Question: I’m a full-time student who has a part-time job at a community college. Can I start contributing to an IRA?
Answer: Yes, you almost certainly can. And if you can swing it, you probably should, since contributing to an IRA early in life can be an excellent way to lay the foundation for a more
Continue reading Saving: Building a Nest Egg on a Part-Time Salary
Question: I’m 50 years old and absolutely hate my job. It’s stressful, requires long hours and I have a tough boss. So I’m wondering about early retirement. Fortunately, I have about .6 million dollars saved up and the only debt I have is a mortgage on my house that equates to less than half its
Continue reading Early Retirement: An Option If You Don’t Enjoy Your Job?
Question: I’m 27 and have had a Roth IRA since I was 16 years old. I’ve been maxing out that account since I graduated college, and I now also max out my 401(k). But this year my income will be too high to allow me to contribute to either a Roth IRA or traditional deductible
Continue reading An Aggressive Saver Who Can’t Save Enough
A Roth conversion could impact your student’s financial aid package, but you can address the problem.
You may have decided it makes financial sense to do a Roth conversion this year. You qualify because the $100,000 income limit that kept you from converting a traditional IRA to a Roth was lifted in January. In addition, this
Continue reading Doing a Roth Conversion may Impact Financial Aid Next Year
A dividend is a payment many companies make to shareholders out of their excess earnings. It’s usually expressed as a per-share amount. When you compare companies’ dividends, however, you talk about the “dividend yield,” or simply the “yield.” That’s the dividend amount divided by the stock price. It tells you what percentage of your purchase
Continue reading Stock Dividends: Facts on What to Look For
One of the best things you can do periodically is assess where you are right now. Consider the following six areas of financial health to determine where you are — and what you might need to do to get your family’s finances back on track.
Housing Payments
The commonly used rule of thumb is that your housing
Continue reading Your Family’s Financial Focus – Six Important Areas to Look At
Should you borrow from your 401(k) to pay off your debt?
By borrowing from your 401(k), you won’t actually be paying off debt in the sense of eliminating it. You’ll be replacing your existing debt with another loan.
So the real issue is whether it makes sense to transfer your debt to your 401(k).
Thinking of your 401(k)
Continue reading Should You Borrow From Your 401(k) to Pay Off Your Debt?
What if you have no retirement savings and you’re 60 years old?
To get an idea of how far you can go with a late start, look at this recent article from an investment firm’s newsletter. It shows how much someone who’s 55, earns $80,000 a year and has no savings might accumulate in a 401(k)
Continue reading What if You’re Age 60 and Have No Retirement Savings
There’s no upside to appearing stale — much less ancient — in today’s workforce, where job security is as elusive as the gophers Bill Murray stalked in “Caddyshack.” Even if there’s no risk of losing your job, looking like a fuddy-duddy could sabotage your chances of getting a raise or promotion.
Sure, many companies value older
Continue reading Your Career: How to Age-Proof Your Role at Work
Saving for retirement is an intimidating task, and everyone makes mistakes. In honor of financial literacy month, we asked financial experts about the mistakes they see most often, and how to avoid them.
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