Savings Account Archives - The Fearless Factor

Medicare is a federal health insurance program widely used by U.S. citizens and permanent residents age 65 and older. The program also applies to those younger than age 65 who have disabilities, end-stage renal disease (ESRD) or other diseases. But … Continue reading →

The post The Basics of Medicare Eligibility appeared first on SmartAsset Blog.

January 12, 2021

Tagged Credit, Financial Advisor, Financial Wize, FinancialWize, health

How Long Does It Take to Refinance a House (+ 5 Ways to Speed Up the Process)

Home Buying

8 min
9 months ago
3

Weâre all looking for ways to cut down on expenses â especially fixed expenses that lock us into a contracted bill month after month. One common way to spare your budget is to decrease your living expenses, including your house…

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The post How Long Does It Take to Refinance a House (+ 5 Ways to Speed Up the Process) appeared first on MintLife Blog.

January 12, 2021

Tagged All, Auto, Auto Loans, budget, car loan

If you’re thinking about how much is enough for retirement, you’re probably contemplating a retirement and need to know how to pay for it. If you are, that’s good because one of the challenges we face is how we’re going to fund our retirement. Determining then how much retirement savings is enough depends on a …

Continue reading “How Much Is Enough For Retirement?”

The post How Much Is Enough For Retirement? appeared first on GrowthRapidly.

January 12, 2021

Tagged 401(k), All, Buying, Buying a house, Debt

How to Choose the Best Healthcare Plan for Your Budget

Financial Clarity

7 min
9 months ago

Healthcare expenses can take a huge chunk out of any familyâs budget so I want to break down how a family can weigh the pros and cons of a traditional health plan vs a high deductible one. Health Insurance Getting…

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The post How to Choose the Best Healthcare Plan for Your Budget appeared first on MintLife Blog.

January 12, 2021

Tagged budget, cons, Family, Family Finances, Financial Goals

How to Save for Retirement in Your 20s, 30s, 40s, 50s and 60s

Credit 101

Retirement

19 min
9 months ago
4

You donât want to work the rest of your life. Hereâs how to save in your 20s, 30s, 40s and 50s, even if retirement seems light years away.

This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.

January 12, 2021

Tagged 401(k), All, budget, Budgeting, Career

Why Itâs Harder to Get Credit When Youâre Self-Employed

Credit 101

12 min
9 months ago

Around 6.1% of employed Americans worked for themselves in 2019, yet the ranks of the self-employed might increase among certain professions more than others. By 2026, the U.S. Bureau of Labor Statistics projects that self-employment will rise by nearly 8%. Some self-employed professionals experience high pay in addition to increased flexibility. Dentists, for example, are […]

The post Why Itâs Harder to Get Credit When Youâre Self-Employed appeared first on Good Financial CentsÂ®.

January 12, 2021

Tagged All, build credit, building, Buying, car loan

4 Tips for Handling Finances After a Pay Cut

Building Wealth

Money

9 min
9 months ago
10

woman sitting on the floor doing work on her computer

Millions of Americans faced pay cuts as the coronavirus pandemic affected industries. While many workers were laid off, some were furloughed, and others kept their jobs but at lower salaries as businesses struggled to stay afloat. Some workers are reexamining their budgets to cut some of their expenses until they get another job or their […]

The post 4 Tips for Handling Finances After a Pay Cut appeared first on SoFi.

January 12, 2021

Tagged 401(k), All, Auto, budget, Budgeting & Goals

Money Market Account or Checking Account: Which Is Best For You?

Office Furniture Items

11 min
9 months ago
1
2

Depending on how you plan to spend and save, a money market or checking accountââor bothââcould suit your needs.

The post Money Market Account or Checking Account: Which Is Best For You? appeared first on Discover Bank – Banking Topics Blog.

January 12, 2021

Tagged ATM, Automatic Transfer, Banking, Banking 101, Cash Back

How To Retire At 50: 10 Easy Steps To Consider

9 min
9 months ago

Can you retire at 50? On average, people usually retire at 65. But what if you want to retire 15 years earlier than that likeÂ at 50? Is it doable? Below are 10 easy steps to take to retire at 50.Â Retiring early can be challenging. Therefore, SmartAsset’s free tool can match you with Â a …

Continue reading “How To Retire At 50: 10 Easy Steps To Consider”

The post How To Retire At 50: 10 Easy Steps To Consider appeared first on GrowthRapidly.

January 11, 2021

Tagged All, Buying, Buying a house, Debt, Extra Money

10 Easy & Simple Steps to Retire at 50:

1. How much you will need in retirement.

The first thing to consider is to determine how much you will need to retire at 50. This will vary depending on the lifestyle you want to have during retirement. If you desire a lavish one, you will certainly need a lot.

But according to a study by SmartAsset, 500k was found to be enough money to retire comfortably. But again that will depends on several factor.

For example, you will need to take into account where you want to live, the cost of living, how long you expect to live, etc.

Read: Can I Retire at 60 With 500k? Is It Enough?

A good way to know if 500k is possible to retire on is to consider the 4% rule. This rule is used to figure out how much a retiree should withdraw from his or her retirement account.

The 4% rule states that the money in your retirement savings account should last you through 30 years of retirement if you take out 4% of your retirement portfolio annually and then adjust each year thereafter for inflation.

So, if you plan on retiring at 50 with 500k for 30 years, using the 4% rule you will need to live on $20,000 a year.Â

Again, this is just an estimation out there. You may need less or more depending on the factors mentioned above. For example, if you’re in good health and expect to live 40+ years after retiring at 50, $500,000 may not be enough to retire on. That’s why it’s crucial to work with a financial advisor.

Get Matched With 3 Fiduciary Financial Advisors

Managing your finances can be overwhelming. We recommend speaking with aÂ financial advisor. TheÂ SmartAssetâs free matching toolÂ will pair you with up to 3 financial advisors in your area.

Hereâs how it works:

1.Â Answer these few easy questionsÂ about your current financial situation

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2. Maximize your tax-advantaged retirement accounts.

Once you have an idea of how much you need in order to retire at 50, your next step is to save as much as possible at a faster rate. If you are employed and you have a 401k plan available to you, you should definitely participate in it. Nothing can grow your retirement savings account faster than a 401k account.

See: How to Become a 401k Millionaire.

That means, you will need to maximize your 401k contributions, for example. In 2020, and for people under 50, the 401k contribution limit is $19,500. Also, take advantage of your company match if your employee offers a match.

In addition to the maximum contribution of $19,500, your employer also contributes. Sometimes, they match dollar for dollar or 50 cents for each dollar the worker pays in.

In addition to a 401k plan, open or maximize your Roth or traditional IRA. For an IRA, it is $6,000. So, by maximizing your retirement accounts every year, your money will grow faster.

3. Invest in mutual or index funds. Apart from your retirement accounts (401k, Roth or Traditional IRA, SEP IRA, etc), you should invest in individual stocks or preferably in mutual funds.Â

4. Cut out unnecessary expenses.

Someone with the goal of retiring at 50 needs to keep an eye on their spending and keep them as low as possible. We all know the phrase, “the best way to save money is to spend less.”

Well, this is true when it comes to retiring 15 years early than the average. So, if you don’t watch TV, cancel Netflix or cable TV. If your cell phone bill is high, change plans or switch to another carrier. Don’t go to lavish vacations.

5. Keep an eye on taxes.

Taxes can eat away your profit. The more you can save from taxes, the more money you will have. Retirement accounts are a good way to save on taxes. Besides your company 401k plan, open a Roth or Traditional IRA.

6. Make more money.

Spending less is a great way to save money. But increasing your income is even better. If you need to retire at 50, you’ll need to be more aggressive. And the more money you earn, the more you will be able to save. And the faster you can reach your early retirement goal.

7. Speak with a financial advisor.

Consulting with a financial advisor can help you create a plan to. More specifically, a financial advisor specializing in retirement planning can help you achieve your goals of retiring at 50. They can help put in a place an investment strategy to put you in the right track to retire at 50. You can easily find one in your local area by using SmartAsset’s free tool. It matches users with financial advisors in just under 5 minutes.

8. Decide how you will spend your time in retirement.

If you will spend a lot of time travelling during retirement, then make sure you do research. Some countries like the Dominican Republic, Mexico, Panama, the Philippines, and so many others are good places to travel to in retirement because the cost of living is relatively cheap.

While other countries in Europe can be very expensive to travel to, which can eat away your retirement money. If you decide to downsize or sell your home, you can free up more money to spend.

9. Financing the first 10 years.

There is a penalty of 10% if you cash out your retirement accounts before you reach the age of 59 1/2. Therefore, if you retire at 50, you’ll need to use money in other accounts like traditional savings or brokerage accounts.

10. Put your Bonus, Raise, & Tax Refunds towards your retirement savings.

If retiring at 50 years old is really your goal, then you should put all extra money towards your retirement savings. That means, if you receive a raise at work, put some of it towards your savings account.

If you get a tax refund or a bonus, use some of that money towards your retirement savings account. They can add up quickly and make retiring at 50 more of a reality than a dream.

Retiring at 50: The Bottom Line:

So can I retire at 50? Retiring at 50 is possible. However, it’s not easy. After all, you’re trying to grow more money in less time. So, it will be challenging and will involve years of sacrifices, years living below your means and making tough financial decisions. However, it will be worth it in the long run.

How Much Is Enough For Retirement
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People Who Retire Comfortably Avoid These Financial Advisor Mistakes
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Speak with the Right Financial Advisor

You can talk to a financial advisor who can review your finances and help you reach your goals (whether it is making more money, paying off debt, investing, buying a house, planning to retire at 50, saving, etc). Find one who meets your needs with SmartAssetâs free financial advisor matching service. You answer a few questions and they match you with up to three financial advisors in your area. So, if you want help developing a plan to reach your financial goals, get started now.

The post How To Retire At 50: 10 Easy Steps To Consider appeared first on GrowthRapidly.

Source: growthrapidly.com

How to Start Investing in the Stock Market

Home Decor

9 min
9 months ago

Although investing in the stock market can feel intimidating at first, it could be the key to achieving your financial goals. Short of hitting the lottery or building a thriving business that you can sell, buying securities that increase in value over time is usually the easiest path to wealth. After all, the average savings […]

The post How to Start Investing in the Stock Market appeared first on Good Financial CentsÂ®.

January 11, 2021

Tagged 401(k), All, building, Buy, Buying