If you’ve been paying attention to the 2020 presidential race, you’ve likely heard where many candidates stand on Medicare. Yet another topic — Social Security — has been thus far been largely absent from the debate. Americans rely on Social Security benefits for income in retirement, in the event they are disabled and to help
Personal finance
Phoenix Wang | Moment | Getty Images When it comes to retirement savings, many Americans miss the mark. On average, Americans believe they need $1.7 million to retire, according to a recent survey from Charles Schwab, which looked at 1,000 401(k) plan participants nationwide. In fact, “that’s a pretty good number if you average out
For anyone getting close to joining the ranks of retirees, there are some key aspects of your impending new status you need to review. Roughly 10,000 baby boomers turn 65 every day, the age most often associated with retirement. Of course, not everyone hangs up their working hat at exactly that age, which means your
College student entering a financial aid. Pamela Joe McFarlane | Getty Images Students’ knowledge of the financial aid process is “shockingly low.” That’s the takeaway from a new study by ACT, which in April 2018 surveyed about 1,200 high school students who were registered to take the standardized test. Regardless of economic background, most families
Image Source | Getty Images Once Facebook’s Libra makes it to the cryptocurrency mainstream, there may be a new threat to consumers: Their own bad spending habits. Libra is a proposed cryptocurrency designed by Facebook and operated with a consortium of partners, including payments providers, credit card companies and consumer companies. It is set to
After serving overseas, military service members return home to face a new economic reality that often includes, unfortunately, lenders looking to take advantage of their vulnerability. These so-called predatory lenders, which pop up around military bases, try to entice or deceive young soldiers into taking out loans that impose abusive or unfair terms. “Predatory lenders
Wondering what to spend your fatter paycheck on? The right answer is you. The best thing you can do for yourself is to learn how to make your money work for you. Otherwise, you give in to the siren call of unplanned spending, aka lifestyle creep. That’s spending more simply because you have more, a
Consumers looking for a new car might find themselves in the driver’s seat when negotiating during the industry’s annual July 4th sales push. With prices continuing to climb and competition from millions of leased cars returning to the market this year, slowing demand for new autos has resulted in dealerships eager to unload inventory. “Dealers
If retirement legislation currently under consideration in Congress ends up becoming law, new options for your nest egg may show up in your 401(k) plan. The Secure Act, which passed the House in May and awaits Senate action, includes a provision that would make it easier for companies to include annuities in their retirement plans.
Tetra Images | Getty Images You can head for the farthest reaches of the Earth, but you’ll never escape the U.S. tax man. More than 20% of the Americans abroad polled by Greenback Expat Tax Services said they are “seriously considering” giving up their U.S. citizenship. The firm polled more than 3,100 U.S. expats from
View of homes in San Francisco from Alamo Square park. hanusst | iStock Editorial | Getty Images Why buy a house in San Francisco when you can snap up something more affordable in New York? Bay Area tech workers are showing some sensitivity to the cost of housing in the region, according to a survey
Al fresco dining, downtown St. Petersburg, Fla. Source: Visit Florida If you want to retire early, just setting and forgetting when it comes to your savings strategy won’t cut it. Just ask a new crop of investors dubbed “super savers.” These Americans, ages 45 and up, are putting away at least 20% of their income.
LWA/Dann Tardif/Blend Images | Getty Images Your dream home’s beautiful exterior might be hiding a horror show. Prospective homeowners might think they’ve covered their due diligence by reviewing local schools and crime statistics. Yet buyers will need to dig below the surface to find the real deal breakers, including shoddy construction and unreported property damage.
A new report from the Federal Reserve paints a bleak picture of America’s retirement savings. Twenty/20 A friend recently texted me that she had spent her entire weekend obsessing over money. “I don’t know what kind of life I want to live, or what I want to save for, or even IF I want to
File photo of an ITT Technical Institute campus in Anaheim, California. Susan Goldman | Bloomberg | Getty Images At a recent financial aid conference, Education Secretary Betsy DeVos said that every school should help its students graduate with high-quality career prospects and minimal debt. Students should be equipped, DeVos added, with information that allows them
If you’re heading down the aisle this year, your tax situation is likely the last thing on your mind. Yet at some point, it’s probably worthwhile evaluating what getting married will mean for your taxes. While many couples will see their taxes drop, some face a “marriage penalty” — paying more than if they had
Starting today, an estimated 7.5 million California workers soon will have access to workplace retirement savings. That’s due to CalSavers, the Golden State’s automatic individual retirement account enrollment plan, which officially begins on Monday. The program was established after the state required employers with five or more employees to either join CalSavers or begin offering
Cynthia and Alex are parents to a 6-year-old son, Jake. “It was a dream come true,” Alex said, of becoming a dad. But for the high school sweethearts, conceiving a child was only possible with in vitro fertilization, which was covered by Cynthia’s insurance through her employer. They have what’s called “unexplained infertility.” Cynthia then
You’re working as hard as you can, living the only life that seems possible, but that should not mean just keeping afloat. Yet who has time to make budgets and figure out financial planning? Well, if you don’t want to work forever, it is a worthwhile investment to spend some time learning some money basics.
Peter Mazza, his wife, Megan, and their three children. Mazza, who was diagnosed with stage 4 colon cancer in April, has been unable to access the cancer deferment. Source: Peter Mazza Last September, President Donald Trump signed into law a bill allowing people with cancer to press pause on their federal student loan payments. More than