When it comes to building a strong financial foundation, money guru Dave Ramsey believes that age or starting late is not a factor – and that one can be stable with just a few, wise financial decisions. This is what Ramsey told a 50-year-old woman who has been widowed for 15 years, who recently called … Read more
Kevin O’Leary, famously known as “Mr. Wonderful” from Shark Tank, credits much of his financial wisdom to an unexpected source—his mother. Despite coming from a modest, middle-class background, O’Leary recently shared on his YouTube channel that his mother had secretly amassed significant wealth over 32 years through a disciplined investment and savings strategy. Her meticulous … Read more
As the rate of “grey divorces” rises among baby boomers, the financial impact on their retirement is becoming more apparent. Late-in-life separations not only affect immediate finances but can also derail long-term retirement plans, leaving many unprepared to live comfortably in their later years. For women, these financial setbacks are often more severe, leading to … Read more
Financial Guru Dave Ramsey isn’t a fan of Social Security. He often describes the program as a “mathematical disaster” that “robbed” him of his own earned money for decades. US Social Security benefits help over 70 million people with monthly income, with the average check estimated to be $1,976 for all retired workers in January … Read more
Wealthy people often use the most commonly available banking and investment accounts to compound their wealth and avoid tax liabilities on future withdrawals. They love liquidity and tax benefits and generally maintain a frugal lifestyle. For these reasons, high-net-worth individuals often gravitate towards tax-advantaged accounts like 401(k), Roth IRAs, and brokerage accounts that offer them … Read more
Employers can leverage a shared database to ensure new workers receive better or at least the same default savings rates for retirement plans they were receiving from their previous employers. Sora Shimazaki/Pexels.com People who change jobs often might make more money than average in the long run. However, many of them experience opportunity costs that … Read more
The introduction of the South African two-pot retirement system on 1 September 2024 had financial experts worried. Primarily due to the ‘two-pot’ naming convention – one pot for saving and one pot for withdrawal – billions has flowed out of peoples’ retirement planning, because that’s what the pot is meant for. And fund managers believe … Read more
75-year-old Tim F. receives larger monthly Social Security checks because he waited until he was 70 to collect the benefits. He followed the general trend of securing bigger checks by delaying his retirement beyond 62 and even full retirement age, which is 67 for those born after 1960. However, Tim regrets not collecting Social Security … Read more
Michelle and Ryan, in their early 40s, have a net worth of $970,000 but need help with daily finances. They continue to dig into their savings for regular expenses despite Ryan earning $140,000 annually. The couple spends a lot on their three kids and avoids telling them they don’t have the money. “I don’t say, … Read more
A Morningstar Center for Retirement & Policy Studies research leveraged a new simulation tool to find that 45% of Americans retiring at 65 face risks of running out of money in retirement as people live longer and share greater responsibility for their retirement savings. The simulation considered attributes like health conditions, nursing home expenses, and … Read more
