Both pensions and 401(k)s are retirement savings plans, but they have many differences. When it’s time for you to retire, Social Security Retirement Benefits will cover approximately 40% of your average earnings. You can use a pension or 401(k) to make up the difference.
You’ve reached your 60s. Your hard work, saving and investing is about to pay off — you’re almost at the retirement finish line! Before you kick back and enjoy your new adventures as a retiree, there are a few things you should do to set yourself up for financial success. You’ll also need to keep making smart money decisions so that your retirement funds last.
During times of crisis, it is normal to lean on vices like food delivery, alcohol, subscriptions, and online shopping for comfort and self-care. However, as the reigns loosen on COVID-19 restrictions these habits have become less necessary and could be wreaking havoc on your finances. Breaking spending habits is doable with patience and commitment. This blog includes 5 ways you can change the spending habits you developed during the past year.
When money is tight and you’re having difficulty paying your bills, it’s incredibly easy to make choices that make your financial situation worse. Getting a new credit card, sticking with minimum payments or skipping payments altogether may stave off the problem in the short-term, but could cost you even more down the road. If you feel like you’re drowning in debt, there’s still hope! Here are six steps you should take to keep your head above water and regain control…
Thinking of going off the grid? If you want to reduce your reliance on public utilities, doing in-depth research is a great place to start. Building a self-sufficient way of life requires more than a desire to reduce your carbon footprint or unplug from public utilities. A complete understanding of what it costs to go off the grid is essential to embarking on this unique lifestyle.
For many in their 50s, the concept of retirement feels much more real than it may have before. Sure, you likely still have a decade or so of working to go, but clocking out for the last time and enjoying your new retiree status is quickly approaching. Does that “almost there” feeling make you excited, or does it leave you feeling nervous and unprepared?
Unique perks and challenges appear when you reach your 40s. On one hand, many people begin to earn their peak earnings in this decade, which is definitely worth celebrating! On the other hand, 40-somethings are also beginning to close in on retirement, which increases the pressure to make strategic money moves. If you haven’t found your financial footing by the time you’ve entered your 40s, there’s still time. Here are seven things you can do to set your future self…
Graduating from college is a momentous occasion. After years of hard work, internships, and part-time jobs, you probably look forward to a salaried position. But sometimes, getting a full-time job in your field can take longer than you thought it would. Follow this financial advice for new grads without full-time jobs to make your post-graduate financial planning less stressful.
Advice from professional advisors, fiduciaries and accountants can help shape your financial success as an adult, but studies show that fundamental beliefs about money are shaped in childhood. Parents, Grandparents, Aunts, Uncles, and other adult role models can significantly impact how we think about and manage our money. In honor of Mother’s Day and Father’s Day, the Beyond Finance team shares the best financial lessons our parents taught us and the positive impact those lessons have had on our lives.
Plenty of big changes happen between the ages of 30 and 39. With some life experience under their belts already and most “adulting” firsts out of the way, today’s 30-somethings typically look forward to big career moves, home ownership, settling down with a partner and raising children. This time period also marks the “halfway point” to retirement, which means that if you haven’t gotten serious about your finances yet, it’s time to buckle down. Here are 10 money goals to…