Discover the benefits and drawbacks of using your 401(k) to pay off your mortgage, including tax implications, retirement savings impact, and interest savings. https://t.co/4YYZB4KNCb ...

The company will contribute $10 million to match its customers’ next billion in assets, helping current and future customers grow their retirement savingsNEW YORK, Nov. 10, 2025 (GLOBE NEWSWIRE) -- PensionBee (LON:PBEE), a leading retirement savings provider, today launched a 1% match program to encourage Americans to consolidate old 401(k)s and IRAs left behind with former employers. The company is committing up to $10 million to the initiative, offering the match on every dollar invested in a PensionBee I ...

If you’re past retirement age, you can continue to work and still receive Social Security. Above a certain limit, the government deducts $1 from benefits for every $3 you earn. The limit is currently $62,160, so it won’t be a major factor in this case (3).If Bianca’s father is 75, it means he’s beyond the point where it makes sense to delay Social Security . There is no financial incentive to hold off on taking benefits after age 70.Axios analyzed data from the Bureau of Labor Statistics and found that almo ...

Key Points When it comes to retirement savings, IRAs and 401(k)s tend to hog the spotlight. If you qualify for a health savings account, you have a prime opportunity to enjoy some sweet tax breaks. You might really appreciate having dedicated funds for healthcare expenses later in life. The $23,760 Social Security bonus most retirees completely overlook › If you search the internet for retirement savings advice, you'll generally hear things along the lines of "save as much as you can without wrec ...

Retirement may feel far off, but the habits you build with every paycheck today can have a huge impact on how comfortable your future looks. Financial planners say that small, automated steps can quietly turn your income into lasting wealth. Find Out: Here’s How to Fix Your Budgeting Problems, According to Kumiko Love Read Next: 9 Low-Effort Ways To Make Passive Income (You Can Start This Week) These experts described seven paycheck habits that you’ll thank yourself for in retirement. 1. Start Early The ...

Nearly all Gen Xers say financial missteps in their 20s and 30s have hurt them — emotionally and financially. A recent CFP Board survey found that these mistakes caused 49% of Gen X to have increased financial stress or anxiety, and 95% of Gen Xers lost money due to early money mistakes, with a median loss of $100,000. Find Out: The Most Common Retirement Mistake, According to an Expert Read Next: 6 Clever Ways To Pocket an Extra $1K This Month Here’s a look at the financial mistakes that this generation ...

Key Points Most Americans are not where they should be in regard to saving for retirement. Each of us needs a plan for how much to save to provide the retirement income we'll need. There are ways to strengthen your financial condition even if retirement is nigh. The $23,760 Social Security bonus most retirees completely overlook › I suspect that most working Americans, like me, are looking forward to retirement. It's a time I've seen referred to as "preferment" -- a time when you can do the thing ...

Core Insights - The article discusses the financial challenges faced by retirees and suggests methods to enhance retirement savings through selling unnecessary items [1] Group 1: Selling Unnecessary Items - Selling items that are no longer needed can significantly boost retirement savings, with potential high-value items often found in homes [2][4] - Antiques and collectibles, such as old comic books and cultural memorabilia, may be worth more than expected, providing an opportunity for retirees to capitalize on hidden assets [4][5] - A thorough search of personal belongings, including attics and basements, can uncover valuable items that can contribute to retirement funds [5] Group 2: Specific Items to Consider Selling - Cars can be sold to increase savings, especially for those living in areas with good public transportation, which also reduces stress and environmental impact [3] - Homes may become liabilities in retirement due to ongoing costs like property taxes and maintenance; selling a larger home can free up significant funds for travel or savings [6]

Core Insights - The article discusses the implications of using a 401(k) to pay off a mortgage, highlighting both benefits and drawbacks. Benefits of Paying Your Mortgage Faster - Utilizing a traditional 401(k) to pay off a mortgage can eliminate monthly mortgage payments, significantly enhancing monthly cash flow, potentially by thousands of dollars [3] - Paying off a mortgage early can save homeowners tens of thousands of dollars in interest over the life of the loan, making it an appealing option [3] - Transferring wealth to heirs can be easier and less costly when a house is involved, as it can pass tax-free, unlike a 401(k) which incurs taxes upon withdrawal by heirs [4] - The cost basis of a house steps up to its current market value upon the owner's death, allowing heirs to potentially avoid capital gains taxes, resulting in significant tax savings [5] Drawbacks of Using Your 401(k) - Generally, withdrawing from a 401(k) to pay off a mortgage is not advisable, as the investment returns in a 401(k) often exceed the interest rates on mortgages [6] - Even conservative 401(k) allocations typically yield at least 5%, while many mortgages cost homeowners less than 5%, making the financial decision questionable [7] - Withdrawals from a 401(k) are subject to ordinary income tax, which can significantly reduce the effective amount available for mortgage payoff, especially for those in high tax brackets [7]

Core Insights - Many Americans are not fully utilizing the tax advantages and flexibility offered by IRAs, which can significantly impact their retirement savings [1][2] Group 1: IRA Contribution Strategies - Individuals can make tax-deductible contributions up to $7,000 for 2025 ($7,500 in 2026) for those under age 50, and up to $8,000 ($8,600 in 2026) for those aged 50 and above, emphasizing the importance of early and consistent contributions [3] - Roth IRAs allow young adults, often in lower tax brackets, to build tax-free wealth, with contributions possible from parents or grandparents up to 100% of earned income or $7,000 for 2025 ($7,500 in 2026) [4][5] Group 2: Portfolio Management - A globally diversified IRA portfolio can help mitigate market volatility and achieve steady returns, allowing for tax-free reallocation of investments to maintain balance and align with financial goals [6] Group 3: Specialized IRA Options for Business Owners - Business owners can benefit from SEP and SIMPLE IRAs, which offer additional savings opportunities, and should consult financial professionals to understand the specific rules and advantages of these accounts [7]