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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Kevin Carter / Contributor/ Getty Images Income-driven repayment plans are meant to help you stay active in federal student loan repayment, even when your wages aren’t as high as you’d like. The Saving on A Valuable Education (SAVE) Plan, however, has completely sidelined borrowers. In fact, the 7.8 million federal…
MediaNewsGroup/LongBeach Press-Telegram/GettyImages Taxpayers who donate to the causes that are close to their hearts may soon have a new reason to celebrate — and to give: The Senate’s version of the “big, beautiful” tax bill includes a valuable new tax deduction for qualified charitable contributions, worth up to $1,000 for…
In the halls of Congress, an attempt to simplify can often lead to unintended consequences. That’s one concern with the Student Success and Taxpayer Savings Plan within the House of Representatives’ budget reconciliation bill. One highlight of the plan, which passed through the House on May 22 on its way…
Image by GettyImages; Illustration by Bankrate Imagine your credit score suddenly dropping by 63 points. For more than four million federal student loan borrowers, that’s no nightmare. It’s a wake-up call. In fact, a 63-point drop was just the average. Many of these borrowers experiencing a serious delinquency — at…
Travel credit cards used to be simple. Or at least simpler. You use them for everyday purchases, earn rewards and redeem your points or miles for free travel. Sadly, they aren’t that simple anymore. Getting the same value out of your travel cards is as difficult as it’s ever been.…
The Big, Beautiful Bill was already making its way through Congress in mid-May when I sat in a room of higher education financing thought leaders. These experts — comprising academics, financial aid representatives, policymakers and lenders, among others — presented ideas to make life easier for families financing college, improve…
Once you hit age 73, IRS rules say you must start taking required minimum distributions (RMDs) from your traditional retirement accounts — even if you don’t need the cash and would rather let it grow. These forced withdrawals can trigger unwanted taxes and potentially even bump you into a higher…
EmirMemedovski/Getty Images If you’ve ever loaned a car to a friend — maybe one with a less-than-perfect driving record — you may have wondered how car insurance applies when a non-owner gets behind the wheel. Generally, car insurance follows the car, not the driver. But there are a few exceptions,…
Key takeaways A conditional approval for a mortgage indicates a lender intends to give you a loan, but requires some additional information before doing so. This might include the results of an appraisal, a down payment gift letter or proof of homeowners insurance. Conditional approval comes after prequalification or preapproval,…
Annuities are often marketed as a safe and reliable source of income, especially in retirement. They come with the promise of steady payments — a sort of paycheck replacement designed to offer peace of mind to risk-averse retirees. But what happens if the insurance company backing your annuity goes broke?…
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