For the last couple of years Northwestern Mutual has been surveying close to 5,000 people about the amount of retirement savings they expect to need, and this year the number went up. Pre-retirees are now on average expecting to need close to 1.46 Million dollars in retirement balances before they can retire. Up 15% from… Continue reading How Much Do You Need to Retire?
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QR Codes and Scammers
QR codes are those little scannable squares you see everywhere nowadays. They’re super handy for things like paying for parking or checking out a restaurant menu. But watch out, scammers love using them too! They’ll trick you into scanning a fake code that leads to a shady website or downloads malware onto your device. Here’s… Continue reading QR Codes and Scammers
Why You Should Consider Roth
Warren Buffett once famously described compounding as the “8th wonder of the world.” It is indeed powerful. Sadly, in a traditional (pre-tax) retirement account, one of the things you’re compounding is future tax liability since all dollars are taxed as income upon withdrawal and even your family faces taxes on distributions after your death. Instead,… Continue reading Why You Should Consider Roth
Spring Cleaning
Spring is in the air, and you know what that means – it’s time to do some serious spring cleaning! But before you dive into tidying up your closet or scrubbing down your kitchen, let’s talk about a different kind of cleanup: financial documents spring cleaning. If you have been sifting through a pile of… Continue reading Spring Cleaning
Time is Your Biggest “Asset”
Investing is like a journey where patience and strategy play key roles. The most important part of this journey is time. It’s often overlooked, but it’s the key to turning small amounts of money into a lot more. At the center of this is something called compound interest. This means you earn interest on not… Continue reading Time is Your Biggest “Asset”
Introducing Your Child to the Roth IRA: A Lesson in Long-Term Financial Growth
When it comes to personal finance, the adage holds true: it’s all about time in the market, not timing the market. And what better way to set your kids on the path to financial security than by introducing them to the power of a custodial Roth IRA? Spring is a great opportunity to talk to… Continue reading Introducing Your Child to the Roth IRA: A Lesson in Long-Term Financial Growth
How Much Should I Plan for Medicare?
Sometimes retirement savers tend to think of 65 as the age that medical expenses drop off their annual expenses. Nothing could be further from the truth. While Medicare eligibility can dramatically reduce the costs for healthcare for a retiree, there remains a cost for Medicare that the retiree will have to pay. This message explained… Continue reading How Much Should I Plan for Medicare?
Show ’em love, Update Your Beneficiaries
One of the most important ways to plan your money forward is to keep your beneficiary elections up to date. Just like life insurance, retirement plans pass directly to the person or entity you’ve named on your beneficiary election. Here’s what you need to know: Your Spouse is Your Primary Beneficiary If you are married,… Continue reading Show ’em love, Update Your Beneficiaries
Five Tips to Improve Your Credit Score
Here are five tips to help your credit score recover: 1. Don’t Let Mistakes Haunt You The three major credit bureaus: Experian, Equifax and TransUnion, produce credit reports on consumers. These reports can contain errors, so it is important to make sure the information is accurate. Access your free credit report at annualcreditreport.com. If you… Continue reading Five Tips to Improve Your Credit Score
Weighed Down by Too Much Debt?
Beyond today’s high prices, consumers can be weighed down by too much debt, like a mortgage, an auto loan, student loans, or credit card balances. While not all debt is bad, especially if it’s on an appreciating asset like your home, too much debt is a risk that can lead to total financial failure. A… Continue reading Weighed Down by Too Much Debt?
