Finance Globe

U.S. financial and economic topics from several finance writers.

What is Social Security?

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Many people know what social security is, but there are people today who still aren’t sure exactly what social security does for people. There are also many people who don’t know the details of the program either. Below is a high-level summary of the program. Social security is a pay-as-you-go program, meaning today’s workforce pays social security taxes into the program and money flows back out as monthly income to beneficiaries. About 169 million Americans pay...
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How To Start Investing When You Don't Have A Lot Of Money Saved

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Many people who have not started investing say their reason for not starting is because they do not have a lot of money saved. However there are several ways to start investing even if you have less than $1,000. Below are some ways to get you started and please post if you have any other recommendations on ways to start investing as well. Online brokerage account: Many brokerage accounts, such as Fidelity, Charles Schwab, E-Trade, etc....
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Retirement Accounts: Roth IRA vs. Traditional IRA

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If you are planning to open a retirement account, one of the first things you need to figure out is if you want to open a traditional IRA or a Roth IRA. Both are great retirement offerings, but there are a few differences to research prior to opening one. There is also some overlap in that both defer taxes while the money is in the retirement account, and both have contribution limits to them. 2018 is...
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Why Your 401k Is Important

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Paying off your loans is very important for a young individual. But saving for retirement is also very important. 401ks are a very important part of your retirement. Retirement savings is critical for every person and are critical for young investors. Delaying your retirement options, especially investing in your 401K can be detrimental to your life savings. The earlier you start, the better off you are likely to be. Below are a few advantages to investing...
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Frank
I hope everyone that is employed had a 401K. Has anyone started one this year?
Friday, 23 February 2018 14:30
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5 Steps to Take If You Get a Raise This Year

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All your hard work has finally paid off and your boss has just informed you that you’ve received a raise effective on your next paycheck. Many people automatically start thinking about how much additional money they’ll be able to spend each month. It’s understandable that you want to use your extra money to improve your life, but makes sure you’re being smart about it. Don’t assume anything until you see your paycheck. A 5% increase in...
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Frank
My wife and I were both lucky enough to get a raise this year. We decided to increase our debt payments up the same amount. This w... Read More
Friday, 23 February 2018 14:29
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The 411 on the 401(k)

What the heck is a 401(k) and how does it work? I remember the first time I ever heard of a 401(k) plan. I was barely twenty-one years old, and was just hired for my first good job that offered benefits. At the time, I didn't really understand much of what the human resources director told me about it all, except that I could buy company stock, they would match part of what I put in,...
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Adopt These Money Habits If You Want to Retire Early

Adopt These Money Habits If You Want to Retire Early
While the average retirement age is 62, you don’t have to stay in the workforce that long. If you can stash away enough money, you may be able to retire early. Here are some money habits that will help you quit working sooner. Make saving a priority. Instead of saving after you pay your bills, put money in savings first. Max out your employer’s retirement plan, especially if there’s a matching program. Save outside of your...
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Frank
I was lucky enough to understand how important it is to start saving early. The impact of time is by far the largest factor in gro... Read More
Friday, 26 August 2016 12:53
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3 Ways to Get Retirement Right in your 20’s

3 Ways to Get Retirement Right in your 20’s
It can be difficult to think about retirement when you are in your 20’s. After all, you have quite a few years to go before you hang up your work boots for good. As tempted as you may be to put this off, now is the time to get serious about saving. If you make sound decisions in your 20’s, you will find yourself in better position over the next three to four decades. Here are...
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Frank
3 additional recommendations 1) Focus on low-cost investments. This would include ETFs, inexpensive mutual funds, etc. Over time,... Read More
Thursday, 17 December 2015 18:48
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Retirement Doesn't Look Golden for Many Americans

Retirement Doesn't Look Golden for Many Americans
Over half of Americans don’t feel secure about their upcoming retirement and more than a third could be living their golden years in poverty, according to a bank survey of people ranging from age 25 to 75 years. The annual Wells Fargo Retirement Survey found that paying the monthly bills is the most important day-to-day financial concern for 52 percent of middle-class Americans, up from 37 percent who felt that way last year. And 53 percent...
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Quick Tips for Saving more Money for Retirement

Quick Tips for Saving more Money for Retirement
If you find that you are not saving nearly as much money as you should for your retirement, it is easy to believe that you have to make major changes to your daily life in order to catch up. While there is nothing wrong with making big changes that can have a positive impact, don’t overlook the fact that a few minor adjustments can do wonders for your retirement planning. Here are three quick tips for...
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