As 2024 nears its conclusion, the festive season is on the horizon, reminding us that there’s limited time left to achieve this year’s retirement savings target. If you have an IRA, you can contribute until the 2024 tax deadline for 2024 contributions. However, those with a 401(k) must make their 2024 contributions by December 31. … Read more
Social Security is a topic that resonates with many Americans. A 2020 AARP survey revealed that a staggering 96% of Americans support this federal program. While there’s a broad consensus on its importance, the path to its reform is unclear. One of the changes proposed by Joe Biden might, however, find favor with many. Biden’s … Read more
Many retired individuals depend on Social Security benefits to support their daily expenses. As other sources of income, such as retirement savings, dwindle over time, these benefits become increasingly crucial because they constitute a guaranteed income. As a result, it’s prudent for current employees to strive to enhance their future Social Security payouts. A survey … Read more
Recently, the financial landscape has seen a significant shift, especially for caregivers nearing retirement. The pandemic and the transition back to traditional work settings have unveiled a concerning trend. Caregiving responsibilities have inadvertently become a roadblock to a secure retirement for many, particularly women. This article delves into the financial repercussions caregiving has on retirement … Read more
Imagine being on the brink of retirement, having made all the right moves, saved diligently, and even planned a few indulgences. Then, life throws a curveball, and you are responsible for raising your grandchildren. This is not just a hypothetical scenario; it’s a reality for many grandparents today. Financial Planning for Late-Life Parenthood Crafting a … Read more
401(k) account balances have been on an upward trajectory, with the recent data showing a consistent rise for three consecutive quarters. The average 401(k) balance has surged to $112,400, marking an 8% increase from half a decade ago and a commendable 39% jump from a decade ago. It’s worth noting that Generation Z has seen … Read more
Parents aiming to instill strong financial habits and ensure their children’s prosperous retirement often seek effective strategies. By initiating contributions to a Roth IRA on behalf of their kids, parents not only cultivate early retirement savings but also impart the significance of consistent saving from an early age. A recommended approach to provide youngsters with … Read more
As the economy, inflation, and Social Security concerns grow, many Americans face challenges in saving for their future. CBS News reports that 50% of women and 47% of men aged 55 to 65 have no retirement savings at all. Despite the widespread lack of preparation for retirement, it’s crucial to start saving now to ensure … Read more
Retiring with the assurance that all your expenses are covered is a dream for many hardworking Americans. However, even with careful saving and budgeting, unforeseen costs can creep into your retirement plans. Some of these expenses might even enhance your quality of life. While everyone’s retirement goals are unique, certain costs are often forgotten when … Read more
Self-employed individuals and small businesses can benefit from a Savings Incentive Match Plan for Employees Individual Retirement Accounts, also known as a Simple IRA. It offers numerous advantages for both employers and employees. However, like any financial product, it also has its limitations. Here are the advantages and disadvantages of a Simple IRA to help … Read more