As the go-to investment option for most companies and their employees, 401(k) plans provide many benefits to plan participants, including deferment of taxes, the likelihood of an employer match, and a high maximum allowable for annual contributions. But for those that are self-employed, or whose employer does not offer a 401(k), a traditional or Roth IRA is an option.
Introduced in 1989, reverse mortgages were designed for homeowners nearing retirement age. The premise behind a reverse mortgage is to allow those aged 62 or older, with at least 50% equity in their home, to tap that equity in the form of a payment that will be made to them monthly.
If you’re approaching retirement age, you may be considering a move to a more retirement-friendly state, particularly if your current state of residence imposes numerous taxes on social security, pensions, and other retirement income.
Goals are one of the principal starting points of any financial plan. It may seem like the idea of goal setting is reserved for life’s biggest adventures, but in reality having a different spectrum of goals, whether it be short term or long term, is crucial for keeping your finances and savings on track. But how do you ensure your financial goals become reality in your lifetime?
Remember your mid-twenties when retirement seemed like a lifetime away, and living paycheck to paycheck was not only the norm, but your reality. ‘If only I knew then what I know now’ can be heard echoing throughout offices in banks around the country.
You’re 25 and feeling alive. You’re settling into life after university, paying off your debts and slowly figuring how to “adult”. But with the responsibility of bills, rent, and even keeping up social appearances, prioritizing financial planning is something far too often pushed to the side.