The "sandwich generation" is the descriptive term for adults generally between the ages of 40 and 59 who are raising a minor child (or supporting a grown child) while also caring for a retirement-age or older parent. With financial pressures from both sides–the younger and the more senior–the prospect of saving for retirement while supporting a child and parent(s) may be intense.
Financial independence means different things to different people. For some, it might mean early retirement. For others, the ability to travel the world. It is the freedom to leave a job that is no longer personally or professionally fulfilling for many. No matter what financial independence might look like for you, if you ultimately want to declare your financial independence, here are three things you may consider. 1. Set Your Goals Your financial goals are...
Retirement is a time that many of us look forward to our entire careers. It is the reward for a lifetime of work and the time to indulge in hobbies and enjoy much-needed vacations. While everyone looks forward to this seemingly-magical moment, if it is not the ideal time or plan, you may be in a poor financial position and unable to enjoy your retirement as you envisioned. Not sure if your retirement plan is still in line with your future life or financial goals? Below are a few reasons to give your current retirement plan a second look.
Financial freedom is a state of being in control of one's finances, covering expenses easily, and saving for future goals. Financial freedom enables you to choose how you spend or interact with your money and have the choice to decide what to do with it. Financial freedom is essential to being financially secure and meeting your goals. Here are ten tips to help you develop financial freedom. Tip #1 - Check that your income and...
In an era characterized by high job turnover, it is more important than ever for employees to carefully manage their retirement savings. With a significant portion of Americans withdrawing money from their 401(k)s when they change employers, understanding the value of 401(k) rollovers is essential to preserving a confident financial future.
For kids, teens, and college students, summer break often represents freedom from schedules, responsibilities, and all those other drains on your time. Retirement actually can provide a similar level of freedom, but only if you've adequately prepared, planned, and saved. Below, we discuss three ways that planning ahead for your retirement can be like scheduling your summer.
Having enough retirement income is a top concern for many Americans nearing or in retirement. Even though they may have saved consistently throughout the working years, they may be concerned that their retirement plans will succeed. A successful retirement plan provides the ability to maintain your lifestyle for the duration of your life.
The IRS has released the 2023 final version of its Publication 15-B (The Employer’s Tax Guide to Fringe Benefits). The “What’s New” section of the publication includes information on the 2023 business mileage rate under the “cents-per-mile rule,” the monthly exclusion for qualified parking and commuter transportation benefits, and the contribution limit on a health flexible spending arrangement (FSA).
To qualify as a 529 plan under federal rules, a state program can't accept contributions in excess of the anticipated cost of a beneficiary's qualified education expenses. To comply, most states follow the federal "safe harbor" guideline that limits total contributions to a 529 plan based on the amount needed to fund five years of tuition, fees, and room and board at the costliest college under the plan. In most states, this amount is more than $300,000, and the limit typically increases each year to keep up with rising college costs.
Age plays a role in many aspects of life, and business is no different. Unfortunately, many have a perception of youth being something essential when it comes to succeeding in business. However, history has shown that this is hardly the case. In fact, in many examples, the older generation has an edge over younger workers, including those trying to tackle the world as entrepreneurs. So if you fancy yourself an ‘olderpreneur,’ below are a few ways you can use your age to your advantage in the always competitive business world.
Setting healthy financial goals is critical. Even more important is staying committed to those financial goals. Keeping yourself committed to your goals may be difficult, especially when times may be financially tough. But by staying on track and focused on your goals, you are more likely to get the long-term outcome you seek.
Starting a new business is an exciting and challenging venture, and securing funding is often one of the biggest hurdles that entrepreneurs face. While there are many different funding sources available, the path from seed funding to an initial public offering (IPO) is typically comprised of several key stages.
