Saving for retirement is difficult, and if you’re falling behind, you’re not alone. The average retirement account balance is about $113,000 in 2022, according to Vanguard’s latest “How America Saves” report, and the median balance is only about $27,000. However, as retirement costs continue to rise and Social Security faces continued financial challenges, workers may …
If you think Social Security will provide a large portion of your retirement income, think again. In August, the average monthly Social Security retirement benefit was $1,840. That’s only about $22,000 over a year. Fortunately, if you have earned more than average over your working life, your benefits will be above average. There is, however, …
Many people buy a home with the intention of paying off their mortgage. But sometimes things happen. If you lose your job or are faced with a series of unexpected bills, you could find yourself in a situation where you struggle to keep up with your housing payments. And if you miss too many payments, …
AUSTIN (Nexstar) Joe Ramirez gave and received a lot of love during 28 years in the Austin Independent School District. As a high school teacher of the year, a two-time college teacher of the year and a beloved mentor to students decades after graduation, Ramirez said he would still be in the classroom if a …
Pay Dirt is Slates’ financial advice column.Have a question?Send it to Athena and Elizabeth here.(It’s anonymous!) Dear Pay Dirt, In the past, adults often died young enough that an inheritance could help young adults become financially stable. Today, not only are we living longer, but the economic reality for the younger generation is quite dire. …
FatCamera/Getty Images Some purchases, like buying designer clothing or making daily impulse purchases, don’t provide the lasting value needed to live a wealthy life. Rather than spending all your money on these purchases, the wise approach is to strive for three keys and carefully invest in the assets in each of them. I’m a Self-Made …
Image image | Photo by Busra Spi/iStock/Getty Images Plus, St. George News FUNCTIONALITY The lure of retirement paints a seductive image: golden sand underfoot, the luxury of being able to rediscover long-lost hobbies, and an escape from the relentless pace of working life. It’s a time that many look forward to, often spending years meticulously …
Dear Dave, I read where you recommend saving 15% of your income for retirement. Should I count my employer’s contribution to my retirement plan in this 15%? Carlotta Dear Carlotta, That’s a great question. Employer contributions don’t count toward the 15 percent I recommend setting aside for retirement. It’s great if you work for a …
To find out how much home you can afford, simply compare your financial situation to the factors lenders consider when approving a mortgage. These include a stable income, adequate savings for the down payment and closing costs, the amount of your debt and your repayment history. But the amount of mortgage you’re approved for and …
While there is no right or wrong answer to what your net worth should be at any given point in your life, understanding what it means and where you stand can help you make some adjustments financial resources that could strengthen your finances. Why is net worth important? Your net worth is simply your assets …