Payday cash is a priority with Americans now that the recession is over. In particular, they are focused on saving money for retirement. The recession taught people that credit isn’t a reliable emergency account to rely on in times of trouble. Many credit lenders closed their doors when the recession was at its height and
Recently, Congress closed a loophole in Social Security that some people were exploiting for a quick payday. The loophole allowed the well off to get more fast cash out of the system than they would have otherwise. The government was not amused and closed the loophole. Quick payday loophole in Social Security Some people are
Why to convert back Many people looking for fast cash converted their IRAs into Roth IRAs. The move may have been a quick one and now some consumers are rethinking the decision. The value of a Roth IRA can be considerably lower than its former value due to the conversion and the taxes that can
An increasing number of people are having to turn to their retirement accounts to scare up cash. Withdrawing from an IRA, whether its a Roth or 401(k) plan, incurs stiff penalties, but people will do it when they are desperate enough. Being able to retire securely is becoming far more difficult. Nearly one-fifth of workers
Many different kinds of retirement plans are available Many people are unaware of the different types of retirement plans available to them. While most are familiar with the basic plans offered through their employer, few know much about additional plans they may still be able to invest in. Self-employed people in particular find themselves wondering
Social Security benefits are crucial Senior citizens needing money now are worried that Social Security benefits won’t be around for much longer. Studies show that Social Security benefits make up for about 40% of retirees’ income. It’s no secret that many Americans have come to rely on the benefits to pay their monthly bills. Without
The number of people who feel financially confident about entering retirement are an increasingly small portion of the population. Falling real estate values and a volatile stock market have made soon-to-be retirees fairly nervous. To make matters worse, energy prices could be due for a large increase, and politicians may be gunning for Social Security.
New estimates project that Social Security will run out of cash by 2037. The estimates, from the Congressional Budget Office purport that Social Security will run a deficit until 2037, when the trust fund will be completely depleted. Recent tax cuts already have given advance cash out of Social Security revenue. Constant deficits projected for
Using a 401k account Consumers may need personal loans to manage through retirement if they aren’t careful with their 401(k) accounts. A 401(k) account allows a working person to save for retirement, invest the savings and defer taxes until after retirement when, in most cases, the account holder’s income will be subject to a lower
Retirement planning then, and now There was a time when planning for retirement was relatively straight-forward. A person simply worked at a job until age 65 and then retired to live off pension plans and Social Security benefits. This was the reward for years of hard work with one employer and paying into a dependable
Earlier this year an asset management company announced a contest for the best ideas to increase the U.S. savings rate. The winner of the $50,000 grand prize suggested a “Savings Credit Score” that factors savings into a person’s credit score. A FICO spokesperson praised the idea but said current credit scoring models made it impractical.
A growing number of Americans are choosing to take Social Security early. Some baby boomers have been forced to take Social Security early because of losing jobs and spending savings during the recession, while others are compelled to collect Social Security before the program goes bankrupt. Retirement planners say fears of Social Security bankruptcy are
Retirement planning is a frustrating yet necessary process, especially with the precarious position of Social Security. Here are the top five reasons a Roth IRA retirement account is for you, courtesy of Smart Money. Make tax-free withdrawals upon retirement with a Roth IRA A Roth IRA enables you to put your contributions in after taxes.
Hopping from one job to another can lead to future financial dilemmas, such as a faltered retirement plan. It’s not always easy to remain at one job for numbers of years due to many different reasons. But taking a hard, close look at the possible outcomes of job-hopping and the general aspects of it can
Today, lots of people over age 60 are saying they’ll never be able to retire. Lots, however, is one thing; seventy-two percent is quite another. According to a new survey conducted by CareerBuilder, 72% percent of workers over age 60 are now delaying retirement because they cannot afford it, and need more time to come
401(k) laws are changing Consumers are using cash advance loans because their 401(k) accounts are being handled by their employers. A new study is showing that there is a new trend in the world of retirement accounts. Barclays PLC’s Barclays Global Investors are now telling employers to automatically build savings for their workers by putting
Some people look forward to retirement at 65 as the time when they’ll finally be able to focus entirely upon the things they want to do. However, retiring at age 65 may be a thing of the past, suggests the Los Angeles Times. According to geriatrician Dr. Katherine Schlaerth of the USC School of Medicine,