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The 401(k) plan is the largest asset many investors own accounting for 36.2% of their total net worth according to the U.S. Census Bureau. Regularly checking your 401(k) account can help you stay on top of your investments, and make sure that your money is working for you in the best way possible. What is […]
How to Check Your 401(k) Read More »
Dear Penny, My grandfather worked hard his entire life and eventually became a fairly wealthy man. When he wrote his will, I was just a baby and my little sister had not yet been born. Half of his estate (minus personal property) goes to our mother, and half goes to me. Our mother has told
Dear Penny: I’m Getting an Inheritance, but Grandpa Forgot About My Sister Read More »
Since I left my day job in 2012, I’ve been constantly preparing for economic devastation. I had to because I no longer had a safety net. My plan was to take a leap of faith and succeed. It would have been too embarrassing to ask for my old job back if I had failed. Besides,
Economic Devastation Might Be Exactly What We Need To Win Read More »
Most people have never heard of a SIMPLE IRA and are curious to know the rules, limits and how it differs from a 401(k). A SIMPLE IRA sounds “simple” to setup but is it really that easy? And how does it compare to the 401k and other retirement plans that exist? We’ll answer that and
7 Things You Need to Know About a Simple IRA for 2023 Read More »
In the good old days, several friends and I liked having beers after each softball game. We got to discussing what is the one ingredient necessary for achieving financial independence. Here were some of their responses: All of these ingredients are important for helping all of us achieve financial independence. However, the #1 ingredient that drove
The One Ingredient Necessary For Achieving Financial Independence Read More »
The simple answer is you don’t have a choice https://financialpost.com/personal-finance/retirement/any-advantage-continuing-cpp-contributions-after-age-60 #financialfreedom #money #entrepreneur #business #finance #investing #financialliteracy #success #investment #wealth #motivation #financialindependence #passiveincome #personalfinance #realestate #stockmarket #debtfree #entrepreneurship #invest #bitcoin #creditrepair #debtfreecommunity #investor #trading #workfromhome #stocks #credit #financialeducation #bhfyp
FP Answers: Is there any advantage to continuing CPP contributions after age 60? Read More »
“What happened to your friend who bought Tesla stock on margin,” a reader asked. He likely lost a lot of money, but I haven’t asked for details. That would be rude. On March 31, 2021, I published a post entitled, Buying Stocks On Margin Is A Bad Idea: You Could Lose Big. I wrote the
Losing All Your Money Investing On Margin Is Not The Worst Thing Read More »
Rapid increase in rates is helping in the solvency of defined-benefit pension plans https://financialpost.com/personal-finance/retirement/pension-plans-surplus-higher-interest-rates-inflation-risks-abound-mercer #financialfreedom #money #entrepreneur #business #finance #investing #financialliteracy #success #investment #wealth #motivation #financialindependence #passiveincome #personalfinance #realestate #stockmarket #debtfree #entrepreneurship #invest #bitcoin #creditrepair #debtfreecommunity #investor #trading #workfromhome #stocks #credit #financialeducation #bhfyp
Happy New Year everyone! I’ve made goals publicly for over ten years because it helps keep me accountable. Making goals also makes the year more exciting and challenging. Hence, here are my goals for 2023. Once again, I’ve divided the goals into five categories: Health, Wealth, Family, Financial Samurai, and X-Factor. My goal is to achieve
2023 Financial Samurai Goals: Back To Easy Living Read More »
Maybe you’d rather forget 2022 — we get it. But before getting too far into 2023, it’s a good idea to take stock of how your finances may have changed during the last 12 months and make any needed adjustments. Here are five areas of your finances to check on so you don’t get any
The 5 Scariest Financial Surprises to Avoid in 2023 Read More »
We made it! My goal for 2022 was to do less work and have more fun. 2020 and 2021 were difficult years thanks to the pandemic so I needed a break. Overall, I give 2022 a B+. The year was great from a family and health standpoint. But the year was piss poor from a
2022 Financial Samurai Year In Review: Family Over Money Read More »
Here’s what you need to consider while preparing your DIY retirement plan https://financialpost.com/personal-finance/retirement/fp-answers-retirement-planning #financialfreedom #money #entrepreneur #business #finance #investing #financialliteracy #success #investment #wealth #motivation #financialindependence #passiveincome #personalfinance #realestate #stockmarket #debtfree #entrepreneurship #invest #bitcoin #creditrepair #debtfreecommunity #investor #trading #workfromhome #stocks #credit #financialeducation #bhfyp
I’m a big fan of the Roth IRA and investors that understand it’s massive tax-free benefits are also. Recently a reader sent in this question about it: “I’ve been investing in a Roth IRA for several years thanks to your blog! I initially started in a basic index fund but after doing more research I
Can You Lose Money in a Roth IRA? Read More »
Big changes are set to roll out for retirement plans after the passage of key provisions collectively known as “Secure 2.0.” New rules on 401(k) contributions, tax credits and other retirement-related benefits were tucked into a much larger 4,100-page, $1.7 trillion spending bill Congress and President Joe Biden approved Dec. 23. One change — increasing
How the Federal Spending Bill Affects Your Retirement Plans Read More »
Longevity risk is the possibility of outliving your retirement savings. This can be a genuine concern, especially considering that the average life expectancy in the U.S. has grown to 77.3 years, although many people will live longer. Since it’s impossible to predict how long you’ll live, estimating your longevity risk can be complicated. Find out
What Is Longevity Risk for Retirees? Read More »
It’s been a tough year for many retirees on fixed incomes. Rising prices, a turbulent stock market and concerns about a possible recession are leaving many older Americans stressed about their financial future. But it’s not all doom and gloom. There’s actually a few things to look forward to in 2023, including bigger Social Security
4 Good Things Retirees Can Look Forward to in the New Year Read More »
Since 2012, I’ve been arguing that freedom is priceless. After giving up a healthy income and my career for more freedom, how could it not be? But maybe I’ve just been telling a lie to make myself feel better about not being richer! We lie to ourselves to help justify our decisions. Otherwise, we might
Freedom May Not Be Priceless: Consider Going To Jail For Money Read More »
Are you confusing your good fortune due to your own skill rather than due to luck? I’m here to argue that above average wealth is mostly due to luck. Therefore, stop deluding yourself into thinking you’re so great! As President Obama said in a July 13, 2012 campaign election speech, “If you’ve got a business,
Your Outsized Wealth Is Mostly Due To Luck: Be Thankful! Read More »
Contrary to popular belief, the ideal retirement age isn’t as soon as possible. Retire too soon and you may feel empty for never living up to your true work potential. Retire too late and you might always be left wondering what could have been if you had changed course sooner. For example, a 35-year-old couple
The Ideal Retirement Age To Minimize Regret And Maximize Happiness Read More »
Dear Penny, I am a widow. My husband was 53 when he died. He was collecting Social Security disability for about two years preceding his death. I am nearing retirement age and was planning on taking his Social Security when I reach my full retirement age, and then switching to mine when I turn 70.
Dear Penny: Can I Get Survivor Benefits if Our Marriage Record Was Destroyed? Read More »