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You have three options for your 401(k) account when you leave a job: Leave your account in your former employer’s plan Roll your account into your new employer’s plan Roll your account into an Individual Retirement Account (IRA)   Understanding your 401(k) account fees and investment options helps you decide whether to keep it where it is or roll it over. The following information can guide you.   What Is a 401(k) Rollover? A 401(k) rollover involves transferring funds from o

A variable annuity is a retirement account. The account owner can use the funds to provide a regular monthly income, subject to the fluctuations in the value of the investments chosen for the account.   The value of a variable annuity depends on the owner’s tax situation, investment and retirement objectives, and time horizon. Talking with a licensed financial professional can help determine whether a contract is right for you.   What Is a Variable Annuity? A variable annuity

Homeownership can be challenging for a first-time homebuyer. Understanding the down payment requirements is part of the process.   Knowing how much money you should put down as a first-time homebuyer helps simplify the process. The following information can help.   What Is a Down Payment on a Home? A down payment is the money you pay up front to purchase a home. This amount is typically calculated as a percentage of the home’s total purchase price, with the remaining cost fin

The 70-20-10 rule is a framework for directing your income to spending, saving, and debt repayment. These guidelines suggest earmarking 70% of your after-tax income for essential and nonessential expenses, including debt payments, 20% for savings and investments, and 10% for additional debt payments or donations.   How to Apply the 70-20-10 Rule The framework for the 70-20-10 rule is broken down as follows:   Allocating 70% for Expenses The 70-20-10 rule places your cost of l

An annuity is a contract purchased through an insurance company that guarantees income for a specific number of months or years. You receive a monthly income in an amount set when you fund the contract: An annuity can be purchased through a lump-sum payment or a series of payments to the issuer. The money grows tax-deferred through interest payments or investments in a market index or stock portfolio. You receive immediate or deferred payments, depending on the timeline selec

I’ve heard many people say they metaphorically throw a dart at a board when deciding which investments to choose for their 401(k) account. Because most people weren’t taught how to select investments that align with their retirement goals, the options they end up with might not be right for them.   Knowing your retirement goals and personal preferences helps you build an investment strategy. Understanding your investment options, selecting your 401(k) investments, and staying

A will is a legal document that states how your property and responsibilities should be handled after your death. The document can cover financial assets, real estate, personal items, and guardianship for dependents.   Virtually everyone can benefit from having a will. Without one, state laws and probate courts decide who receives an individual’s property and responsibilities after their death. Because these decisions might conflict with the individual’s wishes, it’s best to

You’ve likely experienced unexpected financial emergencies such as car repairs, medical bills, or loss of income. These unplanned expenses often occur at the worst times.   Having an emergency fund helps protect your financial stability when surprise expenses occur. Setting aside even a small amount of money enables you to get back on track with reaching your financial goals.   What Is an Emergency Fund? An emergency fund  is a savings account specifically for unplanned expen

Like most people, you might struggle with money. Because personal finance was not taught in schools until recently, most people lack an understanding of money and how it works.   I learned about money and financial planning while working as a licensed financial coach. Fortunately, you can improve your personal finance skills without working in the industry. The following strategies can help.   Develop a Spending Plan Your spending plan  directs where your monthly income goes,

If you’re a first-time homebuyer or you haven’t owned a home in a while, you might qualify for a first-time homebuyer loan or assistance. Many programs operate through state or federal housing finance agencies, nonprofit organizations, or employers.   As a first-time homebuyer living in a certain area and working in a certain profession, you could be eligible for a low-interest loan or grant to support your down payment and closing costs if you meet the financial requirements

Getting out of debt when you have a low income can be difficult. You might feel like you’re not making any progress, no matter how hard you try.   Although it can take time to become debt-free, you can take steps to achieve your goal. The following strategies can help.   Write Down Your Debts Make a list of your debts , including the following information for each: Current balance Monthly payment Interest rate Remaining loan repayment term   The details of your debt load help

Many people are paying more attention to their personal finances at the start of 2026. They want to increase their savings, pay off their debt, and improve their financial picture.   Understanding which personal finance activities to focus on helps narrow down what you spend your time and energy doing. Starting with one area and working your way to other areas can make a substantial difference in your net worth. The following guidelines can help.   Setting Financial Goals Dev

One of my goals for 2026 is to increase my net worth. Setting strong objectives and breaking them down into actionable steps helps attain them.   If your goals for 2026 include paying down debt, increasing your savings, and enhancing your financial position, take action today. Establishing small money habits now can have a significant impact over time. The following tips can help.   Develop Your Spending Plan A spending plan allows you to track where your money should go thr

Most employers offer a 401(k) plan as part of their employee benefits package. This defined contribution plan helps employees save for retirement.   Many employers offer matching 401(k) contributions up to a certain amount or percentage to encourage employees to save for retirement. The money employees have to live on in later years depends on the amount contributed and the performance of the underlying investments.   The following are the five main types of 401(k) plans.   1

Happy 2026! The new year is an ideal time to improve your money habits.   We all could do better financially. Taking small steps makes a significant difference. The following guidelines can help.   1. Understand Your Financial Picture Know exactly how much money is coming in monthly and where it’s being spent: Determine your monthly take-home pay. Figure out how much you spend on living expenses, such as your mortgage or rent, insurance , utilities, groceries, transportation

Starting a new year is the perfect time to evaluate your financial habits. Making changes to your spending and saving plan helps you reach your financial goals.   Everyone has room for financial improvement. Regularly making small changes to your financial habits can make a significant difference.   Implementing these tips can help you enjoy the new year without financial strain.   Save Before You Spend Have part of each paycheck automatically sent to your savings accounts ,

Holiday spending should be part of your annual budget. Adherence to your budget year-round, especially during the holidays, helps reduce financial stress.   Planning now for next year’s festivities helps avoid holiday stress. Taking small steps now enables you to approach the holiday season with excitement and joy rather than financial worry. The following tips can help.   Reflect on This Year’s Spending Consider what did and didn’t work with your current holiday budget . Per

The holiday season is a magical time with family, friends, and festivities. However, when the celebrations are over, you might realize they took a toll on your wallet.   Overspending on presents, traveling to visit family, and hosting dinners can contribute to a post-holiday financial hangover. However, you can take steps to recover from this slump and get back on track with your financial goals.   The following tips can help boost your post-holiday savings.   Evaluate Your H

Being around family and friends during the holiday season can empty your wallet. It’s easy to get caught up in the moment and spend more than intended. Decorating your home, purchasing gifts, and hosting parties can result in a large post-holiday bill.   Although enjoying the holiday season is important, managing your finances helps you avoid starting the new year with regrets. Planning and awareness can help you focus on your financial goals rather than overindulge in holida

Shopping during the holiday season can be a lot of fun. Finding meaningful gifts for everyone on your list should be a joyous experience.   However, financial safety during the holiday season is essential. You must keep your credit card, bank account, and related information protected from cybercriminals. The following tips can help.   Monitor Your Spending Limit Although gift-giving brings you and your loved ones joy, avoid piling on debt during the holidays: Plan how much y