Answer: This question is difficult because the answer depends on your income and assets, your goals for retirement, and many other factors. Ideally, you should begin saving for retirement in your 20s. More time to save enhances your chances of having the kind of retirement lifestyle you want. If you’re in your 40s or older
©2017 Broadridge Investor Solutions, Inc. *Non-deposit investment products and services are offered through CUSO Financial Services, L.P. (“CFS”), a registered broker-dealer (Member FINRA / SIPC) and SEC Registered Investment Advisor. Products offered through CFS: are not NCUA/NCUSIF or otherwise federally insured, are not guarantees or obligations of the credit union, and may involve investment risk
It depends on what kind of IRA you’re talking about. Traditional IRAs and Roth IRAs are each subject to different contribution rules. You’re allowed to contribute up to $5,500 to a traditional IRA in 2017 (unchanged from 2016), as long as you’re under age 70½ and you have earned income. In addition, if you’re age
No. Generally speaking, the IRS allows you to make your IRA contribution for a particular tax year up until April 15 of the following year. This rule applies to both traditional IRAs and Roth IRAs, giving you some flexibility in terms of the timing of your annual IRA contribution. You can contribute a total of
Even if you’re generally comfortable with your finances, you may occasionally worry about how much you’re spending, especially if you consistently have trouble saving for short- or long-term goals. Here are a few questions to ask that might help you decide whether a purchase is really worth it. Why do I want it? Maybe you’ve
It’s no secret that the demographic profile of the United States is growing older at a rapid pace. While the U.S. population is projected to grow just 8% between 2015 and 2025, the number of older Americans ages 70 to 84 will skyrocket 50%.1 With roughly 75 million members, baby boomers (born between 1946 and
Trimming college costs up front can help families avoid excessive college borrowing and the burdensome student loan payments that come with it. Here are some ideas. Pick a college with a lower net price. You can use a college’s net price calculator (available on every college’s website) to estimate what your net price (out-of-pocket cost)
A will is often the cornerstone of an estate plan. Here are five things you can do with a will. Distribute property as you wish Wills enable you to leave your property at your death to a surviving spouse, a child, other relatives, friends, a trust, a charity, or anyone you choose. There are some
Which type of life insurance is better–term or cash value? Insurance buyers have been asking this question for generations. When choosing between these two fundamentally different alternatives, you’ll need to think about the amount of coverage you need, the amount of money you can afford to spend, and the length of time you need the
Answer: Mutual funds offer many advantages that are particularly attractive if you have a small amount to invest (i.e., $25,000 or less), or if you don’t have the time, experience, or inclination to manage your own investment portfolio. If you invest in an actively managed mutual fund, you get the benefit of the fund manager’s
