Retirement Planning - Individuals two decades from retirement can aggressively save while paying down debt [1] - Maximize contributions to multiple accounts is recommended [1]

Welcome to Mind Your Money. I'm Ally Canel and this is Yahoo Finance's flagship personal finance show. Think of this as your financial toolbox. For the next 30 minutes, we'll give you the latest money news, cut through the jargon, and tap into expert advice, all designed to help you take control and build a stronger, healthier financial future. On today's show, the end of the dimminimous exemption. Tariff exemptions for packages shipped to the US worth under $800 are over. We'll break down what it means for ...

Number one, it's start early. Uh number two, it's look, these are daunting processes. I can tell you firsthand, it is not, you know, this is not off-the-shelf stuff.It's not what you'll learn in a financial literacy class in in high school or college. [Music] [Applause] In this episode of Decoding Retirement, we're going to tackle two things. First, we're going to break down why financial planning is so critical for families affected by autism.And then we're going to challenge conventional wisdom so that yo ...

Retirement Planning Considerations - Unexpected medical emergencies can disrupt retirement plans, especially without sufficient savings [1] - Healthcare costs should be factored into retirement planning [1] - Maximizing tax efficiency with Health Savings Accounts (HSAs) is important [1] - Considering a Medigap policy may be beneficial [1] - De-risking some investments when entering retirement might be a suitable strategy [1] Resources and Information - Yahoo Finance provides free stock ticker data, up-to-date news, and portfolio management resources [1] - Yahoo Finance offers comprehensive market data and advanced tools [1] - The Decoding Retirement podcast is available on Yahoo Finance [1] - Yahoo Finance can be found on various social media platforms, including X, Instagram, TikTok, Facebook, and LinkedIn [1]

Retirement Planning - Approaching 60 requires assessing retirement readiness [1] - The report suggests learning how much savings are needed by age 60 [1] - It also provides steps to take if retirement savings are insufficient [1]

Retirement Planning Considerations - Being child-free provides greater flexibility in retirement planning [1] - Child-free individuals need to consider healthcare and estate documents differently [1]

Alternative Investments in 401k Plans - The executive order aims to facilitate access to alternative investments like real estate, cryptocurrency, or private assets within 401k plans [1] - Private assets refer to privately held companies, which constitute the majority of businesses in America [1][2] Financial Planning Considerations - Individuals should assess their current 401k plan, contribution levels, and company matching contributions before considering alternative investments [2][3] - It's crucial to understand financial goals, desired retirement age, and estimated retirement income needs [3] - Ideally, retirement contributions should range from 15% to 20% of gross pay [4] - Maximizing company matching contributions is essential as it represents "free money" [4] Prudent Investment Approach - Before exploring alternative investments, ensure a thorough understanding of the existing 401k plan's contents and contribution strategy [4] - Verify whether the current plan adequately supports the achievement of long-term financial goals [4]

Personal Finance & Budgeting - For a single adult with an average US salary of $60,000 per year, resulting in approximately $3,800 per month after taxes, budgeting should allocate about one-third for housing, 15% for food, 10% for transportation, 5% each for utilities and healthcare, and 15% for savings and investments [8][9][11][12][13] - Financial experts recommend aiming for as much as 50% of income in savings for single adults to prepare for future family expenses [16] - Upon retirement, lifestyle costs generally decrease, allowing for increased discretionary spending and reduced savings, although healthcare costs may increase [18][19][20] Remote Work Incentives - Some cities and states are offering financial incentives, ranging around $10,000 to $12,000, plus additional benefits like housing assistance and co-working spaces, to attract remote workers and revitalize their communities [4][5][6] - Tulsa Remote program offers a $10,000 incentive, housing assistance, co-working space, and community-building efforts to encourage remote workers to relocate and stay in Tulsa [6] Medical Debt & Credit Reports - A proposed rule to remove medical debt from credit reports, potentially wiping $49 billion off the credit reports of about 15 million Americans and increasing their credit scores by an average of 20 points, was blocked by a judge [33][34] - Medical debt under $500 is not reported, and 14 states have provisions to remove medical collection debt from credit reports [36] - Medical debt must be one year old before it shows up on credit reports [36] - Paying a medical bill, even after it has gone to collections and appeared on a credit report, will result in its removal from the credit report [51] - Credit card interest rates are high, ranging from 25% to 30%, and using a credit card for medical debt can remove medical debt protections [45] Investment & Retirement - The Federal Trade Commission (FTC) reported that Americans lost $125 billion to fraud in 2024, affecting over 25 million people [21] - Executive order opens the door for retirement savers to invest in alternative assets like crypto and private equity within their 401k plans [29] - Fidelity estimates that a 65-year-old retiring in 2024 could expect to spend $172,500 out-of-pocket on healthcare costs throughout retirement [58]

“Die with zero” encourages spending money to enjoy life before retirement, rather than hoarding wealth. Here are some of the benefits and drawbacks of this strategy and how to make it work for you. https://t.co/oaykNDPYF9 ...

Retirement Planning - Opening an individual retirement account (IRA) helps save tax money today and save for tomorrow [1]