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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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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FG Trade/GettyImages; Illustration by Hunter Newton/Bankrate Key takeaways Your credit score is one of the most important factors lenders look at when you apply for a mortgage loan. Different types of loans have different minimum credit score requirements. Typically, the higher your credit score is, the lower an interest rate…
Key takeaways Exchange-traded funds (ETFs) and index funds both offer a straightforward way to diversify your investment portfolio. Both fund types can have low fees, though index funds often charge less. You may own index mutual funds through your workplace retirement plan, while ETFs are more often purchased separately with…
Business owners must be able to show that they are at least 25 percent Asian-Indian, Asian-Pacific, Black, Hispanic or Native American Must be 51 percent or more owned by a qualifying minority group member The business must also have an owner who is a U.S. citizen Be for-profit Management and…
irina88w/GettyImages; Illustration by Hunter Newton/Bankrate Key takeaways Private mortgage insurance (PMI) is an extra fee for conventional mortgage borrowers putting down less than 20 percent. The amount you’ll pay for PMI depends on your loan and down payment size, whether it’s a fixed- or adjustable-rate mortgage and your credit score.…
Key takeaways 401(k) retirement plans come in two types: traditional and Roth. A traditional 401(k) allows you to contribute pre-tax dollars, offering an immediate tax break. A Roth 401(k) plan allows you to contribute post-tax dollars, so you won’t owe taxes when you withdraw from the account in retirement. …
Key takeaways A 457(b) retirement plan is a tax-advantaged way for government employees, and a few others, to save for retirement. 457(b) plans are different from 401(k) plans, and they come with their own set of pros, like extra contributions for those nearing retirement. Some cons of 457(b) plans include…
Credit Sesame explains why some of the smartest money management habits do not impact your credit score, even if they reflect good money management. Building strong financial habits is always a good idea. But when it comes to your credit score, not every smart move counts. In fact, many habits…
Weekend Images Inc./Getty Images Key takeaways A cash-out refinance offers benefits like access to money at potentially a lower interest rate, plus tax deductions if you itemize. On the downside, a cash-out refinance increases your debt burden and depletes your equity. It could also mean you’re paying your mortgage for…
There are plenty of provisions in the massive tax bill known as the One Big Beautiful Bill Act that lawmakers are hotly contesting as Republicans rush to finalize the bill by their self-imposed July 4 deadline. But one tax law change that — until recently — seemed to have broad,…
Key takeaways The Discover it® Cash Back and Chase Freedom Flex® both offer 5 percent cash back when you activate on up to $1,500 spent in categories that rotate quarterly, then 1 percent. The Discover it Cash Back welcome bonus opportunity could give it an edge for the first year,…
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