5 Ways to Boost a 401(k)
Since the advent of defined contribution plans 30 years ago, the responsibility of saving for retirement has fallen largely on employees’ shoulders. Many employers are freezing or terminating costly pension plans in favor of 401(k)s and similar plans, according to a Prudential Financial Inc. survey. If you’re looking to catch up or get ahead on saving for retirement, there are steps you can take to do that, including the five that...
6 Strategies to Help You Get Out of Debt
If you’re weighed down by debt, you’re not alone. Eight out of 10 Americans have debt, with the average American carrying around $68,000, according to a Pew Survey of American Family Finances. Debt isn’t necessarily bad. In some cases, it can actually help build wealth. But if you’re saddled with a lot of high-rate consumer debt, you could be putting your finances at risk. To help you eliminate what you owe, we asked the finalists of...
Money Talk:
Question: I have savings bonds that have achieved full face value. What should I do? Keep them indefinitely or cash them in to fund my Roth account or what? Am I correct that once they have matured, there’s no more money to be made off them? Answer: You are correct. Once savings bonds have matured and stopped earning interest, they should be redeemed and the money put to work elsewhere. EE, H and I bonds mature in 30 years, while HH...
Money Talk: Make Retirement Saving a Priority
Question: I’m engaged to be married and need your advice on getting started in the world of shared finances. My fiance is 43, I’m 31. He’s debt free, with a savings account but no retirement fund. I have $34,000 in student loans (consolidated at 4.25 percent) and it weighs heavily on my mind as I’m desperate to become debt free. I’m debt free otherwise with $10,000 in savings. We both make good money but my income as a freelancer is...
9 Signs You’re Not Saving Enough for Retirement
If you’re not interested in saving for retirement because it’s still decades away or you assume that saving intermittently is good enough, you’re in for a rude awakening. Savvy professionals start making contributions from their paychecks to their retirement accounts at the beginning of their careers. If you failed to do it this way, now is the time to start catching up. The average American spends 20 years in retirement, according to...
