If you work for a public school or nonprofit organization, you might have the option to participate in a 403(b) plan. What is this lesser-known retirement plan, and should you sign up? Before you make your decision, understand how a…
In order to contribute to an individual retirement account (IRA), you must have earned income, right? Although that’s true for most people, the IRS makes an exception for nonworking spouses. The government acknowledges that in some households, one spouse stays…
How long do you need to work to retire? Fifty years? Forty? According to Jacob Lund Fisker, you may be able to retire in just five years. One of the early popularizers of the modern FIRE movement (financial independence, retire…
Retirement has changed faster than most Americans realize. Your retirement will look very different from your parents’ and grandparents’ retirement. Defined benefit plans like pensions have been shrinking for decades, giving way to defined contribution plans like 401(k)s. These, in turn,…
Short for “financial independence, retire early,” the FIRE movement has spread like a blaze among many younger and middle-aged workers. These workers maintain a high savings rate, often through relatively frugal lifestyles, to build wealth quickly. With their savings, they…
Short for “financial independence, retire early,” the FIRE movement has many adherents — and each of them brings their own take on how to approach FIRE. In this context, financial independence refers to the ability to live on your passive…
You’ve heard it a hundred times: Americans aren’t saving enough for retirement. Study after study reports the same findings. For example, a study released by the Government Accountability Office in 2019 found that 48% of Americans have no retirement savings…
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