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Saving for retirement can feel daunting when you’re choosing among different investment options. While you can enjoy tax benefits with many types of retirement accounts, each one has different rules, advantages, and disadvantages. Learn the differences between Roth IRAs vs. 401(k) plans to help you choose the right path for you. It’s important to remember […]
Roth IRA vs. 401(k): Which Is the Better Choice for You? Read More »
Dear Penny, I am 73 and have one son who is unmarried and lives in the same town. I also have five siblings. I am very close to my youngest sister who is on disability. I paid my home off two years ago, and I have some 401(k) savings. I am planning on leaving my
Dear Penny: Can My Deadbeat Son Fight My Decision to Disinherit Him? Read More »
A 401(k) match is money your employer kicks in to your 401(k) retirement account, matching your contribution up to a certain percentage of your annual pay. Employer 401(k) matching is a key employee benefit that can help safeguard your future for the long term. How a 401(k) Match Works When setting up your employer-provided 401(k),
What Is an Employer 401(k) Match? Read More »
Dear Penny, I am a single parent. I am 67 years old and ready to retire. However, I am anxious about decisions I need to make. My daughter is in her last year of college. I don’t have any more money to pay for it. So for her last year, should I take from retirement
Dear Penny: Is Using Retirement Money So My Daughter Can Graduate a Mistake? Read More »
After sharing how one man retired at age 41 with a household net worth of $4 million, I thought it would be good to share another story about early retirement from a completely different situation. This story comes from money trauma and how it is being conquered. One of the complaints about the $4 million
Overcoming Money Trauma: Why I Retired To Taiwan With Only $600,000 Read More »
While working in finance, I fantasized about travel blogging. I saw a bunch of people write about all the new places they visited. They chronicled the food they ate and the activities they did while making money online. Given their niche was travel, they could also deduct their travel expenses from their online income. It
Travel Blogging: One Key To A Happier Retirement Read More »
In a world with stagnating wages and an increasing cost of living, many people are looking for a way out of the rat race. That’s why radical investment strategies and risky business ventures are so popular. Believe it or not, there actually is a reliable way to achieve financial independence – but it’s far from
What is the FIRE Movement + How to Make It A Reality Read More »
At this point in our retirement series, you should have a solid understanding of how to save for retirement. So far we’ve gone over how much you should save from your paycheck for retirement, the different investment accounts, like 401k or 403b, and more. If you haven’t figured out how much you need to save
Chapter 11: How to Retire Early Read More »
Employer-sponsored plans, such as 403(b)s and 401(k)s, can be important tools to help you save for retirement. Both of these are tax-deferred retirement savings programs that your employer might offer. Whether or not you have a 403(b) or a 401(k) depends on the kind of employer you work for. The IRS rules regarding how much
403(b) vs. 401(k): Two Ways to Save for Retirement Read More »
The simplified employee pension individual retirement account (SEP IRA) helps self-employed workers save for retirement and get similar tax benefits as employees with traditional retirement plans. Learn SEP IRA rules and eligibility, and the pros and cons of these accounts for small-business owners. The post What Is a Simplified Employee Pension (SEP) IRA Retirement Account?
What Is a Simplified Employee Pension (SEP) IRA Retirement Account? Read More »
Keogh plans are lesser-known retirement vehicles designed for the self-employed. Although they can be difficult to qualify for and administer, they offer incredibly high contribution limits for those looking to catch up on retirement savings. Learn about Keogh plans and their pros and cons. The post Keogh Plan Overview (Self-Employed Individuals Tax Retirement Act of
Keogh Plan Overview (Self-Employed Individuals Tax Retirement Act of 1962) Read More »
You have many retirement account options, with rules and contribution limits that change regularly. Congress has raised the contribution limits for some retirement accounts but not others. Learn the rules and this year’s contribution limits for whichever accounts you personally use. The post Maximum Retirement Account Contribution Limits 2022 appeared first on Money Crashers. https://www.moneycrashers.com/maximum-401k-roth-ira-contribution-limits/
Maximum Retirement Account Contribution Limits 2022 Read More »
Vanguard and Fidelity are giant investment firms that offer a range of affordable investment services and platforms. Despite all they have in common, enough sets them apart to warrant a closer comparison. Learn the differences between these two investment firms to find out which is best for you. The post Vanguard vs. Fidelity – Which
Vanguard vs. Fidelity – Which Investment Firm Is Right For You? Read More »
It may not be the most romantic topic, but how you manage your money together is the beating heart of a solid relationship. And it’s common to clash with your partner over money. Of married or cohabitating couples polled, 70% said that they had gotten into a disagreement with their partner over finances in the
Love and Money: 5 Ways Couples Can Work Together on Finances Read More »
A new generation of professionals seek financial independence well before the traditional retirement age. Barista FIRE, or Barista FI, makes retiring early from full-time work possible through diligent saving and part-time work during retirement. Learn about Barista FIRE and its key considerations. The post What Is Barista FIRE? – Financial Independence With Part-Time Work appeared
What Is Barista FIRE? – Financial Independence With Part-Time Work Read More »
The endless variety of options can make retirement planning feel overwhelming, which can paralyze you into not doing anything. The Bucket Strategy is an easy way to implement strategic asset allocation without too much complexity. Learn about the Bucket Strategy for retirement and its pros and cons. The post Three Bucket Retirement Strategy – What
Three Bucket Retirement Strategy – What Is This Investing Approach? Read More »
Douugh is a money management app that empowers you to live a financially healthier life. The app offers a one-stop solution to many of the most pressing personal finance needs. Read on for a detailed look at the features, capabilities, and advantages of this groundbreaking personal finance app. The post Douugh Review – Is This
Douugh Review – Is This Smart Bank Account for You? Read More »
If you’re a member of the military, it’s likely you often take big risks in the service of your country. So it can be especially critical for you to have a financial plan. In fact, the nearly 1.3 million active members of the military have a special set of circumstances that they have to keep
Planning Your Finances as a Member of the Military Read More »
When people learn the premise behind the FIRE movement (financial independence, retire early), many wonder how to invest differently to create the passive income needed to cover their living expenses for an extended retirement. Learn several investment strategies ideal for people pursuing FIRE. FIRE Investing – Strategies for People Pursuing Early Retirement is a post
FIRE Investing – Strategies for People Pursuing Early Retirement Read More »
There’s nothing more gratifying than graduating from college after four years of hard work. But getting a degree and entering the next phase of your life comes with a whole new set of expectations and responsibilities. Graduation often means starting your first full-time job and getting your first significant paycheck. But that paycheck also comes
Congrats, Grad! Here are Six Financial Goals Now That You Have That Degree Read More »