Pensions and 403(b) plans represent two distinct ways to save for retirement, each with its own structure and advantages. A pension provides a predictable income stream in retirement, usually funded and managed by an employer. A 403(b), on the other hand, relies on employee contributions and investment growth, giving individuals…
When you think about estate planning, wills, trusts and life insurance usually top the list. But annuities deserve a spot in the conversation, too. Beyond providing reliable income in retirement, annuities can ensure your spouse keeps receiving steady checks, transfer wealth to heirs and help sidestep probate. Still, annuities come…
By your 60s, most of your retirement foundation is already in place. While you may still have a few years to save, building significant new wealth is less likely unless you continue working during retirement. This stage typically shifts focus to taxes, withdrawals, Social Security and budgeting. To help you…
Getty Images / Win McNamee / Staff Key takeaways The Federal Reserve’s September rate cut is likely the beginning of lower yields on CDs and other deposit accounts. Locking in a CD now can secure today’s higher rates, which are still outpacing inflation. Don’t rush to put money into a…
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The big new fees JPMorgan Chase is planning to charge some financial technology companies may well trickle down to consumers,…
With artificial intelligence beginning to eat away at many white-collar entry-level jobs, and the unemployment rate for recent college graduates…
If a society is going to make intelligent choices in policy, it helps to understand reality, which includes facts and…
New York startup Casap has raised $25 million in new funding to help banks tackle the thorny problem of credit…
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Life throws curveballs. And often those curveballs mean you’re spending your hard-earned savings or you’re borrowing money instead. It can feel like a catch-22: Creating savings should help you avoid costly borrowing, but spending it equals losing it and going back to square one. So…
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Key takeaways A divorce decree outlines which spouse is legally responsible for each debt after the divorce is completed. States either have community…
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When it comes to selling coconut water to the health obsessed, New York’s Vita Coco has served up a master class, schooling even…
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Your marginal tax rate is the highest income tax rate you’ll pay on your income. Because the U.S. has a progressive tax system, different tiers of your income are taxed at different rates. The marginal tax rate is the rate that applies to your last dollar of income. It’s important…
Image by PM Images/Getty Images; Illustration by Hunter Newton/Bankrate Mortgage rates moved down this week, with the 30-year fixed rate averaging 6.72 percent, compared to 6.79 percent the previous week, according to Bankrate’s latest lender survey. Current mortgage rates Loan type Current 4 weeks ago One year ago 52-week average…
Illustration by Hunter Newton/Bankrate Key takeaways The right of rescission allows homeowners to back out of certain refinance, home equity loan and HELOC contracts without losing money. You can exercise the right of rescission for three business days after signing an eligible contract. The right of rescission doesn’t apply to…
Image by GettyImages; Illustration by Bankrate An uneventful week for home equity rates. The average rate on a $30,000 home equity line of credit (HELOC) was unchanged at 8.27 percent, according to Bankrate’s national survey of lenders. The average rate on the $30,000 home equity loan also held steady at…
Johner Images/Getty Images Key takeaways SPY is an index fund that tracks the S&P 500 Index. Investing in it provides exposure to about 500 of the largest U.S. companies. Investing in SPY offers instant diversification for your portfolio for a low fee, which is an attractive option for passive investors.…
Key takeaways When a home is sold, a HELOC must be paid off, along with any other debts secured by the property. Outstanding HELOC balances are typically settled during the closing, out of the sale proceeds. If the home sale proceeds are not enough to cover the HELOC and mortgage,…
When a storm blows through, your roof may take the brunt of the damage. Your home insurance includes financial protection for your roof, but the exact payout will depend on your policy. Your roof can be insured at actual cash value (ACV) or replacement cost value (RCV). ACV factors depreciation…
Yoshiyoshi Hirokawa/Getty Images With interest rates remaining high, savers and investors are able to earn decent rates of return in relatively safe investments such as money market funds. Money market funds invest in short-term securities issued by governments and corporations and are available from several different brokers and fund managers.…
The California FAIR Plan is an insurance program of last resort for homeowners unable to obtain fire coverage in the private insurance market. Contrary to popular belief, the CA FAIR Plan is not a government-backed program: it is financially supported by California’s private home insurance companies, not taxpayers. Recent turmoil…
milehightraveler/Getty Images Key takeaways Homeowners insurance typically covers wildfire damage, but carriers may limit coverage in areas with high wildfire risk. Fair Access to Insurance Requirements (FAIR) plans are state-sponsored insurance options that may help homeowners secure coverage if they live in high-risk areas. Creating defensible space, ensuring water access…
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