I Absolutely Prefer a Roth IRA to a Traditional IRA for Retirement Savings. Here’s Why.
The financial world is full of decisions you need to make: How much should I contribute to my 401(k) at work? (Perhaps contribute as much as you can.) Should I invest in mutual funds or exchange-traded funds (ETFs)? (Either can be great — just aim to minimize the fees you pay.) One decision many people […]
Here’s Arguably the Most Important Social Security Change in 2025 Other Than the COLA
The cat has been out of the bag for weeks about one major Social Security change coming in 2025. In October, the Social Security Administration (SSA) announced a 2.5% cost-of-living adjustment (COLA) for the new year. If you receive Social Security benefits or will soon do so, you’re probably already aware of the COLA news. […]
Is Taking Your Required Minimum Distribution (RMD) in December a Good Idea?
Retirement accounts like an IRA and 401(k) offer some tremendous advantages when it comes to saving money for retirement. The primary benefit is that contributions are tax deductible, and you won’t pay any taxes on your investments in those accounts until you withdraw funds for your retirement. Unfortunately, you can’t defer those taxes forever. Eventually […]
President-Elect Donald Trump Wants to Change Social Security: Is 2025 the Year It Becomes Reality?
A little over a month ago, voters from across the country headed to the polls or mailed in their ballots to determine which presidential candidate would lead our nation forward for the next four years. Mere hours after the last polls closed, the Associated Press called the 2024 election in favor of former President Donald […]
3 Reasons You SHOULD Include Taxes and Insurance Into Your Mortgage
Image source: Getty Images Buying a home means making a lot of financial decisions, often all at once, without having time to really consider them. Take, for example, a mortgage escrow account. You may be asked if you want to escrow your taxes, insurance, and other yearly fees so that the bank will pay them […]
3 Actions That Could Help You Boost Your Credit Score
Image source: Getty Images The dreaded credit score. Unfortunately, Americans need to pay attention to their credit scores if they want to be financially healthy. While you don’t need to obsess over yours, knowing where it stands and taking actions that help you improve it can be a significant win for your wallet. The good […]
4 Ways to Tell a Balance Transfer Card Is a Bad Idea
Image source: Getty Images If you have credit card debt you’re struggling to pay off, chances are you’re tired of seeing those interest charges month after month. A balance transfer card can help by letting you move your balances over and enjoy a period of 0% APR. If you can manage to get your debt […]
4 Ways to Build a Credit Score Without a Credit Card
Image source: The Motley Fool/Upsplash Using credit cards is one of the easiest ways to build a credit score, but it’s not the only way. And depending on your needs and financial situation, credit cards might not be the right fit for you. Here are a few other options for building credit — and information […]
Applying for a Credit Card? You’ll Need This First
Image source: Getty Images Credit cards are pretty popular with Americans — a survey by Motley Fool Money found that 80% of us have at least one, and 13% have four or more. But even the biggest credit card fan had to start from zero. If you’re hoping to apply for one of the best […]
3 Little-Known Perks of Having a Credit Score of 700 or Higher
Image source: Getty Images Your credit score is a quick way of measuring your creditworthiness. A high score means you’re likely to pay back money you borrow, so it can help you get lower interest rates on loans. Banks will also be more likely to approve you for their best credit cards. Those are just […]
