In a recent episode of Caleb Hammer’s Financial Audit YouTube podcast, 62-year-old Ted said his financial situation around credit card debt makes him feel like he just started his career with no retirement life in sight. Ted has a master’s degree and works as a retail manager, earning £17 ($21) per hour. When Caleb highlighted … Read more
Many US retirees above 65 are on a fixed income and are dealing with stress, figuring out how to stretch their retirement savings for the remainder of their lives. Some retirees claim Social Security too early and get locked into reduced monthly checks. The top reasons for early claims are financial and health-related concerns. At … Read more
Texas-based Pamela Shields earns £1,166 ($1,470) in monthly Social Security checks, which is hardly enough to pay her bills and support her family. Her long career in human resources ended when she was 59 due to a car accident. Moreover, unexpected medical expenses and helping the family sustain through two divorces led Shields to tap … Read more
401(k) retirement accounts are among the most powerful investment tools for US workers, given the high annual contribution limits, tax benefits, and free money from employer-matching options. More millennials are tapping into the potential of 401(k) accounts. Fidelity Investments data show that the number of millennials with 401(k) account balances above £798,170 ($1 million) increased … Read more
The Social Security program was designed to assist people in running their households in retirement. However, Social Security checks are becoming the primary income source for an increasing number of Americans as many didn’t invest adequately in their 401(k)s or focus on building passive income streams during their working years. Those relying heavily on Social … Read more
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
