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3 Ways to Save for College Explained: Prepaid Tuition Plans, 529 Plans and ESAs

Submitted by The Participant Effect on February 13th, 2019

According to collegeboard.org, the average yearly full-time student budget for tuition and fees, room and board, books, and other incidentals at an in-state public four-year college is currently more than $25,000. For a private four-year college, that costs skyrockets to more than $50,000.

Tags:
  • behavioral finance
  • education
  • finance
  • financial wellness assessment
  • prepaid tuition plans, 529 plan, 529 savings plan, ESA
  • retirement planning
  • Read more

If Only … Retirement Regrets

Submitted by The Participant Effect on January 29th, 2019

Regrets can be hard to live with: I wish I hadn’t eaten that banana split; I wish I’d bought that sweater when it was on sale; or I wish I learned to speak French. But these are all mild regrets compared to what you’d feel if you didn’t make the best choices for you and your family when preparing for retirement.

Tags:
  • behavioral finance
  • education
  • finance
  • retirement
  • retirement planning
  • risk management
  • Read more

What Age Should You Retire?

Submitted by The Participant Effect on January 29th, 2019

When we think retirement age, 65 is often the first number that comes to mind. But that doesn’t mean it should be your final answer. While it’s often a starting point for consideration, there are several factors that could make another age a better choice for you. Here are eight considerations to keep in mind when making this very important decision.

Tags:
  • behavioral finance
  • education
  • finance
  • financial wellness assessment
  • insurance
  • retirement age
  • retirement planning
  • risk management
  • Read more

Insurance Basics

Submitted by The Participant Effect on January 8th, 2019

Insurance may be less about if you’ll need it than when you’ll need it. Anyone who started driving at 16 is likely to have had a claim by the time they’re 34. More than 1 in 20 insured properties reported a claim in 2016, according to Insurance Services Office (ISO). And according to the U.S.

Tags:
  • Baby Boomer
  • behavioral finance
  • education
  • finance
  • financial wellness assessment
  • insurance
  • millennials
  • retirement planning
  • risk management
  • Read more

Life Insurance 101

Submitted by The Participant Effect on October 18th, 2018

No one likes to think about life insurance, or the conditions that could cause its need to arise. But it’s an important foundation for a family‘s financial plan — ensuring that critical needs are met in the worst of circumstances.

Tags:
  • behavioral finance
  • education
  • finance
  • financial wellness assessment
  • insurance
  • life insurance
  • millennials
  • retirement planning
  • risk management
  • tax planning
  • women
  • Read more

History of the 401(k)

Submitted by The Participant Effect on October 18th, 2018

The 401(k) derives its name from section 401(k) of the Internal Revenue Code, which enables workers to delay paying taxes on parts of their income when it’s received as deferred compensation.

Tags:
  • behavioral finance
  • education
  • finance
  • financial wellness
  • financial wellness assessment
  • insurance
  • millennials
  • retirement planning
  • retirement readiness
  • risk management
  • Read more

Saving for Retirement and Behind Schedule — What You Can Do Now

Submitted by The Participant Effect on August 16th, 2018

According to the 2018 Retirement Confidence Survey, conducted by the Employee Benefit Research Institute, only 17% of respondents reported feeling very confident in their ability to live comfortably in retirement.

Tags:
  • finance
  • retirement planning
  • Read more

Research Shows Women Lag Behind in Saving For Retirement: What You Can Do

Submitted by The Participant Effect on June 19th, 2018

Americans do a poor job saving for retirement, but there are special hurdles — and opportunities — for women.

Only 24% of American men feel confident that they can fully retire with a comfortable lifestyle. What’s more concerning is that only 12% of women feel that same degree of confidence.

Tags:
  • finance
  • investing
  • retirement planning
  • retirement savings
  • women
  • Read more

The Risks of Borrowing from Your 401(k)

Submitted by The Participant Effect on January 5th, 2018

Life is full of emergencies. When the unexpected occurs and expenses suddenly come out of nowhere, it may be tempting to borrow from your 401(k); after all, retirement is years away, and you have plenty of time to replenish the account.

Tags:
  • finance
  • retirement planning
  • Read more

What Should You Do? Delay Retirement Contributions or Pay Off Debt?

Submitted by The Participant Effect on October 27th, 2017

Debt is a part of almost every person's life. There may be times when you look at your paycheck and wonder if the money you are putting aside for your retirement outweighs the cost of your debt. You may think it is best to stop contributing towards your retirement and put that money to paying off your debt.

Tags:
  • education
  • finance
  • retirement planning
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Latest Blog Posts

Retiring Soon? You Need to Be Doing These 7 Things Now

Submitted by The Participant Effect on February 13th, 2019

Are you in the final countdown to retirement? Congratulations! This can be an amazing time full of new opportunities. Put yourself in the best position possible for your next adventure with these seven retirement readiness tips.

Tags:
  • estate planning
  • retirement
  • retirement planning
  • retiring soon
  • Read more

Student Debt and Retirement Planning

Submitted by The Participant Effect on February 13th, 2019

By age 30, college grads with student loans have half as much saved for retirement as those with no loans, according to research from Boston College. It’s important not to sacrifice retirement goals at the expense of paying down student debt. But to do so, you need to step back and look at the big picture.

Tags:
  • student loans, student debt
  • Read more

Average Credit Card Debt by Age

Submitted by The Participant Effect on February 13th, 2019

A report by Federal Reserve economist Joanna Stavins combined Equifax data with the 2015-2016 Federal Reserve Bank of Boston’s Survey of Consumer Payment Choice (SCPC) on how consumers pay for purchases. Comparing self-reported measures with objective data, she found that people tend to have fewer credit cards with higher limits than they report.

Tags:
  • credit card debt
  • Read more

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