Why It Pays to Delay Social Security Benefits… and Other Personal Finance News

Why It Pays to Delay Social Security Benefits – Social security is a great insurance policy. But sometimes people mistakenly regard it as just one more investment that they should try to maximize. That kind of thinking might persuade you to take benefits sooner rather than later and can have a big impact on how much money you and your family receive.

How to Save for Retirement Without a 401(k) – If your employer doesn’t provide a 401(k) plan, there are still plenty of ways to prepare for retirement. A 401(k) plan makes it convenient to save for retirement. The money is automatically withheld from your paychecks before you ever get a chance to spend it. You immediately get a tax break on your traditional 401(k) contributions, and sometimes your employer contributes money to the account as well. Some workers are even automatically enrolled in the plan without having to fill out any paperwork or make saving and investment decisions. Saving for retirement without a 401(k) plan takes a little more effort. But if you are willing to take some initiative, you can still enjoy many of the tax breaks and investment gains that workers with 401(k) plans enjoy. Here’s how to save for retirement when you don’t have a 401(k) plan.

How to Cancel a Credit Card Without Crushing Your FICO Score – On the surface, closing a credit card appears to be a positive step. After all, you’re eliminating yet another obligation, as well as another account that needs to be managed. And by closing out the credit line, you also remove the temptation to buy things that you can’t afford. How can any of that be a bad thing?

3 Things You Should Know Before You Sign Up For a 401(k) – If you start a new job, you might have the option of enrolling in your employer’s 401(k) plan. Many people simply choose the “default” options, which include a certain group of investment funds and the contribution amount that takes full advantage of the employer’s matching program. However, there is more to a 401(k) than meets the eye. Here are three things our experts want you to know before you sign up for your next 401(k).

Is your 401(k) on track for a secure retirement? – Just having a retirement savings plan can be enough to make workers feel more confident about retirement planning. But it’s important to regularly check in to make sure you’re on track. New research from the Employee Benefit Research Institute found that retirement confidence is rebounding faster among those with a retirement plan. Only 14 percent said they are not at all confident about having enough money for a comfortable retirement, versus 44 percent of those without a plan.

 

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