Your 401(k) is a valuable part of your retirement plan, but it’s only one piece of the puzzle. There are many benefits that come along with a 401(k,) including pretax or Roth 401(k) salary contributions (or both,) company matching, and tax-deferred accruals. And for many people, a 401(k) is where they focus most of their retirement savings. That being said, there are some downsides to Continue Reading
Spousal IRA Contributions: Who’s Eligible?
In certain situations, a working spouse can contribute to an individual retirement account, or IRA, in the name of a spouse with little to no income. This is called a spousal IRA contribution. But it’s actually a bit more complicated than that, and many people find that they’re ineligible for this strategy. So if you’ve considered making a spousal IRA contribution, read on first to find out if it Continue Reading
Personal Finance Habits of a Successful Retiree
You’ve spent your career saving and preparing for retirement, and when the time comes, it can feel like you’ve crossed a sort of finish line. While retirement might mark the end of your typical work life, it’s also the start of a brand new way of living. In retirement, you’ll have to pick up new ways of spending, saving, budgeting and investing to support your new lifestyle. Here are some of the Continue Reading
Should You Retire Early?
Many people think of retiring early as something that would be nice, but isn’t realistic. However, more and more professionals are leaving work sooner and getting a jump on retirement. A common phrase you might have heard about this is the FIRE movement - also known as “financial independence, retire early.” It packs a lot of appeal, but there are some serious considerations you should make before Continue Reading
Should You Save for Retirement or Pay Off Student Loans?
If you’ve got student loans outstanding, it’s a common predicament - should you pay off those loans as quickly as possible first, or save for retirement? The short answer is this: save for retirement, usually. You can't use a loan to pay for your retirement. But I’ll break that down and explain why that’s important, and when you might want to focus on paying off debt instead: Save for Continue Reading
Are your 401(k) Savings Enough?
A 401(k) is a retirement savings plan offered by your employer. Employees make contributions out of their paycheck, usually automatically. Their employer may match that contribution up to a certain percentage. It’s a 40-year-old system that most people consider the foundation of their retirement plan. But too many people assume it will cover all of their expenses, and don’t look into what Continue Reading
6 Financial Planning Moves for your 40s
The financial planning moves that helped you build a foundation or support your family awhile ago may not be enough now that you’re in your forties. This decade might be the first time you really feel the pressure of a looming retirement, send your kids off to college, or debate downsizing your family home. Wherever you are in your forties, there are some universal money moves Continue Reading
5 Ways to Prepare for Early Retirement
Regardless of when you plan to retire, it is a major life step that takes significant planning and prep work. This is especially true if you plan on retiring early. Early retirement requires particularly aggressive saving because you have less time to set aside money for retirement, and more time you'll need to survive on those savings. 1.) Assess your current - and future - financial Continue Reading
Reviewing Employee Benefits for Open Enrollment
It may still be summer, but open enrollment is just around the corner! Chances are you haven't read all the details of your employee benefits. It's important to understand what benefits you might be able to take advantage of. This year, take the time to review your options and feel confident when open enrollment rolls around. This is especially critical if you've had major changes within your Continue Reading
Why Life Insurance is NOT an Investment
If you consider life insurance an investment, you're not alone. Permanent life insurance is often sold as an investment wrapped up in an insurance policy, but don't be too hasty to sign off on the dotted line on a certain product. There may be better options for you, and far better investments. Here's what you need to know before shopping for life insurance: If you're a more visual learner, Continue Reading