By Sara Cooper, America Saves Project Director
When you joined our growing community of Savers by pledging to save, you chose a goal to work toward, like building an emergency fund. The demands of life usually mean working toward several goals. To make that manageable, think about your goals on a timeline: short-term, mid-term, and long-term. This will help you set priorities. Here are examples:
Contributed by USAA
September 11, 2013
For most people, following basic money rules makes sense. But like everything else in life, there are situations when following tried-and-true advice might not work. Our professionals weigh in on when to consider the exceptions.
September 10, 2013
By Gary Foreman
According to most estimates, between 8,000 and 10,000 baby boomers will reach retirement age each day. And with there being 51 million 401k accounts in existence, you can bet that many of the new retirees will be wondering how to access the money they've saved during their working years. So let's examine 401k withdrawals in retirement.
There are two sets of rules that you'll need to heed when you withdraw money from your 401k. The first set is from the plan itself. To find out what those rules are you'll need to contact your plan administrator. You'll find their contact information on your account statement.
Most of those rules won't be a problem. They may limit how often you withdraw or set minimum amounts you can take out. It's also possible that some things that are allowed by law won't be available in your plan.
The second set of rules comes from the IRS code. And, as you might expect, they tend to be more complicated.
September 5, 2013
By: Sara Cooper, America Saves Project Director
Nichelle Johnson, a single mom with two teenage children, knows what it’s like to stretch a dollar.When she moved back to Virginia Beach in 2008, she provided for her family with just a part-time library position. Jobs were hard to find,and she was grateful for the work. When she heard about the Virginia Beach Mayor’s Action Challenge for 500 Families Financially Fit for the Future, she thought it was a great way to jumpstart her financial makeover. By attending 10 monthly classes and meeting with her personal financial coach, she was able to create a financial plan to see her children through college without debt and to complete her own degree in the future. During the first class, which focused on the importance of having goals and establishing savings, Johnson signed up for Virginia Saves, making a commitment to saving and gaining the encouragement America Saves offers to develop new saving habits.
Retirement planning can be exciting, but saving for it may prove to be challenging for you with the constant concern for everyday financial obligations. I’ve always been a fan of looking at the sky; there are clouds, they warn us of storms.