Health costs are a major worry for U.S. retirees. Long-term care, like nursing homes and home health aides, isn't covered by Medicare. This can lead to huge bills late in life. Planning for these costs is key, says Christine Benz, director of financial planning at Morningstar. Retirement expenses usually go down, but long-term care can cause them to spike. This ...
College is a big deal, and it's never too soon to start planning for it. By the time students reach sophomore year of high school, they should be thinking about tests, applications, and how to pay for their future education. High schools usually have guidance counselors to help, but they can be busy and might not have all the resources kids need. That's where privat...
Bola Sokunbi, founder of Clever Girl Finance, stresses the importance of starting financial planning early. She suggests beginning with your employer's retirement savings option, especially if they offer a match. This allows younger folks to take full advantage of compounding, dividends, and appreciation. "Pay yourself first" is a great habit to get into. Route mone...
The election is fast approaching, and that means financial decisions can get tricky. No one likes uncertainty, but experts suggest being proactive about your money now can make a big difference later. Why? Because elections change taxes and how the government spends cash. These changes affect everyone's wallet. By knowing what candidates might do with the econom...
Saving money isn't just about cutting back on unnecessary expenses; it's about making intentional decisions that add up over time. According to a budget expert, small changes can lead to significant long-term savings. For instance, did you know that simply switching to a more affordable energy provider can save you hundreds of dollars a year? It's not about making dr...
For many Americans, the idea of continuing to work well into their 60s or 70s seems like a viable solution to ensure a comfortable retirement. According to a recent survey, nearly 27% of workers plan to work in retirement to supplement their income. However, this plan may be more of a gamble than a guarantee. The reality is that the assumption that workers will be a...
When it comes to giving gifts to children, many of us are quick to think of toys, clothes, and other tangible items. However, what if you could give your child a gift that would have a lasting impact on their future? Enter the 529 college savings plan. These plans were designed to help families save for higher education expenses, and they've become increasingly popul...
The Free Application for Federal Student Aid (FAFSA) is supposed to be a straightforward process, helping students navigate the complex world of financial aid and find a way to fund their college education. But in recent years, the FAFSA has become a source of frustration and anxiety for many students. A redesign of the form, intended to simplify the process, has ins...
Personal Finance Documentaries You Should Watch to Improve Your Financial Literacy Today, I want to convince you to swap your weekend TV show binge for a personal finance documentary. Although personal finance is a personal topic, documentaries can help you feel less alone when making big financial decisions. Since most of us didn't learn about money in school, it's...
The warning signs of loneliness are finally being recognized as a serious threat to our physical and mental health. But could it also be a ticking time bomb for our finances? What if I have no one to rely on as I age? The Surgeon General's 2020 report highlighted the alarming rates of loneliness and social disconnection in America. So, what's the financial impact?...