If you are fortunate enough to have a workplace retirement plan that offers a matching contribution, the goal should always be to set your contribution rate so you qualify for the maximum employer match. But for married couples who both have a workplace plan, that goal is a bit trickier. There is no standard formula…
More than 40% of parents with kids between the ages of 18-35 report that a child has moved back home at some point. About half of those kids did it out of necessity, but for many, it was more of a strategy to save up money given the high cost of renting or a down…
We all know that caregiving for elderly parents typically falls more on daughters. New research shows just how draining that can be. In the three years surrounding the death of a parent with dementia, an adult daughter was 28% more likely to have a mental health care visit than a daughter whose parent died but…
New rules that went into effect on July 1 drastically change how parents can borrow to help pay for a child’s college education. The federal loan program for parents, PLUS loans, has been drastically reduced. Parents can “only” borrow $20,000 a year, and for each student there is a $65,000 limit for parent borrowing. I…
I totally understand that many of you near retirement are considering working longer to shore up your retirement plan. Working longer can make great sense. You can keep your retirement savings growing longer, tap into less earlier, and perhaps even continue to save more. But it is nonetheless a bit of a dangerous strategy. The…
I was pleased to see in a recent Vanguard survey that more than 70% of women say they feel confident about saving money. I’d be thrilled if it was 100%, but the fact that most women feel confident is great progress. But then came the less-great news: Nearly half of those same women are holding…
There’s been some chatter on social media lately about Social Security that I think is bad advice. The message is that you are better off claiming as early as possible — at age 62 — rather than waiting to collect a larger benefit by starting your checks later. That’s just not good advice. Let’s review…
If you have a child or grandchild considering grad school, I want you all to understand that new loan rules can make borrowing for an advanced degree even more expensive. I need you and your studious loved one to understand the potential costs and risks before anyone commits to this big financial obligation. Starting July…
Cars have become a financial danger zone. The average price of a new car is around $50,000, and about half of that for a used car. And car loan rates are a lot higher than they were a few years ago. That’s pushed the average monthly payment to more than $750 a new car and…
