How Your Money Grows with Compound Interest
Key Takeaways Compound interest is a powerful way to grow your money. The Rule of 72 helps you calculate when your money will double. When faced with the choice, grow (and take!) the bigger pile of money. Albert Einstein is credited with saying that compound interest is the eighth wonder of the world. While […]
Reducing Debt to Retire
Key Takeaways You may start to feel you’re ready for retirement when you’ve “had enough.” But what do you do if you don’t “have enough” for retirement? Here are five actions you can take to help you reach your money goals so that you can retire. For some people, knowing when to retire comes with […]
Saving for Retirement Without a 401(k)
Key Takeaways About 50% of Americans don’t have access to a 401(k). There are other ways besides a 401(k) to save for retirement and still receive tax benefits. If you choose to put your money into a cash value life insurance policy, you’ll now be able to put almost double away, due to a new […]
How to Boost your Social Security
Key Takeaways There are some things you can do to increase your Social Security benefit. Timing and the state you reside in are factors that affect what you’ll receive. Understanding these factors will help you plan for retirement. Need a boost? If you’re feeling a little sluggish, a simple cup of coffee may provide that […]
Spousal IRA
Key Takeaways If you’re looking for an additional way to save for retirement, you may want to consider a spousal IRA. Spousal IRAs allow employed individuals to contribute to an IRA for their spouse, if the spouse is not employed. There are some limits to the contributions, but a spousal IRA could be a tax […]
The SECURE Act’s Mandatory Lifetime Income Disclosure
Key Takeaways The new SECURE Act requires 401(k) plan administrators to disclose projected monthly incomes to investors. Previously, investors only received information regarding the lump sum of their 401(k)s. By understanding how the lump sum translates into monthly amounts, investors gain a clearer idea of what their retirement income will be. There was a time […]
Pay Down Debt and Build for Retirement
Key Takeaways In your 30s, there are three important things to do with your money that will help you in the long term. Paying down debt and building your retirement savings are key goals. Set some time aside every March to see where you are with these goals. “If you find yourself in a hole, […]
Why You May Want to Consider a Health Savings Account
Key Takeaways Health Savings Accounts (HSAs) are a way to pay for medical expenses with tax-free money. The money you put into an HSA grows tax deferred. HSAs can also serve as another retirement account.
4 Steps to Help Get Through a Life Transition
Key Takeaways Life is full of transitions, and they’re often accompanied by a fair amount of stress. Recognizing when your life is in transition is important. There are steps you can take to help get through life’s transitions.
Retirement Habits
Key Takeaways It takes an average of two years to turn a behavior into a permanent habit. Your money habits during the first few years of retirement are especially important in setting the tone for the rest of your retirement. Be intentional in setting good habits from the start.