How would you like to retire early? Millennials certainly like the idea, according to a recent survey from Bankrate.com. Millennials identified the perfect retirement age as 61 – a full six years before their full retirement age (FRA) as defined by Social Security and one year before they can even claim reduced Social Security
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According to Federal Reserve data compiled by MagnifyMoney, Americans paid $104 billion in interest on credit card purchases over the twelve months ending March 2018. That’s not outstanding credit card balances, which are near $1.04 trillion as of May 2018 – that’s just interest charges on the outstanding amount.
How much did you
Have you been denied a mortgage loan recently? Rejections usually don’t come down to a single reason, because lenders look at your overall financial status.
However, some factors increase your risk of rejection. According to NerdWallet’s 2018 Home Buyer Report, three issues stand out as primary reasons for mortgage denials based on the most recent
Is a bad credit score dragging you down? Almost half of millennials (46%) feel that way, according to a new survey conducted by OppLoans.
It’s an understandable feeling, given that millennials came of age during one of the worst recessions in decades. Many millennials emerged from the recession with delayed careers or lower-than-expected
The term “administrative offset” brings to mind meaningless governmental jargon. It is governmental jargon – but if you are affected, it’s not meaningless at all.
In layman’s terms, administrative offset is the government’s way of applying money that would normally be owed to you (such as tax refunds and certain Social Security benefits) to outstanding
Are you familiar with the 4% rule and how it relates to retirement? Let’s find out. Choose one of the options below.
The 4% rule refers to…
a) The average amount of your retirement time you’ll spend looking for something you misplaced.
b) The average annual amount of time you’ll spend getting medical care.
c)
Who wants simpler taxes? Most of us do, assuming we also keep more money in the process.
Starting in 2018, homeowners are more likely to have simpler tax returns – but they may need to make similar tax calculations to ensure a lower tax bill.
Tax simplification was part of the pitch to sell the
Just like assets can be sold, so can debts. It’s possible that your auto loan or mortgage could be sold by one lender to another. If your debt is in good standing, the terms and conditions of your agreement generally apply, but things relating to the servicing of your loan such as due dates and
By Sandra Parsons
While Cardi B is topping the charts, “Card Cracking” is ruining some music fans’ lives. Rapper Young Ash and five others were recently indicted for running a card cracking ring that recruited accomplices through her Snapchat channel. Learn how card cracking works and how you can avoid falling victim to
With hard work and discipline, you’ve managed to whittle down your sizable credit card debt to zero. What’s the next step? More hard work and discipline. Keep doing what you were doing, because it’s working for you.
The principles that allowed you to eliminate your debt established fiscal responsibility and gave you positive momentum. Don’t
Congratulations! You’re the proud parent of a newborn bundle of joy. Many things are swirling through your head right now, especially if this is your first child.
Acquiring a Social Security Number (SSN) for your child is probably not near the top of your priority list, and it probably shouldn’t be – but don’t let
You probably comparison-shop for most of your purchases, especially the high-dollar ones. If you’re going to spend money on a new appliance or an automobile, you want to review options to make sure you’re getting the best deal.
According to the Consumer Financial Protection Bureau (CFPB), there’s a big exception to this rule – mortgages.
When your credit score is down, it takes great effort to rebuild it. You have to take care to pay down your debts and get your finances in order. You may also have to change some of your spending habits to have the greatest impact. Consider these five spending habits that will retard your credit
You want to know exactly what you are getting when you make any large purchase, especially when you are buying a home – the largest purchase that many Americans will ever make in their life. That’s why a real estate disclosure statement is a fundamental part of any real estate transaction.
By law, home sellers
If you are one of the fortunate few who have a defined benefit retirement plan, you have more predictability in your retirement income than most. You can calculate your combined pension benefits and any Social Security benefits that you have earned and have a clear idea of your annual income throughout retirement – assuming you
Homeowners may see less of a tax break this year, thanks to the Tax Cuts and Jobs Act (TCJA). Beginning with homes purchased after December 16, 2017, you can only deduct the interest incurred on $750,000 of mortgage debt on qualifying residences (primary homes and one second residence). Under prior law, the limit was $1
You’re in a cash-flow crunch again. An important bill is due, and you’ve earned the money to pay that bill – but it’s not payday yet. You’re on a two-week pay cycle and have to wait for another week or so before your money is available.
What are your options? Ask a friend or relative
Did you realize that not all financial advisors are obligated to act in your best interest? Financial professionals are obligated to offer products and advice that are suitable for your needs, but not all of them are obligated to offer the best advice possible.
Two standards govern financial advisors – the fiduciary standard and the
It just makes sense. When mortgage interest rates rise, fewer people can afford to buy homes. Home sales go down as a result. Conversely, when interest rates drop, homes become more affordable and home sales will go up.
There’s only one problem with this premise. It isn’t necessarily true.
According to Sam Khater, a deputy
Be Afraid of the Dark
Is your credit card information floating around the dark web, waiting to be sold to an enterprising criminal? That’s increasingly likely. According to the cybersecurity research group IntSights, black-market credit card information for sale has increased by almost 150% over the last 18 months – surpassing 4,000 credit cards
Your data is under constant attack from hackers. Unless you take steps to protect your personal and account information, you’re at a high risk for identity theft – and the residents of some states are less vigilant than others when it comes to cybersecurity.
A survey conducted by cybersecurity company Webroot and the Ponemon Institute
How much longer would you have to work beyond your full retirement age to equal an additional 1% retirement savings over the thirty years prior to your retirement? You might expect to work an extra year or two – but according to a recent study published in the National Bureau of Economic Research (NBER), you
Retirement has finally arrived. You’re ready to start drawing on your retirement income sources. Enjoy this new phase of your life.
Unfortunately, you haven’t been able to retire from taxes – and your taxes will enter a new phase as well. You don’t have an employer to hold out taxes on your salary anymore. You’re
Do you have enough cash to handle an unexpected emergency expense? According to a new survey from Bankrate.com, a significant number of Americans don’t have an emergency savings fund – and don’t see the lack of one as a problem.
Bankrate found that almost one in four respondents has no emergency fund at all, and
How Low Can It Go? According to economic theory, low unemployment will lead to rising wages as employers compete for the small pool of qualified workers. Unemployment in America hit a historically low 3.8% in May 2018. Aside from a one-month dip to 3.8% in April 2000, the unemployment rate hasn’t been 3.8% or below
Prefer using debit cards over credit cards, but miss earning rewards? Some debit cards offer cash-back rewards – either as a straight points-based redemption program or as a perks-based program directed at purchases with specific merchants. You may have debit card cash-back benefits through a perks-based program and not even realize it.
Cardlytics is
Do you plan to relocate when you retire? If so, where would you like to go?
It’s easy to rattle off a favorite vacation destination as your preferred retirement location, but it’s far different when you are visiting a location instead of living there. Try keeping an open mind and evaluating multiple retirement locations and
Your kids are growing up fast. Soon, it will be time to have … the talk.
No, not that one. We’re referring to the talk about responsible use of credit. If you don’t drive home the importance of good credit practices while your children are young, they’re more likely to learn about credit the hard
You want to buy a home and have the income to support a decent monthly payment – but you can’t save up enough money for a significant down payment. With home prices and interest rates rising, you’re afraid that you’ll be priced out of the market before you can save up a full down payment.
Do you consider a rewards program as an integral part of your credit card choice? According to a new study by finder.com, close to one-third of Americans use credit cards just to get the associated rewards.
The finder survey suggests that approximately 71.7 million Americans (29.2% of the adult population) make credit card purchases just
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