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Jun 01, 2018A traditional individual retirement account (IRA) is one tool that savers can use to plan for retirement. It allows you to sock away funds for the future and whatever you save can potentially lessen your tax bite. But the IRS limits how much you can contribute to these retirement accounts each year. Read on to find out the IRA contribution limits for tax year 2017 ans 2018.
Jun 04, 2018Around half of American households have no retirement accounts at all. No 401(k)s, no IRAs, nothing. You might think that's because they're all expecting pension income in retirement. In fact, according to the Government Accountability Office (GAO), around 29% of households age 55 and older have neither retirement savings nor a pension. It doesn't paint a pretty picture.
Jun 01, 2018Wondering how your retirement savings stack up to other Americans' nest eggs? Or whether your income in your post-work years will be enough to keep you afloat? It's normal to be curious about the average retirement income in the U.S. Just remember that you need enough in your retiree days to meet your own needs, not to keep up with the Joneses.
Apr 11, 2018If you're looking for a solid place to hold your retirement savings, a Roth IRA might just be the thing. Roth IRAs provide a great way to save for retirement. The money you contribute to the account is able to grow tax-free and you have flexibility with how you manage your money. If you've decided that you're ready, let's walk through how to open a Roth IRA.
Mar 14, 2017You may be planning to spend your retirement playing golf or traveling the world. But if a financial disaster strikes, you'll have to find a way to bounce back from it. While you can't necessarily prevent an emergency from happening, there are ways to prepare yourself for a rainy day. Let's look at some situations that can derail your retirement plans and the steps you can take to deal with them.
Jun 20, 2018The average American can expect to live nearly 79 years. That is a full 14 years after the typical retirement age of 65. While many Americans perhaps imagine themselves filling those 14 years of retirement in blissful leisure, many others decide to spend part of it working. If you are the type of retiree who knows they will be spending some time in retirement doing some extra work, you will want to make sure you settle down in a place with plenty of working opportunity for seniors.
Jun 19, 2018Interested in investing in your retirement? You know you should be socking money away for your golden years, but you need to understand the savings vehicle your employer offers. The 401(k) plan, which for-profit employers offer, is a popular way to save by directing a portion of every paycheck into this retirement fund. Some companies will even match your contributions up to a certain percentage of your salary. But there's also the 401(a) plan to consider. Government employers and non-profits typically provide this retirement plan. While the two plans are similar in their goals, they differ in significant ways.
Jun 18, 2018There's a lot you have to plan and save for when thinking about your future. Saving for retirement should be at the top of your list. But if you're planning on buying a home or having a family at some point, you'll need to start saving for those costs as soon as possible, too. It may sound crazy to a non-parent, but the average cost of raising a child in the U.S. surpasses $200,000.
Jun 18, 2018When it comes to retirement, Social Security and your 401(k) plan don't always cover you throughout your retirement. If you're planning for retirement, you might want to also consider opening an annuity. Annuities are long-term investments that help protect you in retirement should you outlive your income. You can open an annuity with an insurance company or nonprofit agency, which distributes payments back to you.
Jun 08, 2018Since pensions have become less common, many Americans now rely on employer-sponsored, defined contribution plans like 401(k)s or 403(b)s to cover their retirement needs. In fact, a recent study from the Investment Company Institute found that $5.3 trillion in assets were invested in 401(k) plans as of December 2017. That’s a 76% increase from the $3 trillion that Americans had invested in 401(k) plans in 2007.
Jun 08, 2018Everyone has to plan for retirement, but most retirement conversations revolve around 401(k) plans. While ideal for retirement savings, you can only have a 401(k) plan as an employee of a private company. This does not include government or military employees. However, thanks to the Federal Employees’ Retirement System (FERS), federal and military employees can build savings for retirement with a Thrift Savings Plan, or TSP.
Jun 08, 2018There are many ways to set up a financially secure future for your loved ones. You could enlist the help of a financial advisor to come up with a comprehensive financial plan. Trust funds are another way to set your children or grandchildren up for future financial succes. And they aren't just for the very wealthy. You can open a trust fund to ensure your loved ones manage and distribute your assets in a specific way, regardless of your net worth.
Jun 08, 2018Across America seniors are putting off retirement and staying in the workforce longer. According to Bureau of Labor Statistics data, the percent of Americans age 65 and over who are still in the labor force has nearly doubled in the past two decades. In 1996, only 12% of Americans 65 and over were still in the workforce, while in 2016 that number rose to over 19%. In order to shed more light on this issue, SmartAsset analyzed local data to find the places in America where seniors are staying in the work force.
Jun 08, 2018Like many aspects of personal finance, estate planning can be daunting. You'll encounter complicated terms, intimidating procedures and it’s all about your inevitable demise. Of course, everyone should create a will or trust. It’s the only way to ensure your assets end up where you want them to. Estate planning, which you can do with the help of a financial advisor, can also save your loved ones from financial and legal burdens down the line.
Jun 08, 2018Investing isn’t always easy. The decision to buy or sell a specific security requires research, time and the knowledge on how to make a trade. That’s why some people are happy to pass off the work to a wealth manager or financial advisor who is an investing expert. A type of investing where an advisor makes decisions on a client’s behalf is called discretionary investment management. Removing yourself from the management of your account is a big decision, though. So before you find a financial advisor to invest with, let’s see if discretionary investment management is something you should consider.
Jun 08, 2018Often, we think about writing a last will and testament to place our belongings and assets properly after death. While that's an important document to have, you shouldn't overlook having a living will, as well. A living will is a written statement that states your wishes for medical treatment in cases where you cannot provide consent. Other names for a living will include a declaration regarding life-prolonging procedures, an advance directive or a declaration.
May 30, 2018When you work with a financial advisor, advanced certifications tell you that he or she has put in the work and has the qualifications to do advisory work. Two common certifications are the certified public accountant, or CPA, and certified financial planner, or CFP. There is overlap in what a financial advisor with these certifications can do, but individuals tend to do specific types of work. This article will look at the CPA vs. CFP question what separates these certifications so you can choose the right one for you – whether you’re looking to get certified or you’re trying to find a financial advisor.
May 29, 2018About one in five people in the United States collects Social Security benefits each month, according to the National Academy of Social Insurance. Though Social Security benefits provide some income to employees after they leave the workforce, you'll probably need additional funds to lead a comfortable retirement. That's where defined contribution plans come in.
May 23, 2018If you’ve given or received a large gift in the last year, you may need to pay tax on it if it’s over a certain limit. At the same time, you may not have to pay tax, depending on how much you have already gifted away over the course of your life. How much you gift will also affect how much of your estate you can shield from the federal estate tax when you die. So what's the gift tax limit? Let’s break down what all this means for you and how it might impact your federal tax bill.
May 23, 2018As you get older, there are two major things that you should consider. One is retirement. Having the necessary retirement savings and a financial plan will allow you to live the kind of life you want to live during your golden years. The second thing to account for is what will happen to your estate. Estate planning is not just for rich people, and have a strategy in place to pass on your assets will make the process smoother for you and your loved ones later in your life.
May 18, 2018It you’re hitting the big 5-0 and your starting to think about retirement, you might be worried that you don’t have enough saved to ever stop working, let alone to actually enjoy yourself in retirement. But even if you’re a bit behind on your savings goals, don't worry. This guide will tell you what you need to know about how to invest for retirement at age 50. Alternatively, you can consider enlisting the help of a financial advisor who specializes in retirement planning. Either way now is the time to get serious about your financial future, so you are ready for your senior years.
Jun 15, 2018There are many reasons why you may have decided to make a 401(k) to IRA rollover. You may have left your job for a position at a new company, you may have been laid off or you may have decided to take your career in a new direction. Regardless, if you’ve been contributing diligently to your employer-sponsored retirement plan for a number of years, you could have a decent stash of cash in your account. So here's a complete guide to a 401(k) to IRA rollover.
May 16, 2018If you’re at or near your 40th birthday, retirement is probably still a couple decades away for you. That said, if you haven't started saving for retirement yet, it can seem too close for comfort. Don't panic though. There is still plenty of time to get ready for retirement, provided you take the time now to plan and commit to saving. With that in mind, here is a guide for how to invest for retirement at age 40.
May 15, 2018There are a lot of options to choose from when it comes to planning for retirement. There are 401(k) plans, individual retirement accounts (IRAs) and annuities. Generally, retirement experts will tell you that it doesn’t matter what type of investment vehicle you have as long as you’re actively saving for retirement and have proper goals in mind. There is an exception to that rule, though: a 702(j) "retirement" plan.
Jun 15, 2018Some cities are more famous for their creative histories than others. For example, Nashville and New Orleans are practically synonymous with their rich musical traditions. Los Angeles is known as the place to be to work on movies and New York has a long history as a place where writers congregate. But are those cultural centers the best places for creatives today? In many of those cities rising costs of living mean creatives struggle to meet financial milestones like buying a home or saving up for a secure retirement.
May 08, 2018Despite no longer working, retirees are an important part of a local economy. They number in the millions and make up a large amount of consumer demand. As one example of their purchasing power, the Social Security Administration estimates that in 2018 it will pay out approximately $1 trillion in Social Security benefits, 72% of which will go to retirees. With that sort of money on the line where retirees decide to move for their retirement is an important consideration for cities across the country.
May 09, 2018By the time your 30s arrive, you’ve probably settled into an adult life. But you haven’t really fully embraced “adulting” unless you’ve started saving for retirement. Whether it’s through an employer-sponsored retirement plan or some other financial product, the time to start planning for the end of your working days is now. Even if it seems like retirement is just a distant dream, you’ll want to get started now to make sure you and your family are secure when you’re ready to stop working. With that in mind, here is a guide for how to invest for retirement at age 30.
May 04, 2018The average life expectancy in the U.S. has increased dramatically from about 70 in 1967 to about 80 in 2017. Those who reach age 65 also have a one in five chance of living into their 90s. A longer life is great news. It means you have time to check more off your bucket list. At the same time, it means you need to plan for a longer retirement. If you retire at 65, a 30-year retirement is quite possible. Even if you save $1 million for your retirement, you have to make sure to budget it out so it lasts. Here are 11 steps to set yourself for a happy retirement without draining your savings too soon.
Apr 26, 2018In order to know how much you need to save for retirement you need to have a good estimate for how much you will be spending. But predicting how much you are going to be spending in retirement is difficult. Some retirees downsize their homes or move to a city with lower costs of living. But how much will that save? Your healthcare spending will likely increase in retirement, so that's a higher expense you'll need to account for. SmartAsset takes a look at these and other categories to find how spending changes in retirement.
Jun 21, 2018In March 2018, the unemployment rate was a low 4.1%, with about 6.6 million Americans unemployed. This is good news for job seekers, as it's the lowest U.S. unemployment has been since 2000. Different types of jobs are available in different parts of the country, and it can be immensely valuable for workers today to get ahead of tomorrow's employment trends. It can mean the difference between a secure retirement and a working retirement.
Apr 23, 2018If you’re starting a new job, there’s a good chance you’re going to have the option to join an employer-sponsored retirement plan, and it’ll probably be one of two types of plans: a 403(b) or a 401(k). Both are defined contribution plans. Employees who participate in the plans choose how much to put into their account each month, and the payout in retirement is determined based on how much they save during their careers. This article will take a look at both plans, comparing 403(b) vs. 401(k).
Jun 01, 2018You've worked hard for decades and now the time has come to enjoy yourself. Regardless of what you do in your retirement, you should always be aware of how much you have left for retirement savings. There isn't just a danger issue of running out of savings, you can also hurt yourself by not spacing out your spending. This is where a retirement budget really helps.
May 03, 2018When you’re counting down to retirement, it’s easy to get caught up in fantasies of your future work-free life. Maybe it’s RV trips to Florida, days on the golf course or quality time spent with family. Whatever your dream retirement looks like, you can be sure you’ll need money to fund it. Unfortunately, if you’re like most Americans, you don’t have nearly enough saved for retirement. But you can help change that with a few key fixes. Read on to find out how with these five easy tips.
Jun 06, 2018No matter your age, you’ve probably dreamed of retiring on a sandy beach somewhere at some point. Perhaps you’ve started planning your retirement in Florida or San Diego. But have you ever thought about retiring abroad to Costa Rica? We bet you are now! Retiring to Costa Rica has proven to be incredibly affordable for Americans. Let’s take a closer look at the costs of retiring in Costa Rica.
Apr 05, 2018The gender pay gap has slowly been closing over the past decade. The Census Bureau estimates that in 2016 the average full-time employed woman earned 80.3% of what her male counterpart earned. In 2005, that number was 76.7%. But the gender pay gap does still exist and is more than just a number. When women earn less that effects their long-term earning potential and their ability save for retirement. The gender wage gap issue is also not uniformly spread across the workforce.
May 15, 2018The U.S. Census Bureau states that the average American retires at age 63. Yet the Social Security Administration defines full retirement age as between 65 and 67, depending on your year of birth. Your employer may say something different. Deciding when to retire is one of the hardest decisions you’ll have to make. Retire too late and you may not have the energy to enjoy it. But if you retire too early, you could end up in financial trouble. So how can you know if you're truly ready to retire?
May 15, 2018Many people dream of spending their retirement in a sunny and warm locale, often heading to Arizona or Florida. But perhaps you’re interested in retiring abroad instead of stateside. In fact, heading south of the border to Mexico has become increasingly popular for American retirees. This is largely due to the warmer weather and lower cost of living. Before you hop on a plane, it’s important to know how to retire in Mexico.
May 15, 2018We all know that we should save for retirement, but actually doing that is a challenge. There is good news though. According to the Economic Policy Institute, Americans have been saving more for retirement in recent years than almost any time over the past few decades. Many people still aren't saving enough to meet their savings targets, but it is a good trend. In this article, we'll consider how you can figure out what to save each year so that you can reach your retirement savings goals and enjoy your golden years.
Mar 13, 2018Financial advisors can be a great resource for helping people hit their financial goals, whether they are saving up to buy a home or preparing for retirement. In some cities across the U.S., there are young populations who have high earnings after housing costs who can benefit from professional financial advice. Below we look at these and other factors to rank the cities that are best placed for financial advice.
Feb 28, 2018Before the recent tax bill was passed, there was some discussion around lowering contribution limits on retirement accounts. While no changes on contribution limits made it to the final version of the bill it does lead us to wonder which congressional districts would have been affected the most. Below we look at data on retirement income other economic indicators for seniors to see where they are in the best position to enjoy their golden years.
Feb 20, 2018The average financial advisor makes $123,100 per year, according to the Bureau of Labor Statistics. That is about 2.5 times more than the average U.S. worker. But being a financial advisor is about more than just pay. It can also be a rewarding profession. Financial advisors can be some of the most trusted people in their clients' lives, as they help them reach life goals like saving for a secure retirement.
Mar 16, 2018Saving for retirement is tough. Between paying rent or a mortgage, combined with credit card debt, or maybe student loans, finding a few spare dollars to contribute to a retirement fund is difficult. In fact, almost one in 10 seniors have an income which puts them below the poverty line, according to Census Bureau data. But there are some places where seniors are set up for a financially secure retirement thanks to diligent financial planning. Below we look at the top 10 places where seniors are best positioned for retirement.
Jan 24, 2018The best way to prepare for retirement is to get a head start by saving early and often, letting your 401(k) accrue interest as you head toward your golden years. But even the best-laid plans may go awry, and sometimes it's difficult to save for retirement. This can leave seniors relying on Social Security to make ends meet during their retirement.
Mar 01, 2018Beth Kobliner has achieved success in journalism and finance over the past few decades. Her work has featured in a number of financial publications and she's made the rounds on TV and radio. She served on financial advisory councils for President Obama and created a teaching tool, Money as You Grow, that was later adopted by the Consumer Finance Protection Bureau. Through it all, Kobliner has worked to share what she thinks are the essential money lessons that every one should know. Let's take a look at some of her biggest lessons.
May 15, 2018As you get older, you start thinking more about retirement distributions than contributions. One of the biggest questions that near-retirees have is the best age to start collecting Social Security benefits. Most people take the benefits right away, but that doesn't necessarily mean that's the best thing to do. You can start collecting Social Security benefits any time between ages 62 and 70.
Jun 15, 2018Putting away money for retirement isn’t always easy. Once you figure out how much you need to save for retirement, then you need to actually save that money. Consistently putting money into savings is a difficult habit to build. There are also a number of retirement options. Maybe your employer offers a 401(k). Maybe you save money on your own through an individual retirement account (IRA). Here’s one more option to consider: annuities. Annuities are a way to supplement your retirement income but they aren’t right for everyone. Consider these pros and cons of annuities to see whether an annuity could work for you.
Dec 20, 2017Any money that you put into your 401(k) is yours. But when it comes to employer match contributions, things work a little differently. To own any portion of your employer's contributions, you'll need to vest in your employer's match contributions. Only once you're fully vested in your employer's retirement plan will you have full ownership of your company's match. Here's what you need to know about 401(k) vesting, and what it means for your retirement saving.
May 15, 2018Investment management, also called asset management, money management or portfolio management, refers to the professional management of an asset portfolio. Investment managers buy and sell securities and other assets to achieve specified investment goals. Both private investors and corporations use investment management services to handle their investments. Here's what you need to know.
Dec 08, 2017Between Netflix dramas and bad press, working in Congress might seem like a walk in the park. Filibusters and government shutdowns tend to dominate the headlines. In 2017, the House of Representatives was scheduled to work just 145 out of 261 work days. Some might even wonder: Are senators paid for life? The answer is no. While congressmen receive generous pension plans, they're not raking in their full salary after leaving office.
May 15, 2018Taking money out of a 401(k) is a big decision. The specifics of how to take money out of a 401(k) plan depend on your age, employer plan, whether you're still working for the company that sponsors your 401(k) plan and the type of withdrawal you’re making. If you’ve reached retirement age and are no longer working, it will be very a different process than if you’re still with a company, are taking money out early or need a loan. You'll likely have to check your plan’s fine print to see which types of withdrawals are allowed.
May 18, 2018The first cohort of millennials entered the workforce around the time of the Great Recession, when the economy was sputtering. Combine that fact with the constantly changing make-up of the modern economy and you have a uniquely difficult employment situation for working millennials. Below we look at the data to see how millennials have responded and to find the most popular jobs for millennials.
Dec 05, 2017Imagine a world where you don’t have to constantly stress about money. You have enough to cover your bills and regular expenses. More than that, how would you like to know that you can afford to live the lifestyle you want to live? These things are all possible when you are financially stable. So what is financial stability and how can you get there? Let's take a look.
May 15, 2018According to the Employee Benefit Research Institute's (EBRI) 2016 Retirement Confidence Survey, many people aren’t confident that they're doing a good job of financially preparing for retirement. EBRI found that only 28% of workers were confident in their retirement planning. That’s the highest level since 2013, but it’s still less than one-third of workers. Another 28% of people said that they were either not too confident or not confident at all. So let's take a look at what you can do to prepare for your retirement.
Jun 01, 2018You already know saving for retirement is important, but the best ways to do it arean't always apparent. You're likely familiar with the basics, like a 401(k) and a traditional IRA. But your goals and lifestyle may align with a different type of retirement account. For instance, if you own or work for a small business, a SIMPLE IRA or a SEP IRA may be best. Of course, every retirement account comes with different rules and limits. Learn the SIMPLE IRA contribution limits and more below.
Dec 01, 2017Ramit Sethi built himself up from humble beginnings to become a millionaire entrepreneur and best-selling author. The advice on his blog isn't groundbreaking, but it's his approach that sets him apart. He doesn't hold back and tries to tell people what they actually need to hear in order to be successful. If other financial experts haven't been helping you, Sethi might just be your guy.
May 15, 2018For a young, working person, it can be hard to imagine – and save for – the future. Retirement and death seem light years away. But it's essential to calculate the savings you'll need for retirement and begin the process of estate planning. If you aren’t properly prepared, financial uncertainty could plague your retirement and the lives of those you leave behind.
Nov 30, 2017Patrice Washington had her fair share of financial troubles when she was younger. Now she helps others take control of their finances with honest and direct advice. She isn't just going to drone on about building a budget though. Washington prefers to help people understand why they struggle with money so that they can build a solid foundation that will help them build wealth for the rest of their lives.
Nov 28, 2017When it comes to saving for retirement, you have a ton of options to choose from. Do you open a traditional IRA or a Roth IRA? Which investments should you place in your 401(k)? It can be a lot to navigate, especially without a financial advisor. A good place to start is simply to familiarize yourself with the retirement options you have. Let's take a look at Roth IRAs, 401(k)s and the differences between them.
Nov 28, 2017It's hard to overstate the value of an education. An education can boost long-term earnings and open up new career paths. But it can be tricky to measure the precise impact of pursuing higher degrees. Is a high school diploma enough? Should you pursue a master’s degree? The answers to those questions may differ based on where you live. Below we analyzed the cities where earning more education pays off the most.
Nov 28, 2017Personal finance is not something they teach you in school. Alexa von Tobel understands this and has dedicated her life to teaching people the financial lessons they need. As the CEO of LearnVest, von Tobel has helped people to gain control of their spending and with her book she has brought awareness and financial knowledge to college-aged readers. So how can you apply her simple advice to help improve your finances?
May 15, 2018Are your retirement savings on track? It can be hard to know exactly how much you should have tucked away and by what age. And how do you stack up compared to others? Taking a look at the average 401(k) balance by age can be a good way to see how you're doing. An employer-sponsored retirement account like a 401(k) is a great option for investing money pre-tax - especially if there's an employer match. Make sure you're taking full advantage.
Mar 16, 2018Wes Moss has spent his career helping people to retire as soon as possible and as happily as possible. As a certified financial planner, Moss has experience showing people ways to reach their financial goals. He has also worked with people of all levels to help create them create retirement plans.
Feb 20, 2018Nicole Lapin is a financial expert and successful entrepreneur who learned everything the hard way. She never studied finance or business. Instead she worked hard and tried to learn as much about money as she could. Now she shares the financial lessons she has learned so that others can take control of their finances. If you're looking for some help reaching financial stability, Nicole Lapin's advice could be the right place to start.
Jun 20, 2018In short, yes, your inheritance is taxable. However, the full story is more complicated than a simple yes or no answer. Whether you'll pay inheritance tax and how much you'll pay depends on a variety of factors, including which state the deceased lived in and what your relationship to the deceased was. You could pay nothing -- or you could pay as much as 18% of the value of the inheritance. Read on for a full primer on the taxes related to inheritance.
Jun 01, 2018Many people dream about retirement as a time to relax, have fun or just do whatever they want. To have the retirement of your dreams, you'll need savings. How much you need depends on multiple factors so let's take a look at the answer to the question "how much money should I have saved by 30?"
Jun 14, 2018The term fiduciary is a good thing to hear if you're searching for a financial advisor. If a financial advisor is a fiduciary, he or she holds a relationship of trust with a client and abides by fiduciary duty. Fiduciary duty is the ethical obligation to act solely in someone else's best interest, which in theory should minimize conflicts of interest and make a financial advisor more trustworthy. Read on to learn more about what a fiduciary is and what fiduciary duty entails, as well as how to find a fiduciary to work with.
Dec 28, 2017Farnoosh Torabi has spent years working in finance. She's written about topics ranging from saving money on groceries to investing your money more wisely. She's also the host of the award-winning podcast, "So Money," where she interviews successful people about the things that helped them find success in life. If you're a young professional who has ever had questions about money, check out Torabi's advice.
Feb 02, 2018You found a new job and can no longer contribute to your previous employer’s 401(k) or 403(b). If your new employer offers an equivalent retirement account, you can direct transfer the money from one account to the other. You can also move the money from your employer’s account into your own individual retirement account (IRA). Either way, you’ll need to do something called an IRA rollover.
May 15, 2018When deciding how to invest your money, you'll likely run into two types of funds: exchange-traded funds (EFTs) and mutual funds. But you may be wondering, ETF vs. mutual fund? What's the difference? The two funds have a lot in common, but they are different in key ways. If you don't have a financial advisor guiding you through the process, here's what you need to know to figure out which fund is right for you.
Jun 19, 2018So you made an investment. How do you evaluate its profitability? One of the most common ways is by calculating the ROI or return on investment. This calculation - which compares how much you invested to how much you got out of that investment - gauges the bottom line return of an investment, whether it's in real estate, stocks or bonds. After you get a grasp on what is ROI, learn how it can help with not just investment evaluation, but also with investment and retirement planning.
Jun 01, 2018Saving for retirement is important. We all know that but how exactly does one save for retirement? If you work for a for-profit company, one great way to save is through your employer’s 401(k). But what percentage of salary should you save in your 401(k)? If you read the advice from financial experts, you’ll see varying percentages. You'll also see the ever-helpful “it depends”. So let's consider some general advice that will help you think about just how much you should save.
Jun 01, 2018You may already be familiar with a 401(k), an employer-sponsored, tax-advantaged retirement plan. You fund this account by contributing a set percentage of your paycheck into the account. These funds deposit before you pay income tax, lowering your taxable income. Plus, your employer may even offer an employer match program where they match a certain amount of your contribution.
Nov 13, 2017It can be worrisome to think about your retirement savings if you’re self-employed or work for a small business. You don’t have to go without retirement savings, though. That’s where a SEP IRA comes in. As with other IRAs, SEP IRAs will have limitations as to how much you can contribute and withdraw. Let’s take a look at the latest SEP IRA contribution limits.
Nov 09, 2017One of the most pressing concerns for the economy today is the gender pay gap. Different sources will give different figures, but almost all data shows that on average women get paid less than men. This is true across occupations, education levels and age. The good news is that data also shows that this gender pay gap is shrinking. In fact, in some cities the gender pay gap has almost disappeared. Below we look at the cities where the gender pay gap has closed the fastest.
Nov 07, 2017If you’ve thought about investing any time over the past decade, you might have heard people talking about robo-advisors. The first big robo-advisor popped around the time of the Great Recession. Since then, hundreds more have opened. Betterment, which is one of the biggest robo-advisors, has assets under management that total about $10 billion. So what are these companies that people are now investing billions of dollars with?
Nov 09, 2017Do you want to retire early? Starting your golden years sooner may sound enticing but it's a difficult proposition. You'll probably need to earn a lot, and you'll definitely need to save aggressively and budget carefully. There are some states in the U.S. that are better suited for retirees, where your retirement savings would go further. Below SmartAsset finds the best states for an early retirement in 2017.
Nov 06, 2017Ever wondered whether you could donate leftover money to charities after you pass away? A charitable remainder trust allows you to do just that. Not only can you donate to charities, but you can provide an income stream for yourself or another beneficiary. Charitable remainder trusts come with a ton of benefits, especially when it comes to taxes, but they also come with their fair share of restrictions and conditions.
May 15, 2018Depending on where you are in life, retirement may be just around the corner or pretty far off. But for some, retiring at 62 seems too late. Maybe you want to enjoy your retirement and travel the world. Or maybe you simply want to spend more time with your family sooner. Whatever the reason, you've set your sights on retiring early. But the question of how to retire at 55, for example, isn’t an easy one to answer.
Jun 01, 2018Start with giving yourself a pat on the back. Whether you saved $50,000 by diligently setting aside a portion of your paycheck, or you came into money through an inheritance, you now have a tidy sum to grow. Investing is one of the smartest choices to make when you have money to spare. Of course, with that comes the dilemma of how to invest $50,000.
Oct 27, 2017Reaching retirement age can be exciting, but also nerve-wracking in regards to money matters. One of the first questions you may have, is what happens you start withdrawing from your 401(k)? You've spent years contributing to your account, and now it's time to use your retirement savings. Or, perhaps you’re well below retirement age but are doing your research the future. Regardless of your reason why, learning about 401(k) withdrawal taxes ahead of time might save you from a nasty surprise.
Oct 25, 2017The will and knack to get into investing doesn’t come naturally to everyone. Just one look at the stock market can scare anyone away! It's true that investing in stocks comes with potential risks. But at the same time, you can also see some real monetary benefits when you invest in stocks. Of course to start, you’ll need to know at least the basics of how to invest in stocks.
Oct 24, 2017People often think of buying stocks as a high-stress situation. And in many scenarios, that may be the case. When you get into short-term investing, you’re constantly buying and selling your stocks to get the best prices. But this isn’t the only way to go about investing. Long-term investing, while requiring attention and strategy, eliminates much of the high stress of short-term investing.
Oct 30, 2017You’ve worked hard for decades of your life, putting in hours of work and paying taxes like the upstanding citizen you are. You’re ready for retirement - who isn’t? You can’t wait to sit back and relax and never worry about taxes ever again. Except sadly, that’s not how it works. True, you don’t have to pay taxes on every bit of money you have in retirement. But you will need to pay taxes on some of that income.
Oct 19, 2017Inheriting an IRA comes with certain responsibilities. The rules for an inherited IRA depend on the specifics of your situation as well as the deceased's age and can get a little confusing. Unfortunately, you might have to make financial decisions about the account while dealing with mixed emotions. It's not a simple task. But it’s important to follow the rules carefully, as there are a number of potential tax penalties or benefits that can apply to inherited IRAs.
Nov 28, 2017Jim Cramer ran a successful hedge fund for 14 years. He regularly made over $10 million annually. Then he retired from that life to focus on writing and media. He started a successful TV show in 2005 and has since reached an almost cult following. Many know him simply as Cramer and he addresses his fans as "Cramerica." It’s great that he gets so many people excited about stock picking, but what advice can we gain from this financial guru? Let’s see what Cramer has to say about building wealth for your future.
Nov 07, 2017In this economy, it seems like more and more of us are looking for a way to earn passive income. Whether we need to pay off credit card debt or just need some extra cash, passive income could come in handy. But what is passive income exactly? Depending on who you ask, it may not be as “passive” as you think. Let’s take a look at what it is and the top ways to make it.
Mar 23, 2018You’ve probably heard that investing provides a great way to grow and save money. But getting into the stocks business isn’t a one-and-done deal. It requires research and upkeep to make sure your investments continue to perform well. So how do you start the investing process in the first place? Read on as we walk you through how to buy stock step by step.
Dec 06, 2017Clark Howard is a consumer expert whose goal is to help people save more and spend less. He offers his financial advice through a nationally syndicated radio show and also makes regular TV appearances in his hometown of Atlanta, Georgia. If you struggle to save money, Howard could be the guy that helps you to finally kick that overspending habit.
Dec 06, 2017The financial gap between men and women is decreasing but there is still a big divide. That's part of why Amanda Steinberg founded DailyWorth in 2009. She felt women needed a dedicated, financial advice outlet. DailyWorth empowers women to take control of their personal finances by providing the necessary knowledge, advice and tools. Steinberg's advice comes from person experience, too. She once found herself deep in debt and had to change her habits to dig her way out.
Nov 28, 2017Tony Robbins rose from humble beginnings to become one of today’s most successful motivational speakers. He is well known for working with entrepreneurial clients and is often considered a business guru. Fortune Magazine even dubbed him the “CEO Whisperer.” In recent years, he seems to have an increased interest in personal finance with two books and multiple products focused on 401(k) transparency. So should you check him out if you’re looking for personal finance advice? Let’s take a look.
Nov 28, 2017Rachel Cruze is in the unique position of having learned about money since she was a child. Her father, financial expert Dave Ramsey, taught her how to stay out of debt and live within her means. Now Cruze is a successful speaker in her own right. She offers similar advice to Ramsey's but also draws on her own experiences as young professional and recent mother.
Nov 28, 2017Chris Hogan is an engaging speaker who's passionate about retirement savings. After years of studying under Dave Ramsey, he published his own book and started his own blog. Now he’s working to become one of the leading voices on saving for retirement. His advice is simple and most people could learn a thing or two from him. So what exactly does he have to say about retirement?
Dec 28, 2017J. Money is a professional blogger who's risen to fame over the past decade for his personal finance blog, Budgets Are Sexy. He has helped people understand their finances by talking openly about his own. He's received numerous awards along the way and his blog posts have been featured in several publications. So let's find out if J. Money can help you to take more control of your own personal finances.
Nov 28, 2017Suze Orman was once a waitress making $400 per month. Today she's built a successful career as a personal finance guru through hard work and dedication. Orman has published several books and hosted her own TV show. As with many financial advisors, her advice is simple but sound. If you could use some help with your finances, read on.
Nov 28, 2017Robert Kiyosaki is an author and business man who is best-known for his book, "Rich Dad Poor Dad." Kiyosaki has been successful because he tells a compelling story that connects with people. Some of his advice has come under criticism but he's also helped many people to start thinking about responsible financial habits. It’s possible his advice could also help you, so let’s see what he has to say.
Dec 28, 2017Dave Ramsey has made a career of giving financial advice to the people who need it most. Most of the callers on his radio show are trying to dig themselves out of deep debt. His advice to them is actually quite simple. So if you're someone who struggles with your finances, is Dave Ramsey the guy to help you figure things out?
Jun 01, 2018If you're ready to create a financial plan but can't quite do it on your own, you might need the help of a financial advisor. But finding the right financial advisor can be a whole process on its own. When looking at different advisors, you'll notice that some have different certifications, most noticeably ChFC and CFP designations. What exactly do these letters mean, and how are they different? Is one better equipped to help with financial planning? Let’s break it down.
Aug 29, 2017Plenty of Americans continue to work after hitting retirement age. Data from the Census Bureau shows that in 2015, 12% of Americans over the age of 70 admitted to doing some work in the previous 12 months. Maybe you're the type of retiree who wants to stay busy during retirement by working, or you want to supplement your retirement savings. But how do you decide where to settle down? Below we rank the best places for a worktirement.
Sep 21, 2017Are you interested in investing in mutual funds, but find them complex and overwhelming? If this is the case, it may be time to turn to an expert. A chartered mutual fund counselor - or CMFC - is a financial adviser who has earned a certification in mutual funds. Her expertise helps her to make educated recommendations for investing your money.
Sep 21, 2017If you are looking to invest money with a brokerage firm or an individual stockbroker, it is important to do your research first. You don't want to become a victim of investment fraud! One of the first places you should check is the Central Registration Depository, or CRD. Don't know what that is? Allow us to explain.
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