ALEX ROCA: Hello, and thank you for joining Women Talk Money. My name is Alex Rocha and I will be your host for today's conversation. This is our back to school two-part series. Today is lesson 1, focusing on how-tos of financial planning where we'll refresh the fundamentals-- spending, saving, and paying down debt. Then on the 17th, we're going to be covering the basics of investing. Joining us in this essential conversation are Julie Marxen, a workplace financial consultant based in California, and Nehand ...

With the youngest baby boomers now 61, much of the generation is already retired or nearing retirement. However, data shows many have inadequate savings and may struggle to maintain their standard of living. In fact, some boomers have saved so little that younger Americans could surpass them with just a few years of disciplined saving and investing. Here’s a closer look at the boomers’ financial state — and what it takes to get ahead on the path to financial freedom. Must Read Most boomers fall short ...

Ramsey Show Highlights / YouTube Moneywise and Yahoo Finance LLC may earn commission or revenue through links in the content below. In an episode of The Ramsey Show, Dave Ramsey shared that “the number one and two reason people become millionaires is they’re investing in their retirement and their paid off home.” According to him, “these are the two elements of the first one to five million of net worth.” That being said, saving for retirement and paying off a home are two of the hardest things for A ...

If you look at the numbers, this is largely already happening, but only in a very small niche of retirement savers. Vanguard’s annual “How America Saves” report shows that 14% of workplace savers hit the maximum allowed contribution in 2024, which is the first step to getting to catch-ups. Of those eligible by age, 16% made catch-up contributions and 18% used any Roth features, and most of these people were making more than $150,000.But what’s the benefit for individuals to motivate them to make super catch ...

You can find original article here WealthManagement. Subscribe to our free daily WealthManagement newsletters. The generation closest to the traditional retirement age may also need the most advice, according to two new surveys. It may not be surprising that a BankRate survey of more than 2,500 Americans found that more than half (58%) feel they are behind in their retirement savings either slightly (21%) or significantly (37%). What comes across more starkly is that Generation X, or people in the age ra ...

To encourage people to save for retirement, the IRS allows people age 50 and over to put an extra $7,500 into their 401(k) plans before hitting pre-tax limits (and an extra $11,250 for people between 60-63). But upcoming changes to the tax code will make that perk vanish for people who make more than $145,000 per year. Starting next month, high-earners over 50 who are hoping to put more money into their retirement savings will have to do so after paying taxes via a Roth 401(k). That's going to mean they'r ...

Moneywise Moneywise and Yahoo Finance LLC may earn commission or revenue through links in the content below. Everyone hopes that their reward for decades of hard work will be decades more to enjoy the fruits of their labor. But if you ask financial guru Suze Orman, the average American is nowhere near ready. Their savings won't last decades — they'll last about three years. Must Read The average amount that Americans have saved for retirement dropped slightly to $88,400 in 2024 from $89,300 in 2023, ...

I think maybe the most important insight that we've covered on the show and one that I come back to time and again when thinking about financial decision-making is the power of defaults or uh what happens if someone takes no action and we did a really wonderful interview with Schlommo Benzy of UCLA who studied this along with Nobel laurate Richard Thaylor um if you work for an employer who automatically enrolls you in a retirement savings plan whe whether or not you sign up right if you don't raise your han ...

Build wealth and give back: Debt-free and living in their own home, Katie and Brad can then look to build wealth and/or give back to charitable causesStart saving for a down payment — for existing homeowners, Ramsey recommends paying off the mortgage earlyBegin investing at least 15% of their household income in retirement savingsTry to add at least three months’ worth of expenses to their emergency fundUse the debt snowball method to pay down their $30,000 student loan and credit card debtSave $1,000 in an ...

According to Maurie Backman from The Motley Fool, the big retirement myth that can be harmful is assuming you’ll have time to catch up with retirement savings. Backman said it’s a myth that many workers tell themselves at various points in their careers. Read More: Here’s Why You Might Want To Invest Your Retirement Savings in a Roth 401(k) Find Out: How Much Money Is Needed To Be Considered Middle Class in Your State? What might this look like in real life? Perhaps it means neglecting IRAs and 401(k) pla ...