With inflation not going down and interest rates rising, many Americans are wondering: Should I pay off debt or continue to contribute to my 401(k)? It’s not surprising American households are feeling pinched. NerdWallet reports, “In the past year, median household income has grown just 4%, while the overall cost of living has jumped 8%”¹… Continue reading Pay Off Debt or Contribute to a 401(k)?
There’s a lot of concern about the banking industry following the collapse of the Silicon Valley Bank (SVB). So what happened and how does this affect the average 401(k) investor? Keep reading to find out. What Happened to SVB? Before we dive in, it’s important to note that the tier one capital requirements – which… Continue reading The Banking Crisis: What Investors Need to Know [Video Explanation]
When it comes to preparedness, we tend to focus on preparing for our financial futures. Unfortunately, this often includes providing our readers with tips for avoiding becoming the victim of cybercrimes. Victims of cybercrimes suffer personal and financial identity theft, stolen money, fraud, embezzlement – not to mention the disruption it causes to one’s life. … Continue reading Cyberattacks Are Increasing: How to Prepare
Vesting schedules prevent 401(k) investors who don’t stay long at a company from taking their employer retirement contributions with them when they change jobs. Which means the money your employer contributes to your 401(k) may be taken back should you decide it’s time for a change. With Americans still leaving jobs in droves and many… Continue reading Changing Jobs? Know Your Vesting Schedule before Quitting
Big changes are coming to 401(k) benefits this year and the next few years. If you want to maximize your retirement savings and your retirement lifestyle, it’s critical you are aware of these changes. The new 401(k) rules and benefits are a result of the Secure Act 2.0, which was passed into law December 29,… Continue reading New 401(k) Rules and Benefits for 2023
A record number of Americans are taking hardship withdrawals and tapping into their 401(k)s. According to Fidelity, “Participants taking hardship withdrawals from their accounts rose to 2.4% last year, up from 1.9% in 2021.”¹ This represents the highest share of hardship withdrawals recorded by the financial services firm. Vanguard also recorded a rise in hardship… Continue reading 401(k) Hardship Withdrawals – What You Need to Know
Paying for college is expensive, which is why college financial planning should really begin as soon as each child is born. But, let’s be honest. Sometimes life gets in the way, and, before you know it, college is right around the corner, and you haven’t done as much college financial planning as you would have… Continue reading 12 College Financial Planning Tips for Parents
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It’s tax time, and there are a few changes you need to be aware of before you file your 2022 taxes. The IRS has warned taxpayers they should expect smaller refunds due to pandemic relief measures that have been allowed to expire. Don’t get caught off guard. Keep reading for 7 important IRS changes you… Continue reading 7 IRS Changes to Know before Filing 2022 Taxes
When it comes to money habits, we can either form those that cause us to be saddled with debt and worried about our financial future or those that bring us financial freedom. The good news is that it is possible to break bad habits. It is also possible to form new habits if you make… Continue reading 10 Money Habits to Build Wealth
