Borrowing from a 401(k) to start a business may seem like a fast way to fund your dream, especially if you’re short on startup capital. But before you dip into your retirement savings, we believe it’s important to understand what borrowing from a 401(k) to start a business really means for your long-term financial health. … Continue reading Borrowing from a 401(k) to Start a Business
Ending a marriage is hard enough on its own, but figuring out what happens to your 401(k) after divorce can make it even more complicated. This is because 401(k) accounts cannot simply be separated like other marital property. Ben Storey, director, senior retirement product manager of Retirement Research & Insights at Bank of America, explains,… Continue reading What Happens to Your 401(k) after Divorce
If you’ve ever tried to roll over a 401(k), you know the process isn’t exactly seamless. While much of the financial world has gone digital, rollovers are typically still stuck in the past with printed forms, mailed checks, and weeks-long waits. This isn’t just frustrating. According to new research from PensionBee, it may be costing… Continue reading New Data Reveals the Shocking Cost of 401(k) Rollover Delays
Understanding your 401(k) isn’t just smart – it’s essential to safeguarding your retirement lifestyle. Whether you’re just getting started or looking to optimize your existing plan, it’s critical to ask the right questions so you’re not left in the dark about your investments. Below, we’ve outlined 5 of the most frequently asked 401(k) questions and… Continue reading The Most Common 401(k) Questions Answered
Every year, Americans take on summer debt. According to NerdWallet’s 2024 summer travel survey, “Nearly half of Americans (45%) plan to take a trip that requires a flight or hotel stay this summer, and they’ll spend $3,594, on average, on these expenses. That’s over 118 million Americans spending a total of more than $424 billion… Continue reading The Real Cost of Summer Debt (and How You Can Avoid It)
If your 401(k) balance is lagging behind where it should be, you may feel discouraged or even a little panicked. But the truth is, we believe there’s still time to course-correct – if you take action now. According to the 2023 Protected Retirement Income and Planning (PRIP) study by the Alliance for Lifetime Income: 51%… Continue reading 401(k) Catch-Up Strategies If You Started Saving Late
Saving for retirement is typically challenging enough when you’re doing it on your own, but what happens when your partner isn’t on the same page? Maybe they think saving for retirement can wait. Maybe they believe Social Security will be enough. Or maybe they’re simply overwhelmed and don’t know where to start. Whatever the reason,… Continue reading Your Partner Isn’t Saving for Retirement – Now What?
Supporting adult children comes at a high cost. And an increasing number of parents are finding themselves doing just that. Here are some of the key findings of the 2025 Savings.com report: Half of parents with adult children provide regular financial assistance to their grown kids. The average monthly support per adult child is $1,474,… Continue reading More Parents Are Financially Supporting Adult Children: Why It’s a Problem
Saving for retirement can feel overwhelming – especially with headlines constantly reminding us about rising healthcare costs, tariffs, and a volatile market. But here’s the thing: Most retirement savings stress often comes from uncertainty – not from your actual financial position. The good news? You can take steps today that not only help you save… Continue reading Tired of Retirement Savings Stress? These 5 Moves May Help.
Having money left after taxes is a good thing, but spending it without a plan? That’s where many people can go wrong. Disposable income is not the same as discretionary income. Disposable income is what you have left after paying taxes. For instance, if you earn $60,000 annually and pay 20% in taxes, your disposable… Continue reading 7 Common Disposable Income Mistakes to Avoid in 2025
