Retirement by the Numbers
When you’re young, you celebrate each milestone on the journey to independence: learning to drive at age 16, registering to vote at age 18, and raising a glass to toast your 21st birthday. There are milestones as you approach retirement too. And while reaching your full retirement age may not be as climactic as cashing your first paycheck, knowing what to expect can help you prepare for the long term. Use the seven milestones below to guide you as you approach retirement—a journey that’s undoubtedly worthy of celebration. If you are close to retirement age, read this.
NFL Players frequently fumble their future away
Can’t imagine pitying the bank account of an NFL player who’s headed to the Super Bowl? Give it a few years.
NFL rookies this year earned a minimum salary of $450,000, but since the average NFL career lasts just 2.7 years, many of these people end up squandering their riches. They don’t know how to manage their money. A New York financial advisory firm specializes in handling what they call “young money.” This isn’t just football players, they also assist entertainers and entrepreneurs who find themselves laden with “sudden and significant wealth,” There are some players who know how to manage their money. I’ve talked about NFL players were were smart with their money here and here.
What’s the best way to make extra money?
Having a tough time trying to make ends meet? You’re not alone. Today, it’s common for people to hold down a full time job and have a side gig too. Last year, 4.1 million people on average held both a primary full-time job and a secondary part-time job, according to a Federal Reserve Bank of St. Louis analysis of Bureau of Labor Statistics data. That number has been on the rise since 2012. Check out a few ideas about how you might cleverly put a few extra dollars in your pocket.
Couples are spending a record amount to get married
The average cost of a wedding climbed to a record high of $35,329 last year, according to The Knot’s 2016 Real Weddings study. That’s up 8% from the 2015 average. Meanwhile, the number of guests has dropped. “Couples are spending their budgets to focus on guests, they are taking care of them and showing them a very personalized experience,” said Kristen Maxwell Cooper, executive editor at The Knot. “But personalization is not cheap.”
The 7 Life-Changing Events Where Tax Planning Pays Off
Few people enjoy tax planning. But everyone goes through major life changes, and many of them have substantial tax consequences. Knowing about them and planning your taxes around them can help you avoid unpleasant surprises and sometimes can produce huge savings on your tax bill. Here are seven key situations where it pays to do some basic tax planning.
Here’s the Average American’s Annual Medicare Bill
How much do Medicare beneficiaries pay for healthcare? The short answer is that the average American with “original Medicare” (Parts A and B) can expect to pay a total of $7,620 out of pocket for healthcare expenses this year. However, that number doesn’t tell the whole story. Some of this amount comes from Medicare premiums, and some includes various costs such as prescription medications. In addition, total healthcare costs vary considerably by age and overall quality of health.
Student debt now affects a staggering number of elderly Americans
There are many concerns today about the rising level of student loan debt. It is a real probelm, but there’s another problem plauging a growing number of American parents and grandparents: student loan debt. Most specially, their childrens and grandchildrens college tuition. The number of older Americans taking on student debt on behalf of their children and grandchildren has quadrupled in the past decade, with consumers 60 and older now holding $66.7 billion in student loan debt, according to a new report