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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Morsa Images/Getty Images Opening a traditional or Roth IRA is one of the best things you can do to boost your retirement savings. Both are vehicles for tax-free growth, but you’ll have to pay taxes on withdrawals from a traditional IRA during retirement, whereas retirement withdrawals from a Roth IRA…
Key takeaways A credit score of 650 or higher is optimal for most lenders who offer student loan refinancing. A poor credit score could make refinancing your student loans difficult, or you may only qualify for a new loan with subpar terms. If you can get a better interest rate,…
MStudioImages / GettyImages Key takeaways If you are just starting your credit journey, getting a secured credit card is often a good place to begin. You should keep your secured credit card for as long as it’s useful to you in building credit, which may include even after you’ve moved…
Catherine Delahaye/Getty Images Key takeaways Both a Roth IRA and a 529 Plan are valid ways to save for a college education. Each has unique benefits and limitations. Starting in 2024, unused funds in a 529 account may be converted into a Roth IRA if the investor so chooses, though…
Images by Getty Images; Illustration by Hunter Newton/Bankrate A construction loan helps finance the building of a home, from the land or lot purchase to the permits, labor and materials. This type of loan isn’t as easy to come by as a regular mortgage for an existing home, but many…
Key takeaways An FHA adjustable-rate mortgage is an FHA loan with a fixed rate for a specific period, then an adjustable interest rate for the remainder of the loan term. After the fixed-rate period, an ARM’s rate adjusts at set times and could be higher or lower than the initial…
Key takeaways Negative equity occurs when your home’s value sinks below the amount you owe on it (from your mortgage or other home loans). Having negative equity can make it difficult to sell or refinance your home. You can’t immediately reverse negative equity, but there are ways to emerge from…
Image by GettyImages; Illustration by Bankrate Key takeaways Purchase protection is a special perk that allows you to get reimbursed for something you bought with your credit card in certain situations. Not all products are eligible for purchase protection, and most credit card issuers put a limit on how much…
staticnak1983/Getty Images Key takeaways A mortgage forbearance agreement allows you to temporarily stop making monthly mortgage payments, or make smaller payments, amid financial hardship. As part of a standard mortgage forbearance agreement, the lender agrees not to initiate foreclosure in response to missed payments. After the forbearance period ends, you’ll…
Youngoldman Creative/Getty Images Investing isn’t just for stock market gurus and wealthy people. It’s an important part of your financial journey and essential for building long-term wealth. Fortunately, you don’t need lots of money to start investing. But you will need to understand the basics to develop a plan and…
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