Social Security","slug":"social-security","__typename":"Category"}],"__typename":"CategoryToCategoryConnection"},"databaseId":93,"categoryId":93,"link":"https://smartasset.com/retirement/articles","name":"Retirement","postCount":{"pageInfo":{"offsetPagination":{"total":386,"__typename":"OffsetPaginationPageInfo"},"__typename":"CategoryToPostConnectionPageInfo"},"__typename":"CategoryToPostConnection"},"slug":"retirement","ancestors":null,"parent":null,"__typename":"Category"}],"__typename":"PostToCategoryConnection"},"content":"$93","date":"2014-04-16T10:00:10","excerpt":"

For some time now, there’s been a national debate that’s centered around whether or not to raise the federal minimum wage. The current federal minimum wage is $7.25 an hour, while some states are raising that to $15. On the other hand, former President Barack Obama advocated for gradually raising the minimum wage to about […]

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No matter what your income is, you should have a financial plan for the future. Talk to a local financial advisor about your plans today.
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The Benefits of Raising the Minimum Wage

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The main upside or benefit from raising the minimum wage, the CBO found was that raising the wage to about $10.10 per hour, could lift as many as 900,000 people out of poverty. These numbers come from looking at the current poverty rates of low wage workers, in particular. By increasing the minimum wage by almost three dollars more an hour, these workers would better be able to support themselves and their families.

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A second benefit, to raising the minimum wage, is not only will it raise many low wage workers out of poverty, but will help the overall economy. Naturally, the more money workers earn through wages, the more they have to spend as consumers.

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Thus, these higher wages will continue through to greater levels of spending power. These are major benefits, especially when we consider the economy that is still struggling to recover.

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The Downsides of Raising the Minimum Wage

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The CBO’s report was not all positive. While raising the minimum wage has some upside, there are also potential downfalls. The main potential negative impact of raising the minimum wage is the loss of close to 500,000 jobs, which comes out to around 0.3% decrease in employment.

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These job losses could occur as a result of higher wages placing a greater strain on companies, which could lead to cutting jobs, reducing employee hours, and other methods to save the company money. The CBO reported that this number is not a definite, and that 500,000 may be an overestimate or could be a low ball and job losses could get as high as 1 million.

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Many economists say that job losses may actually be closer to zero considering the other benefits of increasing the minimum wage. For example, higher wages tend to reduce turnover, so employers will save on hiring and training new employees. Furthermore, the more low wage workers make, the more they will spend. This can help to offset the cost of higher wages for many companies.

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The debate over raising the federal minimum wage has been ongoing for some time now. What appears to be the main sticking point is how higher wages could impact businesses, individuals, and the overall economy. In addition, there are many views on what minimum wage should be.

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The report from the CBO suggests that raising the minimum wage will help individual low-wage earners, as you would expect. However, there does appear to be the potential for negative impacts on businesses across the U.S.

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Bottom Line

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With many Americans working minimum wage jobs, this debate will continue to rage on. While there are clear benefits to both sides, lawmakers will likely look to implement changes that help both workers and businesses.

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In the meantime, many states are taking the minimum wage debate into their own hands. As of 2020, eight states currently have a higher $15 minimum wage. These states are Florida, California, Connecticut, Illinois, New Jersey, New York, Massachusetts and Maryland. It remains to be seen how these changes will affect other states around the country, though.

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Tips for Managing Your Income

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Photo credit: ©iStock.com/YvanDube, ©iStock.com/Hispanolistic

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When it comes to retirement there are a number of things that need to be considered. One of the most important is where you are planning to live during your golden years. For many North Americans, retiring abroad is becoming …

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","

Find out now: How much do I need to save for retirement?

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There are many benefits to retiring abroad. Retiring in another country can mean that your savings goes a lot further than if you were to remain in the U.S. Many foreign countries have a better standard of living at a lower cost, a slower pace that is more accommodating to retirees, universal or nationalized healthcare, favorable weather conditions and more.

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Each year International Living publishes its annual retirement index, which looks at and ranks twenty-two of the most popular countries to retire for North Americans. Here are the list’s top five foreign countries to retire:

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1. Ecuador

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Ecuador ranked number one out of the twenty-two countries that were looked at, with a score of 91.9 out of 100. The country scored a perfect 100 out of 100 for its climate, while receiving a 99 for both real estate costs and special benefits. When moving to Ecuador, household items can be imported duty-free and the country boasts the best real-estate values in the world. Overall cost of living is much lower than in the U.S., and although the country does not have universal healthcare, medical costs are much lower than what you would expect to pay at home.

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2. Panama

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Panama came in at number 2 on the list with a score of 89.0. While Panama’s climate is great with a score of 88, the main appeal of Panama is the ease of integration. One of the major appeals for retirees is the pensioner visa, referred to locally as the “Pensiando.” Those who qualify are granted visas relatively quickly and are eligible for retirement discounts that range from 10%-15%. Among other benefits for U.S. nationals is that there are many English speakers in the more populated cities, and the U.S. dollar is the currency of Panama.

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3. Malaysia

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The third country on the list was Malaysia. Once again many of those who retired there, cited its wonderful weather as a major benefit. Malaysia’s temperature hovers around 82 degrees year-round. With beaches, jungles, and other beautiful scenery it is like being on vacation year round. The cost of living in Malaysia is also much of the country’s appeal, in addition to the fact that there are a number of expats living in the country, and English is the unofficial first language.

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4. Mexico

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Mexico, our neighbor to the south, came in at number 4. While Mexico also boasts a relatively low cost of living, beautiful beaches, and great weather, one of the most appealing draws is the healthcare system. Mexico’s healthcare system is rated good to excellent, and those who hold a residential visa can partake in the national healthcare system. For all Mexican residents and citizens, the national healthcare system tops out at $300 per year. Even for those who are not residents, healthcare costs are still much lower than you would expect to pay here in the U.S.

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5. Costa Rica

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Rounding out the top five countries on the list was Costa Rica. Costa Rica is neatly tucked in between Panama and Nicaragua in Central America. Just as with the other top five countries, Costa Rica’s selling points are its climate, beaches, and overall lower cost of living.

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In Costa Rica, the healthcare system is nationalized in which residents pay a monthly fee based on income. One couple who move to Costa Rica for retirement, pay $49 a month for healthcare. In the U.S. they were paying nearly $1,300 a month for prescriptions and health insurance. With a growing number of expatriates, Costa Rica is also a great place to integrate into a community of retirees.

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Related Article: 5 Ways You Could Be Sabotaging Your Retirement

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Bottom Line

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Retirement is supposed to be a time of relaxation, but unfortunately due to the high cost of living in the U.S. along with medical costs, it can turn out to be a period of stress. More and more Americans are realizing the benefits of moving abroad to live out their retirement in better climates and lower cost of living. If you are retiring soon, or even just planning for retirement, you may want to look into the benefits of retiring abroad.

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Photo Credit: ©iStock.com/DC_Colombia, ©iStock.com/benedek, ©iStock.com/zorazhuang, ©iStock.com/ferrantraite, ©iStock.com/Fertnig

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Now is the time of year for graduate school application deadlines. There can be many benefits to returning to school. Obtaining your graduate degree can help open doors for you in your current career or help if you are considering changing careers, seeking greater financial rewards, or even just wanting personal growth. However, as we all are well aware, graduate school can be a major financial investment, but below are five major reasons going for your graduate degree could be helpful.

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1. Your Employer Pays for It.

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There are a number of companies and organizations that will pay, at least in part, to have their employees return to school to obtain a graduate degree. These companies will likely have stipulations. Sometimes you must receive a B+ or better in a course in order for the course to be paid for or once you receive your degree you will often be required to remain with the company for a certain period of time.

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Of course, this is to ensure the company reaps the benefits of its investment. So if you are happy with the business you work for and looking to advance within the company, this is a great opportunity. Check with your human resources department to find out the specific requirements for your company. And remember there may be additional costs that you should prepare for before starting graduate school.

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2. You Are Looking for a Career Change.

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Returning to school to get a graduate degree is a way to move into another career. We are living in the generation of employees who realized they did not have to remain with their first job or career for 30-plus years until retirement.

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Graduate school gives you exposure to people who have worked or are currently working in the career you want to go into, which allows you to ask questions and get information beyond the regular textbook information. Furthermore, being in graduate school can help obtain internships and greater career connections upon completion of graduate school. If you are looking to change careers, graduate school is a good place to start.

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3. Greater Financial Potential.

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It’s no secret higher education often affords one the opportunity to seek higher paying jobs. Whether you are looking to move up at your current employer or at a better paying position elsewhere, a graduate degree can help you meet your income goals.

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It is important to look at the field you are in or want to go into and the expected income for a person in the position you are seeking. This will help you gauge whether or not the cost of graduate school is worth the investment. If you are thinking of returning to graduate school mainly for the financial gain, it is important to do a cost-benefit analysis to help decide if your time, money, and effort will get you the rewards you are seeking.

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4. Personal Growth.

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Not all graduate school education is for the purpose of gaining financial reward or upward mobility in one’s career. Many of us have a love of learning, even outside of a career that we may love and enjoy.

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In this case, graduate school can help further our knowledge in a field we have an interest in, but not necessarily want to make it into a career. There are plenty of part-time programs one can attend while working full-time. If you have a love of learning there are many options for graduate school for personal growth reasons.

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5. You Have the Time.

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If you have raised your family and are going through an empty nest situation, graduate school may be the perfect opportunity to occupy your time. Many in the middle of their professional careers or even retirees find themselves with a great deal of extra time on their hands. Graduate school can help keep you intellectually stimulated while you enjoy your retirement or more relaxed lifestyle.

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Returning to graduate school is a great opportunity to further your growth in a number of different ways. It is important to understand your reasons for wanting to return to graduate school. If your goals for graduate school meet one or more of the above, it may be worth it to turn in that application and get the process started.

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Student Loan Debt Tips

","$c0","

Photo Credit: ©iStock.com/Drazen Zigic, ©iStock.com/Anchiy, ©iStock.com/BrianAJackson

"],"experts":null,"link":"/career/5-reasons-to-return-to-graduate-school","published":{"datetime":"2013-12-13","readable":"December 13, 2013"},"shareInfo":{"title":"5 Reasons to Return to Graduate School","origin":"/career/5-reasons-to-return-to-graduate-school"},"isNewsArticle":false},"includeReadMore":true}]]}],["$","section",null,{"className":"ArticleSummary_articleSummary__IeaXB undefined","children":[["$","figure",null,{"className":"ArticleSummary_image__nvUWg","children":["$","$L10",null,{"href":"/mortgage/why-you-shouldnt-count-on-your-home-equity-for-retirement","children":["$","img",null,{"src":"https://smartasset.com/wp-content/uploads/sites/2/2013/10/1805541050_a26d128137_z.jpg","alt":"Why You Shouldn’t Count on Your Home Equity for Retirement"}]}]}],["$","div",null,{"className":"fonts_category__lXjI0","children":"HELOCs & Equity"}],["$","$L10",null,{"href":"/mortgage/why-you-shouldnt-count-on-your-home-equity-for-retirement","children":["$","h4",null,{"className":"fonts_title__B8NZZ","children":"Why You Shouldn’t Count on Your Home Equity for Retirement"}]}],["$","time",null,{"dateTime":"2023-9-8","className":"fonts_date___Ofhz","children":"September 8, 2023"}],["$","$L1a",null,{"article":{"id":"cG9zdDoxMTMyNw==","databaseId":11327,"postId":11327,"author":{"node":{"id":"dXNlcjoyMg==","databaseId":22,"userId":22,"avatar":{"url":"https://secure.gravatar.com/avatar/76685c9dd1ff2deea851b708801b9610?s=96&d=mm&r=g","size":96,"__typename":"Avatar"},"description":"Tiffany Patterson has a BA in Political Science from Temple University and an MBA from La Salle University Business School with a concentration in Finance. She is an expert on topics including home buying, life insurance and credit cards. She believes how we treat our finances can have a lasting impact on our lives for years to come. Tiffany loves researching and writing on topics that will help readers lead better lives.","additionalMeta":{"expertise":null,"__typename":"User_Additionalmeta"},"email":null,"firstName":"Tiffany","fullName":"Tiffany Patterson","lastName":"Patterson","name":"Tiffany Patterson","postCount":{"pageInfo":{"offsetPagination":{"total":23,"__typename":"OffsetPaginationPageInfo"},"__typename":"UserToPostConnectionPageInfo"},"__typename":"UserToPostConnection"},"slug":"tpatterson","__typename":"User"},"__typename":"NodeWithAuthorToUserConnectionEdge"},"categories":{"nodes":[{"id":"dGVybToxOTUwMw==","children":{"nodes":[],"__typename":"CategoryToCategoryConnection"},"databaseId":19503,"categoryId":19503,"link":"https://smartasset.com/helocs-and-equity/articles","name":"HELOCs & Equity","postCount":{"pageInfo":{"offsetPagination":{"total":13,"__typename":"OffsetPaginationPageInfo"},"__typename":"CategoryToPostConnectionPageInfo"},"__typename":"CategoryToPostConnection"},"slug":"helocs-and-equity","ancestors":{"nodes":[{"name":"Mortgage","slug":"mortgage","__typename":"Category"}],"__typename":"CategoryToAncestorsCategoryConnection"},"parent":{"node":{"name":"Mortgage","id":"dGVybTo4Ng==","slug":"mortgage","__typename":"Category"},"__typename":"CategoryToParentCategoryConnectionEdge"},"__typename":"Category"}],"__typename":"PostToCategoryConnection"},"content":"$c1","date":"2013-12-12T10:00:55","excerpt":"

Many of us have been taught to look at the purchase of a home as a good investment. When we purchase a home, we are investing in a neighborhood, a school system, and hopefully a safe community to raise our families and spend a large portion of our lives. Buying a home is also a […]

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","

Check out our refinance calculator

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In the past, home ownership always seemed like a sound way to store up equity when the time came for retirement, things have changed. Depending on your home equity is not always a solid plan when it comes to retirement. Here are some reasons as to why home equity may not be enough to rely on when the time comes to retire.

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Related Article: How Prepared Are You For Retirement?

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You Home May Depreciate in Value

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The prevailing conventional wisdom used to be that home values would always rise. Obviously, the 2007-2008 financial and mortgage crisis has changed conventional wisdom. Now, we know mortgages are like any other investment, which means they can go up, but they can also decrease in value.

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Home values can decline for a number of reasons including economic factors (like a market crash), a changing community, and more. The recent mortgage woes have shown us just how susceptible home equity is to depreciating due to circumstances outside of our personal control. It is important to be aware that home values do not always increase and relying too heavily on your equity for retirement purposes is not a safe bet.

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Fees and Taxes Take their Toll

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Selling a home comes with fees and taxes that can take a good portion of your stored up equity. The standard arrangement asks the seller to pay the realtor charge of 6% of the final sale. Furthermore, there is also the likelihood of a capital gains tax. Although $250,000 ($500,000 for couples) is not subject to capital gains tax, if your home does appreciate in value over time, you may find yourself having to pay this tax.

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You Will Still Need a Place to Live

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Remember, once you sell your home you will need to find another place to live. If you are planning to buy a smaller home to live in, you will have to contend with fees, taxes, and another mortgage, albeit presumably smaller than your previous mortgage. If you are planning on using the money from selling your home to pay for a nursing home, if you’re married, your spouse will still need a place to live. The point is it is important to decide whether selling your home is worth it, considering the fees and the continued need to have a place to live. It may be more advantageous to remain in your current home.

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Related Article: The Hidden Costs of Downsizing Your Home

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In the end, planning for retirement is an important part of your financial planning, and sometimes using home equity may be your best bet. However, it is vital not to be overly reliant on your home equity. Don’t look at the current value of your home and think that will be enough to fund your retirement years. The value of homes and properties change, commission and taxes take their toll, and the necessity to have a place to live will persist into your retirement. Make sure to take all of this into account when planning your golden years.

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Photo Credit: welsh boy

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We are living in an age in which professionals, typically, do not spend their entire career with one company. The loyalty between employer and employee there for previous generations is no longer here, on both side of the employer-employee scale. Today’s professionals are much more likely to hop around to a few different companies or employers during the span of a career.

","

Check out our retirement calculator.

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We find there are a number of reasons for changing or quitting jobs, even in the midst of an ongoing economic recovery. Here are five reasons it may be time for you to start looking for a new job.

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1. You’re stifled in your current position.

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Sometimes no matter how great a company is, there is no room to grow. Perhaps you have reached the highest level your organization allows. If you are in your thirties or forties with 10 or 20+ years left before retirement, the last thing you want to do is remain with an employer who does not allow for professional growth. If you are feeling stifled in the way of motivation, creativity, etc., it is time to start looking for a new job.

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2. Your role is not being respected.

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Unfortunately, this occurs for many professionals in a variety of positions. One such example is in the profession of human resources. Companies are notorious for underestimating the importance of their human resources staff. If you find yourself being overlooked or not included in important decisions and meetings, this could be a sign your manager or company does not respect the role your position plays in the business. It’s time to start looking for a company that values you. Start searching for a new job (off the clock, of course!).

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3. Your skills are not being utilized in the best way.

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","

Every professional has aspects of his or her job they do not enjoy or that are tedious. However, if you find yourself spending more time on the tedious aspects of your job, and less in the aspects that use your specific skill set, it may be time to do some rearranging. While this is not always a sign that a new job search is on the horizon, it at least requires a talk with management. Try to find a way to delegate the more tedious responsibilities so you can take part in the aspects of your job that use your skills. If these changes are not made after you have brought attention to the issue, it may be time to look for a new job.

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4. You are having manager or colleague difficulties.

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Working with people who operate differently than we do is just part of life. However, if you find yourself constantly running into communication issues and disagreements that make getting your work done difficult, even after trying to address these issues with HR, it may be time to make some changes in employment. If you are constantly at your wits end with your colleagues and different methods of trying to remedy the problem have not worked, it is in your best interest to begin looking for a new job.

","

5. Your health is suffering.

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Stress is a part of life. It comes with the territory of working. But if you are so stressed at work that you are suffering adverse health effects, this is a sign that continued employment with your company may not be worth it. The Mayo Clinic lists the signs of stress to see if you any of these correlate with how you are feeling. Of course, it is always advisable to check with your doctor. If you are experiencing these symptoms of stress from work, it may be sign that a new job, either within your current company or at a new place of employment, would be in your best interest.

","

Most of us need to work in order to survive. This is a given. Nevertheless, if your current position is meeting any of the criteria listed above, these are signs that a new job may be in order. You are not obligated to stay with a company that is no longer serving you or your professional needs. It is also better to begin recognizing the signs it is time to leave, rather than burn out and even begin to resent your employer.

","

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Different retailers often try and talk their customers into signing up for store-branded credit cards. Many of them promise to reward account holders with exclusive discounts and perks. And applying for them can be tempting, especially when the holiday season is in full swing. Before you sign up for a store credit card, however, there are a few things you’ll need to think about. Here are some of the pros and cons of applying for a store credit card.

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Consider working with a financial advisor as you evaluate how many and what kind of credit and debit cards you need.

","

The Pros of Getting a Store Credit Card

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Pro #1: Sign-up discount. When you first sign up for a store credit card, you often receive a discount on the items you are purchasing. This discount can often work in tandem with other discounts. Therefore, depending on the size of your purchase, you could save a nice chunk of change by signing up on the spot.

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Pro #2: Regular discounts. Retail stores often provide their credit card customers with additional discounts throughout the year. Sometimes these discounts are tacked on to a regular sale being offered to all customers. For example, when a retailer is having a sale and certain items are 20% off, a customer who has the store credit card may be eligible for an additional discount.

","

Pro #3: You can buy what you want when you want it. If you have a store credit card, you may not have to save up for some of the items you want to buy. As with traditional credit cards, you can put the purchase on your card and then pay it off once you have the money. As long as you are responsible with your card, having a store credit card can be helpful and it can improve your credit score, too.

","

Find out now: Which credit card is best for me?

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The Cons of Applying for a Store Credit Card

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Con #1: High interest rates. While store credit cards can give you a number of discounts, they are also notorious for their high interest rates. The rates on a store credit card tend to be much higher than those associated with traditional credit cards. If you aren’t careful, you could end up paying a lot of interest.

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Con #2: They can harm your credit score. Getting a store credit card – or even just applying for one – can cause your credit score to drop slightly. If you have bad credit, you might need to wait until you improve your score before taking on any more debt.

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Con #3: They can be less beneficial than traditional credit cards. Store credit cards tend to have smaller credit limits. That means that it may be easier to rack up debt with these kinds of credit cards. But if you use too much of your available credit, your debt-to-credit ratio will go up and your credit score could drop.

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Bottom Line

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While getting a store credit card may seem like a good idea, remember to think about your financial goals and how a store card will affect your ability to meet those goals.

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Tips on Credit Cards

","$de","

"],"experts":null,"link":"/credit-cards/pros-and-cons-of-store-credit-cards","published":{"datetime":"2013-10-22","readable":"October 22, 2013"},"shareInfo":{"title":"Pros and Cons of Store Credit Cards","origin":"/credit-cards/pros-and-cons-of-store-credit-cards"},"isNewsArticle":false},"includeReadMore":true}]]}],["$","section",null,{"className":"ArticleSummary_articleSummary__IeaXB undefined","children":[["$","figure",null,{"className":"ArticleSummary_image__nvUWg","children":["$","$L10",null,{"href":"/retirement/how-prepared-are-you-for-retirement","children":["$","img",null,{"src":"https://smartasset.com/wp-content/uploads/sites/2/2013/10/7794425922_bf7fe1c678_z.jpg","alt":"How Prepared Are You For Retirement?"}]}]}],["$","div",null,{"className":"fonts_category__lXjI0","children":"Retirement"}],["$","$L10",null,{"href":"/retirement/how-prepared-are-you-for-retirement","children":["$","h4",null,{"className":"fonts_title__B8NZZ","children":"How Prepared Are You For Retirement?"}]}],["$","time",null,{"dateTime":"2023-9-6","className":"fonts_date___Ofhz","children":"September 6, 2023"}],["$","$L1a",null,{"article":{"id":"cG9zdDoxMDYzMw==","databaseId":10633,"postId":10633,"author":{"node":{"id":"dXNlcjoyMg==","databaseId":22,"userId":22,"avatar":{"url":"https://secure.gravatar.com/avatar/76685c9dd1ff2deea851b708801b9610?s=96&d=mm&r=g","size":96,"__typename":"Avatar"},"description":"Tiffany Patterson has a BA in Political Science from Temple University and an MBA from La Salle University Business School with a concentration in Finance. She is an expert on topics including home buying, life insurance and credit cards. She believes how we treat our finances can have a lasting impact on our lives for years to come. Tiffany loves researching and writing on topics that will help readers lead better lives.","additionalMeta":{"expertise":null,"__typename":"User_Additionalmeta"},"email":null,"firstName":"Tiffany","fullName":"Tiffany Patterson","lastName":"Patterson","name":"Tiffany Patterson","postCount":{"pageInfo":{"offsetPagination":{"total":23,"__typename":"OffsetPaginationPageInfo"},"__typename":"UserToPostConnectionPageInfo"},"__typename":"UserToPostConnection"},"slug":"tpatterson","__typename":"User"},"__typename":"NodeWithAuthorToUserConnectionEdge"},"categories":{"nodes":[{"id":"dGVybTo5Mw==","children":{"nodes":[{"name":"401(k)","slug":"401k","__typename":"Category"},{"name":"Annuities","slug":"annuities","__typename":"Category"},{"name":"Healthcare & Living","slug":"healthcare-and-living","__typename":"Category"},{"name":"Legislation & Policy","slug":"legislation-and-policy","__typename":"Category"},{"name":"Medicaid & Long-Term Care","slug":"medicaid-and-long-term-care","__typename":"Category"},{"name":"Medicare","slug":"medicare","__typename":"Category"},{"name":"Other","slug":"other-retirement","__typename":"Category"},{"name":"Pensions & Other Retirement Accounts","slug":"pensions-and-other-retirement-accounts","__typename":"Category"},{"name":"Retirement Planning","slug":"planning-for-retirement","__typename":"Category"},{"name":"Retirement Taxes","slug":"retirement-tax","__typename":"Category"},{"name":"RMDs","slug":"rmds","__typename":"Category"},{"name":"Rollovers & Conversions","slug":"rollovers-and-conversions","__typename":"Category"},{"name":"Roth & Traditional IRAs","slug":"roth-and-traditional-iras","__typename":"Category"},{"name":"Social Security","slug":"social-security","__typename":"Category"}],"__typename":"CategoryToCategoryConnection"},"databaseId":93,"categoryId":93,"link":"https://smartasset.com/retirement/articles","name":"Retirement","postCount":{"pageInfo":{"offsetPagination":{"total":386,"__typename":"OffsetPaginationPageInfo"},"__typename":"CategoryToPostConnectionPageInfo"},"__typename":"CategoryToPostConnection"},"slug":"retirement","ancestors":null,"parent":null,"__typename":"Category"},{"id":"dGVybToxMzY=","children":{"nodes":[{"name":"Other","slug":"other-taxes","__typename":"Category"},{"name":"Tax Credits & Deductions","slug":"tax-credits-deductions","__typename":"Category"},{"name":"Tax Filing","slug":"tax-filing","__typename":"Category"},{"name":"Tax Planning","slug":"tax-planning","__typename":"Category"},{"name":"Tax Policy","slug":"tax-policy","__typename":"Category"}],"__typename":"CategoryToCategoryConnection"},"databaseId":136,"categoryId":136,"link":"https://smartasset.com/taxes/articles","name":"Taxes","postCount":{"pageInfo":{"offsetPagination":{"total":214,"__typename":"OffsetPaginationPageInfo"},"__typename":"CategoryToPostConnectionPageInfo"},"__typename":"CategoryToPostConnection"},"slug":"taxes","ancestors":null,"parent":null,"__typename":"Category"}],"__typename":"PostToCategoryConnection"},"content":"$df","date":"2013-10-17T14:30:52","excerpt":"

When you are first starting out in your career, you tend to think of retirement as something far off. In the days of our grandparents, and even some of our parents, retirement savings wasn’t even an issue – many employers took care of that with company pension plans. Find out now: How much do I […]

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Find out now: How much do I need to save for retirement?

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The Good Old Days

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Four or five decades ago the ideal financial plan was to gain middle income paying job, work until retirement, and then be supported by the company funded pension plan. While this worked in the previous era, pension plans no longer rule the day. With more service type jobs instead of factory positions, employees no longer stay at one company for the full thirty or more years of their career. This means the responsibility of retirement savings has shifted from the company to the individual. However, this shift in responsibility has not necessarily come with more knowledge about finances. This means that when it comes to retirement many of us are lost, and unsure of exactly how much we should be saving.

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Tallying the Target

","$f5","

Sagging Savings

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The problem with the above calculations is that many of us do not have anywhere near this amount in retirement savings. Vanguard founder, John Bogle, has spoken out on a coming retiree “train wreck” caused by a lack of personal savings among Americans, underfunded pensions plans and an insolvent social security system. These three factors combined, spell a possible grim for future retirees, most notably for the baby boomers who have already begun to retire. The personal savings of this baby boomer generation has already taken a hit due to the economic downturn and financial crisis of 2007-2008. Much of the retirement savings lost in that period will take years to recover, years that many baby boomers do not have. Unfortunately, it looks like many baby boomers will be working longer than they ever thought.

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No matter your age, it is important to understand where your retirement savings stand. Are you close to or near the savings numbers that Baldwin proposes? If not, it’s time to start investing more into our retirement funds. Make sure retirement saving is a part of your family’s budget. Cut out unnecessary costs. Weigh purchasing decisions in the long-term. Saving for retirement is now our own responsibility and the sooner you get started, the better.

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Photo Credit: Premier Financial Planning IFA Bath

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\n","featuredImage":{"id":"cG9zdDoxNjk5NDE=","databaseId":169941,"altText":"Should College Athletes Be Paid? ","date":"2022-11-08T12:58:50","fileSize":118676,"mimeType":"image/jpeg","modified":"2022-11-08T12:58:50","sourceUrl":"https://smartasset.com/wp-content/uploads/sites/2/2013/09/6921706178_88bb5209ae_z-1.jpg","__typename":"MediaItem"},"modified":{"datetime":"2023-9-8","readable":"September 8, 2023"},"multipleBylinesByRole":{"editedBy":null,"reviewedBy":null,"writtenBy":null,"factCheckedBy":null,"secondEditor":null,"hideAuthor":null,"__typename":"Post_Multiplebylinesbyrole"},"adTargetingOverrides":{"fieldGroupName":"adTargetingOverrides","pageGroupNewKey":null,"__typename":"Post_Adtargetingoverrides"},"seo":{"canonical":"https://smartasset.com/retirement/should-student-athletes-be-paid","metaDesc":"College athletes work hard and make lots of money for their colleges. So should they be paid beyond their scholarships? We dive into the debate.","metaKeywords":"","metaRobotsNofollow":"follow","metaRobotsNoindex":"index","readingTime":8,"title":"Should College Athletes Be Paid? - SmartAsset","__typename":"PostTypeSEO"},"slug":"should-student-athletes-be-paid","status":"publish","title":"Should College Athletes Be Paid?","uri":"/retirement/should-student-athletes-be-paid","tags":{"nodes":[],"__typename":"PostToTagConnection"},"__typename":"Post","adPageGroupOverride":null,"bylines":{"writtenBy":{"id":"dXNlcjoyMg==","databaseId":22,"userId":22,"avatar":"$f7","description":"Tiffany Patterson has a BA in Political Science from Temple University and an MBA from La Salle University Business School with a concentration in Finance. She is an expert on topics including home buying, life insurance and credit cards. She believes how we treat our finances can have a lasting impact on our lives for years to come. Tiffany loves researching and writing on topics that will help readers lead better lives.","additionalMeta":"$f8","email":null,"firstName":"Tiffany","fullName":"Tiffany Patterson","lastName":"Patterson","name":"Tiffany Patterson","postCount":"$f9","slug":"tiffany-patterson","__typename":"User"},"editedBy":null,"reviewedBy":null,"factCheckedBy":null,"secondEditor":null},"category":{"id":"dGVybTo5Mw==","children":"$fc","databaseId":93,"categoryId":93,"link":"https://smartasset.com/retirement/articles","name":"Retirement","postCount":386,"slug":"retirement","ancestors":null,"parent":null,"__typename":"Category"},"isModifiedBeforePublished":false,"contentBlocks":["

Elite professional athletes regularly draw salaries reaching into the millions. The minimum annual salary for players in the four major sports leagues is well into the six-figure range, and it’s not uncommon for star players to receive multi-year contracts worth more than $100 million. If you’re a college athlete, though, you don’t make a dime. Consider working with a financial advisor as you make long-range financial plans or modify an existing financial plan to account for new circumstances.

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The debate over whether college athletes should be paid for their services has existed for decades. It’s only intensified as the National Collegiate Athletics Association (NCAA) has seen revenues soar in recent years. Critics of the idea insist that college athletes are students first, with athletics merely an extracurricular. To them, introducing pay would be a logistical nightmare, hurting college sports more than helping it.

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Proponents of paying athletes contend that many of these students spend almost a conventional work week participating in athletic activities. They also bring in mountains of revenue for their universities. These advocates contend that any logistical complications are the problems of the NCAA, not the players. Clearly, the conversation surrounding the issue is complex, and there are various pros and cons.

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Pro: College athletes put their bodies on the line each game they play.

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In the 2013 NCAA basketball tournament, Louisville player Kevin Ware suffered a horrific injury to his lower right leg while attempting to block an opposing player’s shot. Six months later, Ware was healed and back to practicing. He was one of the lucky ones.

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There have been numerous instances of players becoming paralyzed by hits or tackles on football fields, or suffering career-ending ligament injuries on the basketball court. While professional athletes who suffer such injuries may have already made millions over the course of their careers, it’s a very different story for unpaid college athletes. Elite college athletes on the cusp of an eventual professional career may be faced with the prospect of never realizing their professional dreams – and never earning a dollar for their skills.

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These athletes are risking their bodies and physical health at a chance to play a game they love. That attack surely merits compensation.

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Pro: Student-athletes generate serious revenue.

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In 2017, the NCAA reached a financial milestone when it reported $1.1 billion in revenue. The lion’s share of that money is from a gargantuan TV contract with CBS and Turner, the company that owns TNT and TBS. These two companies are paying a combined $800 million a year to broadcast March Madness, and the players that make the tournament possible don’t see any of that money. Advocates of paying college athletes frequently point to this imbalance as one of their core talking points.

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The revenue generating doesn’t stop there, though. College athletes, especially those who excel in football or basketball, help their schools generate revenue through ticket sales, appearances at alumni fundraising events and, more abstractly, through promotion of the school’s brand.

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Pro: Playing college sports is time-consuming and expensive.

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According to a 2017 NCAA survey, Division I student athletes spend an average of 35.4 hours per week on athletic activities during the season. That leaves little to no time to have a job on campus. According to that same NCAA survey, Division I athletes spent 2% of their time each week at a job. This is equivalent to 3.4 hours and roughly $25 at a minimum wage job. Suffice it to say that the opportunity cost of participating in college athletics is immense. If a college athlete were to spend those 35.4 hours working at the federal minimum wage, they’d have an extra $1,000 a month. That’s not insignificant to a college student.

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Pro: Paying college athletes would help to begin creating a sense of financial awareness.

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Another benefit of paying college athletes is that it could help teach the basics of personal finances to athletes, many of whom have dealt with very public financial struggles after retirement. The ESPN documentary Broke gave an inside view of the financial woes of many professional athletes, noting that around 60% of NBA players are broke within five years of retirement.

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Many of these players blamed poor investments, trusting unethical financial advisors and lavish spending habits as the reason for their money troubles. If schools were to begin paying players, they could also help these students build a foundation of financial literacy. This would allow them to introduce these students to financial advisors who had their best interests in mind. Whether or not these college athletes went on to play professionally, they would at least have some type of financial literacy to carry with them into whatever career they choose.

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Pro: Paying college athletes will provide incentives for the top talent to participate.

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Marquee college sports like football and basketball are undeniably star-studded. However, recent years have seen more and more athletes seek alternative paths on their way to the pros. This is particularly true in men’s basketball. Players like Emmanuel Mudiay, Brandon Jennings, Josh Huestis and Anfernee Simons have all made headlines for their decisions to skip a perfunctory year of college and instead either train exclusively for the NBA Draft or play professionally abroad.

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None of these players on their own are costing the NCAA revenue with their decisions to abstain. However, as the alternatives to Division I sports become more and more attractive, particularly for those players who view the pros as more of inevitability than a long shot, the NCAA’s hand may be forced.

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Con: Many student-athletes already receive scholarships and other benefits.

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While not all student-athletes are on scholarship, many are. This is especially true for those who are playing for athletic programs that are competing for national championships. In addition to free tuition and room and board, these college athletes also often receive stipends to help towards books and other basic needs. This money does not have to be paid back. Most other students are not receiving these benefits. They’ll come out of school with a great deal of student loan debt like most of their classmates. Thus, in comparison, student-athletes already have it easier, financially, than most of the students at their school.

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Con: Paying college athletes would be a logistical quagmire.

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The logistics governing any sort of pay structure for college athletes is unavoidably complicated. Questions about the details are plentiful, and answers are scarce. Should only college athletes in the most popular and profitable sports (football and basketball) be paid? If not, what money should be used to pay the baseball players, soccer players and fencers? Is it the responsibility of the school or the NCAA? How much should students-athletes earn? How often would they get a check?

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Con: Few college sports programs are profitable

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According to economist Jeffrey Dorfman, only a few collegiate sports actually bring in money for their schools. College football, as well as men’s and women’s basketball, are big money makers, but most other programs actually lose money. Many athletic departments across the country use some of the proceeds from the football and basketball programs to subsidize the other athletics programs on campus. If the schools also had to pay their athletes, it’s unclear whether institutions beyond the top athletics programs in the country could actually foot the bill.

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How Would Paying College Athletes Actually Work?

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While the logistics of paying college athletes is indeed complex, that doesn’t mean there’s no ideas out there. One proposal that has gained steam is recent years is that, rather than receive pay from an institution, athletes should simply be allowed to make their own money off their fame and likeness.

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This is something which the NCAA currently forbids. In fact, it deals out harsh punishments for both athletes and programs if an athlete is found to have received gifts or income related to their college athletics career. Student athletes can’t make money from signing autographs, they can’t sell any merchandise or memorabilia and they don’t make any money when their likeness is used in sports video games. This plan would remove all of those restrictions. So, if Spencer Rattler wants to sell an autograph, he can. If Stetson Bennett wants to sell his 2022 national championship ring, he can.

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Advocates of this proposal feel that it would allow the star athletes who generate the most revenue for universities and the NCAA to cash in. Further, no one would have to pull teeth from institutions unwilling to sacrifice profits. While this would only provide significant income to the most popular college athletes, it’s at least a start.

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The Bottom Line

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While support for paying college athletes has grown in recent years, the NCAA has shown little inclination to budge on the issue. In the meantime, college sports will continue to be a billion dollar industry, and athletes will continue to fill its ranks, either as a pathway to the pros or simply a way to exercise their passions.

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Tips for Managing Your Finances

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\n","featuredImage":{"id":"cG9zdDo5NTM3","databaseId":9537,"altText":"fast food","date":"2013-09-09T15:22:38","fileSize":56605,"mimeType":"image/jpeg","modified":"2013-09-09T15:22:38","sourceUrl":"https://smartasset.com/wp-content/uploads/sites/2/2013/09/fast-food.jpg","__typename":"MediaItem"},"modified":{"datetime":"2023-8-30","readable":"August 30, 2023"},"multipleBylinesByRole":{"editedBy":null,"reviewedBy":null,"writtenBy":null,"factCheckedBy":null,"secondEditor":null,"hideAuthor":null,"__typename":"Post_Multiplebylinesbyrole"},"adTargetingOverrides":{"fieldGroupName":"adTargetingOverrides","pageGroupNewKey":null,"__typename":"Post_Adtargetingoverrides"},"seo":{"canonical":"https://smartasset.com/insights/fast-food-advertising-obesity-and-the-cost-to-everyone","metaDesc":"","metaKeywords":"","metaRobotsNofollow":"follow","metaRobotsNoindex":"index","readingTime":3,"title":"Fast Food Advertising, Obesity and the Cost to Everyone - SmartReads by SmartAsset","__typename":"PostTypeSEO"},"slug":"fast-food-advertising-obesity-and-the-cost-to-everyone","status":"publish","title":"Fast Food Advertising, Obesity and the Cost to Everyone","uri":"/insights/fast-food-advertising-obesity-and-the-cost-to-everyone","tags":{"nodes":[],"__typename":"PostToTagConnection"},"__typename":"Post","adPageGroupOverride":null,"bylines":{"writtenBy":{"id":"dXNlcjoyMg==","databaseId":22,"userId":22,"avatar":"$10f","description":"Tiffany Patterson has a BA in Political Science from Temple University and an MBA from La Salle University Business School with a concentration in Finance. She is an expert on topics including home buying, life insurance and credit cards. She believes how we treat our finances can have a lasting impact on our lives for years to come. Tiffany loves researching and writing on topics that will help readers lead better lives.","additionalMeta":"$110","email":null,"firstName":"Tiffany","fullName":"Tiffany Patterson","lastName":"Patterson","name":"Tiffany Patterson","postCount":"$111","slug":"tiffany-patterson","__typename":"User"},"editedBy":null,"reviewedBy":null,"factCheckedBy":null,"secondEditor":null},"category":{"id":"dGVybToz","children":"$114","databaseId":3,"categoryId":3,"link":"https://smartasset.com/insights/articles","name":"Insights","postCount":53,"slug":"insights","ancestors":null,"parent":null,"__typename":"Category"},"isModifiedBeforePublished":false,"contentBlocks":["

In the U.S., there is growing national concern over the obesity epidemic. According to public health workers, anyone with a body mass index (BMI) over 30 is considered obese. Nearly, one-third of Americans are obese today, and it is estimated that by 2030, 42% of Americans will be obese. Obesity is a major concern for a number of reasons, many of which center around the healthcare costs associated with obesity.

","

Find out now: How much do I need to save for retirement?

","

Those who are obese are more likely to develop what is often referred to as obesity-related ailments, which include type 2 diabetes, heart disease, kidney failure and more. Given the already escalating nature of healthcare costs, there is great concern over what the growing obesity epidemic means not only for health, but for finances. At the center of the discussion on obesity, are fast food restaurants, particularly fast food advertisements.

","

When it comes to advertisements by fast food chains such as McDonalds and Burger King, researchers found there was a major difference in the way the ads were presented to children and adults. Katy Bachman of Adweek, writes that while 23% of the adult advertisements surveyed, contained food packaging, 88% of the children’s advertisements placed an emphasis on food packaging. Furthermore, 68% used premiums such as kids’ toys and 55% of children’s advertisements contained movie-tie ins. This research is poignant because it points out that for children it is difficult to distinguish between the premiums and the product that is actually being advertised. Of course, this type of advertising is more likely to allure children and make them want to purchase from these chains, which can have dangerous health consequences.

","

A study published on the Healthychildren.org website found that youths who were able to identify a large percent of 20 stills from fast food ads, were twice as likely to be obese than those who did not have as much familiarity with the ads. This correlation demonstrates that these fast food advertisements are hitting their intended market, but the overall health of these children is suffering for it. This leads many to question what are the implications on the overall health of today’s children and adolescents, along with the monetary costs of this issue?

","

Obesity is not just a health problem, but is also an economic problem. Due to the ongoing issues with the cost of healthcare, legislation has been proposed to raise health insurance premiums for those who are obese, similar to the way premiums are raised for smokers. Obesity has also been linked to decreased worker productivity and increased employee absenteeism. It is estimated that obese men take 5.9 sick days per year, while obese women take 9.4 more sick days per year. The decreased productivity, higher insurance costs, and higher absenteeism, make obese individuals often costly for businesses. This can impact hiring decisions, which can obviously impact personal finances.

","

All businesses should have the right to advertise their products to their target market. However, when your product can have a major impact on the health and financial well-being of this market, your advertising strategies deserve to be called into question. Fast food chains advertising to children have been demonstrated to be directly correlated with obesity in children, and this obesity can have serious physical and financial health consequences down the line. This information reveals just how important it is to be aware of the impact of advertising can have on all aspects of our lives.

","

Photo Credit: adammykel

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Today, more than ever, consumers are relying heavily on online reviews when making purchase. This is particularly true in the automobile industry. Online reviews are supposed to be a simple way for customers to give their informed opinion and experience with a recent purchase. When it comes to reviews on cars and automobiles, Edmunds.com is the most popular review website.

","

Find out now: Is it better to buy or rent?

","

Edmunds allows reviewers to post comments and reviews on vehicles of a variety of makes and models. These reviews are supposed to be honest experiences from customers, and Edmunds works hard ensure that the reviews are real and honest opinions from people who have actually purchased the vehicle. Edmunds tries to ensure the validity of each review by having employees hand screen every review. While this method may be tedious, it proved effective earlier this year when an employee detected fraudulent reviews traced back to a Texas company named, Humankind Design Ltd.

","

Humankind is an online reputation management company. Upon the discovery of the fake reviews, Edmunds sued Humankind for fraud and breach of contract, claiming the company created 2,200 face accounts as a means to post phony positive reviews on Edmunds.com. The lawsuit was settled in July of this year for an undisclosed monetary amount, and with assurances from Humankind to provide Edmunds with all the phony account information the company created.

","

Humankind is no longer allowed to post any reviews on Edmunds and while Humankind owner Justin Anderson declined to make a statement, a press release by Edmunds stated that its website was not the only site in which Humankind posted phony reviews. Edmunds claimed that the company would share information with Yelp, Foursquare and Google+ since Humankind may have also posted phony reviews on through these websites.

","

Edmunds was able to catch Humankind’s fraud because the website is particularly diligent about reviews and customer postings. While other sites that allow for customer reviews may not be as stringent as Edmunds, a recent study found that sites that allow online reviews are not as filled with phony or fake reviews as some would have you believe.

","

The Atlantic Wire’s Rebecca Greenfield reported on the findings of a study of online reviews. Greenfield writes that the overwhelming majority—95% of the 325,869 reviews studied—are actually written by people who purchased the item or service they are reviewing. Thus, a mere 5% of the reviews were considered “fake.” Furthermore, the study revealed the fake reviews were not actually from competitors of the company who makes the products, but were actually written by customers who purchased other products, just not the product they were reviewing.

","

While the majority of the phony reviews were actually positive reviews, the study concluded that negative reviews do have an overall impact on sales. The more negative reviews a product receives the more harm done to sales. Unfortunately, this study did not study car dealership reviews, but it does reveal that online reviews are pretty reliable.

","

Overall, this incident showed that Edmunds is one of the most reliable and dependable sources when it comes to car dealership reviews. The company’s painstaking policy of having employees sift through reviews helped the company to put an end to Humankind’s fraud and helped alert other sites to possible fake reviews that Humankind may have posted.

","

Photo Credit: offleaseonlyfl

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When it comes to money, it often takes a team to help you manage it correctly, particularly once you start working full-time, saving for retirement and starting a family. Financial planning can be difficult to navigate and is often time consuming. One way to help navigate the terrain of financial planning and creating the financial freedom you want in your life, is to work with a financial advisor. While the role of financial advisors vary, their assistance can be very helpful when it comes to investing, retirement planning, tax information and more. There are numerous types of financial advisors and their professional expertise differs across the board. When considering working with a financial advisor there are some things to consider.

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When looking for a financial advisor the first place to start is by asking friends, family, and even colleagues, for referrals. Asking those you trust is a good way to get recommendations for financial advisors who have an already well established reputation. However, this is only a start. Keep in mind that your friends and family may have very different financial goals than you and this may influence how they invest and who they trust with their personal finances. The next step is to do some research.

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Donna Fuscaldo of Fox Business recommends doing a Google search of financial advisors names’ you receive as a referral. You will be able to find professional reviews by other customers, as well as, look up the advisor’s professional credentials. There are a number of personal finance credentials, and you want to make sure anyone you hire is credentialed in the areas you are looking for.

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For example, a certified financial planner (CFP) is someone who has taken courses in investments, estate law, taxes, and insurance (Fuscaldo, 2013). The National Association of Personal Financial Advisors (NAPFA) recommends hiring a CFP, a personal financial specialist, or a chartered financial consultant (Fuscaldo, 2013). You should also check with the Financial Industry Regulatory Authority and the Securities and Exchange Committee, to make sure your potential advisor does not have any violations or sanctions against them (Fuscaldo, 2013).

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Once you have conducted some research, the next step is to set up an initial interview. There are a number of important questions you should ask any potential financial advisor when first meeting them. The answers to these questions will help determine whether this advisor is right for you. The following is a list of important questions to ask:

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How long have you been a financial advisor?/What is your professional background?
What credentials, licenses and certifications do you hold?
How do you charge for your services?
What is your investment style?
Could I see an example of a financial plan?
What type of clients do you work with?
How regularly do you communicate with clients?

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In asking these questions you are looking for some pertinent information. First, you want to make sure the advisor’s stated credentials and background match up with what you found during your prior research. Secondly, you want to find out upfront what charges you will be responsible for. If an advisor receives a charge on each transaction this gives them more incentive to conduct more financial transactions and investments, but it may not be in your best interest.

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Lastly, in addition to getting an idea of their financial investment strategies, you also want to get an idea of their communication style. Are they open to questions and willing to communicate with you? Remember this person works for you, and should be able to communicate with you on a regular basis and fully answer questions you may have. Ultimately, a financial advisor is there to help guide you and figure out how to make your money work for you.

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Photo Credit: Transamerica Financial Advisors, Inc

"],"experts":null,"link":"/advisor-basics/choosing-the-best-financial-advisor-for-your-personal-finances","published":{"datetime":"2013-8-14","readable":"August 14, 2013"},"shareInfo":{"title":"Choosing the Best Financial Advisor for Your Personal Finances","origin":"/financial-advisor/choosing-the-best-financial-advisor-for-your-personal-finances"},"isNewsArticle":false},"includeReadMore":true}]]}],["$","section",null,{"className":"ArticleSummary_articleSummary__IeaXB undefined","children":[["$","figure",null,{"className":"ArticleSummary_image__nvUWg","children":["$","$L10",null,{"href":"/credit-score/building-credit-without-debt","children":["$","img",null,{"src":"https://smartasset.com/wp-content/uploads/sites/2/2013/07/debt-free-credit-card.jpg","alt":"Building Credit Without Debt"}]}]}],["$","div",null,{"className":"fonts_category__lXjI0","children":"Credit Score"}],["$","$L10",null,{"href":"/credit-score/building-credit-without-debt","children":["$","h4",null,{"className":"fonts_title__B8NZZ","children":"Building Credit Without Debt"}]}],["$","time",null,{"dateTime":"2023-9-6","className":"fonts_date___Ofhz","children":"September 6, 2023"}],["$","$L1a",null,{"article":{"id":"cG9zdDo3MDAw","databaseId":7000,"postId":7000,"author":{"node":{"id":"dXNlcjoyMg==","databaseId":22,"userId":22,"avatar":{"url":"https://secure.gravatar.com/avatar/76685c9dd1ff2deea851b708801b9610?s=96&d=mm&r=g","size":96,"__typename":"Avatar"},"description":"Tiffany Patterson has a BA in Political Science from Temple University and an MBA from La Salle University Business School with a concentration in Finance. She is an expert on topics including home buying, life insurance and credit cards. She believes how we treat our finances can have a lasting impact on our lives for years to come. Tiffany loves researching and writing on topics that will help readers lead better lives.","additionalMeta":{"expertise":null,"__typename":"User_Additionalmeta"},"email":null,"firstName":"Tiffany","fullName":"Tiffany Patterson","lastName":"Patterson","name":"Tiffany Patterson","postCount":{"pageInfo":{"offsetPagination":{"total":23,"__typename":"OffsetPaginationPageInfo"},"__typename":"UserToPostConnectionPageInfo"},"__typename":"UserToPostConnection"},"slug":"tpatterson","__typename":"User"},"__typename":"NodeWithAuthorToUserConnectionEdge"},"categories":{"nodes":[{"id":"dGVybTo5Mg==","children":{"nodes":[],"__typename":"CategoryToCategoryConnection"},"databaseId":92,"categoryId":92,"link":"https://smartasset.com/credit-score/articles","name":"Credit Score","postCount":{"pageInfo":{"offsetPagination":{"total":96,"__typename":"OffsetPaginationPageInfo"},"__typename":"CategoryToPostConnectionPageInfo"},"__typename":"CategoryToPostConnection"},"slug":"credit-score","ancestors":null,"parent":null,"__typename":"Category"}],"__typename":"PostToCategoryConnection"},"content":"$12b","date":"2013-07-22T16:36:28","excerpt":"

When it comes to building credit, many of us are confused as to how to actually build good credit, and the major details that make up a credit card contract or a credit report. This information is extremely important to be aware of, especially when starting out or trying to rebuild your credit after a […]

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When it comes to building credit, many of us are confused as to how to actually build good credit, and the major details that make up a credit card contract or a credit report. This information is extremely important to be aware of, especially when starting out or trying to rebuild your credit after a financial set back.

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Check out our 401(k) calculator

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Unfortunately, the past few years have been difficult for many in terms of finances and credit. As a result of the financial meltdown, banks and other credit lenders have clamped down on their lending policies, making it more difficult to obtain credit for those who do not already have a good credit history. Luckily, new legislation proposed in Congress may help millions of Americans build their credit without having to go into debt to do so

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Conventional Means of Building Credit

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The conventional method of building credit usually requires that you go into debt, either via a secured line of credit such as a mortgage, or an unsecured line of credit, such as a credit card. With traditional lines of credit, the consumer usually has a billing cycle of 30 days, in which all purchases made in that period of time go towards the accumulation of that month’s, bill (Debunking, 2013). After the billing cycle the consumer is given a grace period that ranges from 15 to 25 days.

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If the balance has been paid in full, the consumer will not acquire any finance charges during this grace period. However, if the bill has not been paid in full, finance charges will accumulate on the balance, along with any other purchases that have been made during this time. Your credit score is built on how frequently your card is used, along with how much credit you have used of your total balance, and most importantly, how quickly you make your payments (Debunking, 2013).

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This last factor is what has been causing a great deal of stress for those who want to build their credit. Consistently paying late on bills can cause one’s credit score to plummet and with the new strict policies regarding lending, these lower scores have stopped many from being able to purchase a home, rebuild their credit, or take out credit for some other means such as a business venture.

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New Legislation

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Recently, members of Congress proposed The Credit Access and Inclusion Act. The purpose of this Act is to give people, who would not otherwise, have access the ability to build their credit scores through using utility bills as proof of positive payment histories. Currently, utility companies do not report a customer’s payment history unless they have been late with payments. This Act will allow these companies to report to credit reporting agencies when customers pay on time.

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This added payment history will, presumably, serve to improve customer’s credit scores, which will help make them eligible for mortgage loans, which many now require a minimum FICO score of 750 (Ellison & Fitzpatrick, 2013). This legislation will not only help those with low FICO scores, but also those with no credit at all. According to Representatives Keith Ellison and Mike Fitzpatrick the Policy Economic Research Council states that by adding just one utility bill, nearly 74% of consumers who do not currently have any credit history, are able to begin building a credit report and FICO score.

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When it comes to building credit many people have been unable to begin building a credit history while others’ scores have taken a serious hit due to loss of a job, persistent unemployment or underemployment, or a number of other reasons. When it comes to building a solid financial foundation, a good credit history is a major component of this foundation. This new legislation can help those millions of Americans begin to build on their goals of owning a home, becoming an entrepreneur, or having a decent financial foundation for just starting out in life, all of which are essential components of the American dream.

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Sources: Money Control, The Hill

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Photo Credit: TangoPango

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How Retirement Accounts are Split During a Divorce

Marital Property vs. Separate Property

How to Protect Your 401(k) in a Divorce

How to Protect Your IRA in a Divorce

How to Protect Your Pension Assets in a Divorce

Negotiating Retirement Assets in a Divorce

Know the Rules and Regulations of Your Retirement Plan

Close Out Your Joint Accounts

Bottom Line

Tips for Retirement

1. How Much Equity Do You Have in Your Home?

2. What Is Your Credit Score?

3. What Are Your Goals?

4. What Are the Terms of Your Current Mortgage?

5. Can You Afford to Refinance?

6. Do You Have the Time to Dedicate to Researching Your Best Options?

The Bottom Line

Tips for Refinancing

The Need for Banking Security

1. Check Your Accounts Regularly

2. Never Give Out Your PIN to Anyone

3. Use Stronger Passwords

4. Be Careful Where You Access Your Account

5. Avoid ATMs in Touristy Areas or That Look Out of Place

Bottom Line

Tips for Banking

Be Honest With Yourself About Their Financial Tendencies Before Marriage

Have a Heart-to-Heart With Your Spouse as Soon as Possible

Take Over the Family Finances

Seek Counseling and Financial Help

Protect Yourself and Your Own Finances

Bottom Line

Financial Planning Tips

Pro #1: Teach Fiscal Responsibility

Pro #2: You May Need Help in the Future

Pro #3: Helping Someone You Love

Con #1: Becoming Known as the Family Bank

Con #2: Resentment

Con #3: Overextending Your Own Finances

Starting Late

Fees

Longevity

Inflation

Major Life Event

Start Talking

Seek Help from Professionals on the Elderly

Do Not Do It Alone

Organize All the Paperwork

Take Over Gradually

What Is a Life Insurance Beneficiary?

List Your Beneficiaries by Name

Naming and Updating Beneficiaries

Per Stirpes vs. Per Capita

Other Entities with Beneficiaries

Tips for Planning Your Estate

Why You Might Want ROP Life Insurance\n

The Added Cost of ROP Policies\n

Opportunity Cost

Final Word

That Was Then, This Is Now

The Future Is Sooner Than You’d Think

Late Payments

Making Only the Minimum Payment

Cash Advances

Avoiding Your Credit Card Bills

Closing Old Cards

The Benefits of Raising the Minimum Wage

The Downsides of Raising the Minimum Wage

Bottom Line

Tips for Managing Your Income

1. Ecuador

2. Panama

3. Malaysia

4. Mexico

5. Costa Rica

Bottom Line

1. Your Employer Pays for It.

2. You Are Looking for a Career Change.

3. Greater Financial Potential.

4. Personal Growth.

Why You Might Want ROP Life Insurance
\n

The Added Cost of ROP Policies
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