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The Average Retirement Savings by Age

The Average Retirement Savings by Age 1

Are you saving enough for your retirement? How are you comparing to other Americans? In this article we will be looking at average retirement savings by age group in the United States. This article is using information found in Economic Policy Institute’s The State of American Retirement article, which based their information on the Federal … Read moreThe Average Retirement Savings by Age

Emergency Fund: Your Safety Net Against Financial Emergencies

Emergency Fund: Your Safety Net Against Financial Emergencies 5

You know you need to have some money set aside for life’s emergencies, but how much is the right amount? Should you have a separate fund for your car, for unemployment, and for medical problems? At the end of the day having some sort of emergency fund, specific or not, is better than having none at … Read moreEmergency Fund: Your Safety Net Against Financial Emergencies

Using Multiply-By-25 Rule to Retire One Expense at a Time

Using Multiply-By-25 Rule to Retire One Expense at a Time 11

Most people think about financial freedom as a point in time when you can fully cover your living expenses with non-job income. This usually involves saving and investing a significant amount of money so that a small percentage could be safely withdrawn to cover living expenses each year. To many people, this is just hard … Read moreUsing Multiply-By-25 Rule to Retire One Expense at a Time

What is a 401(k) Plan and How Does It Work

What is a 401(k) Plan and How Does It Work 14

The easiest way to get started saving for retirement is to use your employer’s 401(k) plan. A 401(k) is a retirement savings plan sponsored by your employer. It lets you save and invest a portion of your paycheck before taxes are taken out. The specific rules and investment options varies from plan to plan, so … Read moreWhat is a 401(k) Plan and How Does It Work

Financial Checklist of 25 Important Tasks To Do Each Year

Financial Checklist of 25 Important Tasks To Do Each Year 17

It can be hard to keep track of all the various financial tasks you need to do during a given year. Today I thought I would share a simple list so you can map it out on whatever calendar application you like to use.  Here are some of the key financial tasks that should be … Read moreFinancial Checklist of 25 Important Tasks To Do Each Year

Are You Wealthy? U.S. Net Worth by Age and Income

Are You Wealthy? U.S. Net Worth by Age and Income 20

Net worth is basically the total value of all your assets minus all your debts. It is the one number that represents a singular measure of your financial success. And what net worth you need to have to be considered wealthy? To many people, wealthy means having an abundance of material possessions. For me, I … Read moreAre You Wealthy? U.S. Net Worth by Age and Income

How to Open a Roth IRA or a Traditional IRA

How to Open a Roth IRA or a Traditional IRA 22

You are probably aware of the importance of saving for retirement through a tax-advantaged retirement account. One of the best ways to grow your wealth efficiently is to do so with a Roth IRA which grows tax free — you put after-tax dollars into an investment account, and when it comes time to withdraw the … Read moreHow to Open a Roth IRA or a Traditional IRA