Many people have multiple savings goals that are of equal importance, from establishing an emergency fund to saving for retirement or a child’s education. So, how do you determine which to save for first? If this question has been on your mind, watch our webinar recording on prioritizing savings goals.
In times of crisis, you don’t want to be shaking pennies out of a piggy bank. Having a financial safety net in place can ensure that you’re protected when a financial emergency arises. One way to accomplish this is by setting up a cash reserve, a pool of readily available funds that can help you meet emergency or highly urgent short-term needs.
Did you know that increasing your deferral rate in your retirement plan as little as 1% each year can significantly help your money accumulate over time? In this Lessons in Financial Experiences (LIFE) episode, we discuss the 1% challenge and the positive impact of putting an additional percent of your salary away each year toward your retirement.
In late 2021, after months of growing anticipation about inflation pressures, the closely watched Consumer Price Index (CPI) measure surged to 6.8 percent on a year-over-year basis. The November reading represented a nearly 40-year high and triggered a tsunami of alarming headlines across financial media outlets.
In this installment of Client Conversations, we explore the unique benefits of nonqualified defined contribution plans, look at options for covering healthcare costs in early retirement, and provide some insights on surging home prices and the drivers behind them.
We’ve been hearing a lot about inflation lately, but what’s all the hype about? Some of it is practical. Restarting the global economy after the COVID-19 shutdown has not come without a few hiccups that have dramatically affected the prices of some goods and services—food, energy, automobiles, and transportation services to name just a few.
Tax filing season will be here before we know it! In our new short-form webinar series, Ask CAPTRUST, we share tax filing tips, provide answers to some of your pressing questions, and share some resources to reduce your stresses related to filing taxes.
If you have a 401(k) plan at work and need some cash, you might be tempted to borrow or withdraw money from it. But keep in mind that the purpose of a 401(k) is to save for retirement. Take money out of it now, and you’ll risk running out of money during retirement. You may also face stiff tax consequences and penalties for withdrawing money before age 59½. Still, if you’re facing a financial emergency—for instance, your child’s college tuition is almost due and your 401(k) is your only source of available funds—borrowing or withdrawing money from your 401(k) may be your only option.