Some people decide to retire early and start drawing Social Security early. Many people are unable to live out their retirement plans due to inadequate retirement savings. In addition, many are spending retirement working another job.
Interest rates are rising again as The Fed continues working towards raising the target interest rate to a “terminal rate,” or endpoint, of 4.6% in 2023. The terminal rate implies a quarter-point rise next year but no decreases, with a goal to slow spending and help curb the inflation rate as it stretches the dollar.
There are several reasons why now may be a suitable time for you to sell your house. Depending on your situation, here is what you should consider in your decision:
One thing to keep in mind about starting estate planning is not to set it and forget it. As life changes, your estate plan should too.
Personal finance refers to how you make money, save money, build wealth, and protect your assets. It’s an essential part of life as it impacts how you live today and what your life will look like in the future. If you’d like to take control of your finances to meet various financial goals, rest assured many resources can help. Below are some ideas to help you find financial help.
When you’re ready to buy a house, it’s essential to consider the upfront costs and ongoing expenses outside of taxes, utilities, and home maintenance.
Suppose you already know your retirement savings options; congratulations! You’re on your way to a more financially secure retirement. You must continue to save and determine other retirement savings vehicle strategies that may be appropriate for your situation.
As you grow your wealth, you may find the desire to give back. That’s where charitable giving comes in. Charitable giving can allow you to support causes and organizations you believe in while reducing your income tax, capital gains, and estate taxes. Here are several ways to incorporate charitable giving into your overall financial plan:
While there’s no obligation to pay for your child’s or grandchild’s college education. Helping them fund some or all of it can allow them to avoid overwhelming amounts of student loan debt. It can also help them to begin adulthood on the right foot.
Here are some tips if you’re interested in incorporating college planning into your financial plan:
If you love to travel and immerse yourself in new cultures and experiences, there’s a good chance you’re looking forward to traveling in retirement.