What’s remaining is money that could be put to work for long-term goals like funding retirement or a child’s college education. If you’re not ready to put it all to work right now, a phase-in plan where you regularly add set amounts over time might help you get started. With th...
While there's no one way to plan for retirement, there are a lot of waysnotto plan for retirement. And if you follow bad advice, it can end up costing you thousands (if not hundreds of thousands) of dollars by the time you retire. With this in mind, here are four retirement myths ...
A good financial advisor can help you sort through which plans work best for your financial situation.1. Solo 401(k)The solo 401(k) may often be overshadowed by the SEP IRA, another small business retirement plan, but the solo 401(k) is probably a better option. The solo 401(k) lets...
Each year, countless workers enter retirement with inadequate savings and wind up cash-strapped later in life. It therefore pays to be strategic about drumming up more cash to fund your golden years. With that in mind, here are some steps you can take both during your career and your post-...
Amount you plan to spend on travel each year Pet expenses This is not an exhaustive list, as everyone's expenses will be different, especially when you consider what kind of lifestyle you want in retirement. Getting into the habit of tracking where your money goes now can go a long way ...
Once you know how much you need, the next step is figuring out where to get it. Is the TSP your only savings vehicle? Do you have money in IRAs, annuities, cash or other investments? Depending on your age, you could be limited in your withdrawal options. Most...
This is called a student loan cash out refinance. Increasing your mortgage can put your home at risk if you can't afford your new payments. That's why you should typically avoid this option — especially if you can't pay parent PLUS loans are due to large...
ATM deposits to your savings account are that you don’t need to wait in a long line, speak with a teller, or plan your visit around the bank’s business hours. Not all banks or accounts offer this service, though, so check whether your online savings account supports ATM cash deposits...
May require a large initial investment of cash. Alternatives to annuities in Canada If an annuity doesn’t seem right for you, there are plenty of other financial products that can help you save for retirement or provide income after you stop working. These include: The Canada Pension Plan. ...
Most people think of HSAs as a way to save to cover current medical costs not covered by such plans. But if you can pay for these costs out-of-pocket, the triple tax-free nature of an HSA makes it a powerful vehicle for retirement savings. Many people contribute to HSAs pre-tax ...