You might think, “Okay, I have a 401k — so I’ll just invest a certain percentage of my paycheck into it until I retire, and then I can live the life!” But many times, your 401k can come up short, leaving you with less than you’re expecting during retirement. So how can you avoid a low 401k balance? Follow these easy tips to maximize your savings in the long run. 1. Start now. To take full advantage of your 401k, you need to have a 401k. And there’s no time like the present. While some people may choose to wait…

Keeping your financial skills up-to-date is an important aspect of being successful in many areas of your life; however, you may not realize that your career is one of those areas. In fact, there are several ways in which your financial skills impact your career. The following information details certain financial decisions that can impact your ability to get and keep a job, so that you can make the most of your time and money to better your career. Getting a Job Many people have heard rumors about employers completing a credit check on potential employees, but are not sure…

With so many factors to consider, retirement planning can be confusing. Luckily, the National Endowment for Financial Education (NEFE) doles out free advice regarding Social Security benefits, home and mortgage options, insurance choices, retirement plans, savings and investment opportunities, and work-related choices while providing debt-reduction guidance and warnings against scams that target older Americans. Social Security Most people are eligible to claim Social Security at the age of 62, but delaying that claim until at least the full retirement age (between 66 and 67, depending on the individual’s date of birth) can increase payments significantly. Waiting until age 66 can…

If you have been asked to co-sign a loan for a friend or family member, you should familiarize yourself with all that the process involves before you make your decision. The co-signer agrees to share the responsibility of the loan, and in the instance that the borrower is unable to pay, the co-signer will have to. Don’t dismiss this possibility; the Federal Trade Commission (FTC) cautions that “studies of certain types of lenders show that for co-signed loans that go into default, as many as three out of four co-signers are asked to repay the loan.” Before co-signing, be sure…