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,…
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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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Key takeaways Banks and credit unions often offer free coin exchange services for customers, while charging small fees for non-customers. Coinstar machines charge up to 12.9 percent plus a 99-cent flat fee but are widely available at grocery stores and retailers. Rolling coins yourself is the most cost-effective method, requiring…
Key takeaways Estate planning is the process of legally deciding who receives your assets following your death and how they need to settle your affairs. Making an estate plan can be valuable for anyone who has any assets, though different types of plans can be more beneficial for those…
Key takeaways Certificate of deposit (CD) rates are currently above 4 percent APY, offering guaranteed returns that outpace inflation. CD terms range from 3 months to 5 years, with online banks typically offering rates two times higher than the national average. Early withdrawal penalties can range from 60 days to…
Annuities are often associated with retirees looking for a steady income stream later in life. But does it make sense to lock in guaranteed income in your 40s, potentially decades before retirement? On the surface, the idea of guaranteed income sounds appealing. But annuities are complicated financial products, and buying…
Key takeaways Mortgages backed by the government-sponsored enterprises Fannie Mae and Freddie Mac are the most prominent type of home loans in the U.S. Both formerly private entities were put into conservatorship under the Federal Housing Finance Agency after losing billions in 2008. But now, both have returned to solvency…
Key takeaways Overdraft fees average $27 per transaction according to Bankrate’s 2024 checking account survey, but many major banks have eliminated or reduced these charges. Capital One, Citibank, and Ally Bank have completely eliminated overdraft fees, while others like Bank of America have reduced fees to $10. Bank overdraft revenue…
Milan Markovic/Getty Image Self-directed IRAs (SDIRA) allow you to invest in almost anything that’s investible — you’re not limited to standard investments such as stocks or bonds. You can invest in a wide variety of alternative assets — such as real estate or crypto — that typically fall outside what…
Key takeaways Carvana lets you purchase a used car or sell your vehicle from the comfort of your home. It’s a one-stop shop for buying and financing, and you can choose to pick up your vehicle from a vending machine or have it delivered to your front door. Carvana’s process…
FG Trade/GettyImages; Illustration by Hunter Newton/Bankrate Key takeaways One way to clear medical debt or cover upcoming healthcare costs is to tap into your home’s equity via a HELOC. HELOCs offer flexible repayment periods with few restrictions and lower interest rates than personal loans or credit cards. On the downside,…
Key takeaways Closing on a house is a complex process that takes several weeks and involves many steps for you and your lender. On closing day, you’ll sign a stack of documents, pay closing costs and receive the keys to your house. Several issues can delay closing, including a low…
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