Portfolio rebalancing, how to budget your money, what’s an HSA and who needs one? Preparing for retirement is hard. From personal finance basics to retirement planning and everything in between, we’ve got a few ideas to make life a little simpler. Contact MCF with any questions.
Most people need to save more — often a lot more — to build a nest egg that can meet their needs. Many financial experts recommend putting away 12 to 15 percent of your pay for retirement, starting as early in your career as possible1. There’s a relatively painless way to reach that goal.
To be eligible for Social Security benefits, individuals must have earned 40 calendar quarters of wages that were subject to Social Security tax. The amount of the benefits you would receive at full retirement age (FRA) is based on the average of the 35 highest years of earnings.
Typically, younger people don’t make retirement savings a priority. Living expenses, student debt, rent or house payments, and other day-to-day expenses mean that retirement savings take a back seat.
We all know that setting a personal budget is important, but do we actually know how to make one and stick to it? Living in a post-pandemic world we’ve experienced many fluctuations in our monthly finances. Whether that’s receiving a boost from a stimulus check or the rising cost of everyday essentials.
Debt continues to sweep the nation. With student loan debt forever looming in the background, credit card debt is piling up fast for many Americans.
With all of the advanced education and strategy tools available, it is still often difficult for employees to understand the difference between what they can save for retirement and what is needed to retire. Sometimes, it is helpful to see what your account will actually provide over the course of your retirement. It can also help you set an achievable goal.