Health and happiness in retirement rely on some key factors. gpointstudio / Shutterstock.com
Books and websites are filled with lists and quizzes to help you choose a new location for retirement. But when it comes to making your own decisions, things get personal. The wrong choice could tarnish your golden years. If the following factors describe your city — or another place you want to move to — it might be the wrong place to retire.
Sometimes the brand-name version is clearly superior. SFIO CRACHO / Shutterstock.com
What’s in a name? Well, in the case of many brand-name products like bleach, mostly marketing costs. We consumers are easily swayed by ads that portray their products as somehow more effective, more prestigious or of higher quality, when in fact some store-brand or no-name products are essentially identical and cheaper. We identify plenty of them in “32 Products You Should Always Buy Generic.
Doing your research is essential when shopping for life insurance.
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When it comes to buying life insurance, you’ll often hear that it’s important to shop around for coverage rather than simply go with the first insurance company that hits your radar. Shopping around could result in lower, more affordable premiums that make your policy easier to manage financially. And given that you may be paying those premiums for several decades, that’s important.
But choosing the right life insurer can be a challenge. In fact, the American Council of Life Insurers reports that as of the end of 2021, there were a whopping 737 life insurance companies in business across the U.S. Now that’s a lot of options to sort through. You can make the process easier on yourself, however, by following these tips.
Do you have friends or neighbors who have life insurance? If they’re happy with their coverage and find it affordable, then it wouldn’t hurt to ask who’s insuring them and seek out quotes yourself.
Granted, the amount of money you’ll be charged for life insurance will hinge on a host of factors. These include the state of your health, the number of years you’re buying coverage for, and the amount of coverage you’re seeking out. After all, a $1 million life insurance policy is apt to cost more than a policy with a $250,000 death benefit attached to it.
Also, your version of “affordable” might differ from that of your friends or neighbors in the context of life insurance. But it’s still a good idea to ask around for recommendations.
You want to sign up with a life insurance company that’s financially stable. And major insurers may be more likely to fit that bill.
This isn’t to say that a life insurance company you’ve never heard of is a poor choice. But there’s a reason certain life insurance names may be more familiar to you than others. And that familiarity is something you can take comfort in.
Hearing what current life insurance customers have to say about their insurers might prompt you to choose one over the other. If you have a list of companies you’re considering, it pays to run those names through the National Association of Insurance Commissioners’ database and see what sort of customer feedback comes up.
You might get quotes from a number of different life insurance companies once you’ve narrowed down your choices. Assuming you’re talking about the same level of coverage, cost should definitely be a factor in choosing one insurer over another.
If one life insurance company will write you a 30-year, $1 million term life policy for $1,000 a year and another is offering the same policy terms for $1,500 a year, why wouldn’t you go with the less expensive option (assuming you have no concerns about that insurer’s finances)?
Choosing a life insurance company isn’t easy. But the more research you do, the more likely you’ll be to wind up with cost-effective coverage.
Life insurance is essential if you have people depending on you. We’ve combed through the options and developed a best-in-class list for life insurance coverage. This guide will help you find the best life insurance companies and the right type of policy for your needs. Read our free review today.
We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.
If job loss headlines are keeping you up at night, taking action might help.
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Microsoft is the latest tech giant to announce significant job cuts, with plans to lay off 10,000 workers in the coming months. The cuts represent about 5% of the workforce, and, according to the New York Times, it’s the biggest round of layoffs the company has made in eight years.
In a note to staff, Microsoft Chairman and Chief Executive Officer Satya Nadella said, “We’re living through times of significant change.” He explained there were several factors behind the layoffs, one being economic uncertainty — parts of the world are already in a recession and others are preparing for one. Plus, customers who spent more during the pandemic are now cutting back. Finally, on a positive note, he said that advances in AI mean a new wave of computing is emerging.
The job loss announcement comes as other tech and banking companies shed jobs. Amazon, Meta, and Twitter have all cut back on staff recently, as have Goldman Sachs and Morgan Stanley. As of yet, other sectors have not been so affected. But the fear is that cost-cutting measures will spread to other industries, particularly if the U.S. enters a recession.
News of job cuts is always difficult, and it’s not surprising people are worried about their jobs. The more prepared you are financially and career wise, the more able you’ll be to handle changes in your job situation. Here are some steps to take.
It’s always easier to take stock when you’re still in a job as there’s less pressure. The last few years have seen a lot of shifts in the way people view their careers, so take some time to think about what you actually want. Do you want to stay in your current job? Have you been considering switching to something new?
If you want to stay in your job, it might be worth talking to your manager to see if you can take on any extra responsibilities, or simply stress your commitment to staying in the role. They may not be able to reassure you about the future, as none of us know what might happen. But at least they’ll know you’re not planning on leaving.
If you want to change jobs, think about what you want to do and what steps you’d need to take. Perhaps you want to make your side hustle into a main source of income. Make a plan for how that might happen and what milestones you’d need to achieve along the way. If you’re looking to move to a different company or a different career altogether, what skills will you need and how might you get them? Who could help you with advice or contacts?
Like career planning, resume writing is easier to do when you’re still in a job. Even if you don’t want to leave your existing position, there’s no harm in updating your resume. While you’re at it, see if there’s any new information you can add to your LinkedIn profile. Think about transferable skills that might make you attractive to potential employers. It’s also worth reaching out to your professional network, as those connections can prove invaluable in a job hunt.
If you have a work 401(k) plan, there are a couple of things you can do with your retirement money if you leave the company. You can leave it where it is, switch it to your new company’s plan, or roll it over to your own individual retirement account (IRA). You can also cash out completely, but that can be costly.
If you have health insurance through your company, something called COBRA can entitle you to stay on the plan you’re on after a job loss, but it can be expensive. Look into what options are available on both fronts. You don’t need to make any decisions now, but it’s good to have these things on your radar.
An emergency fund with three to six months’ worth of living expenses can be an excellent cushion against any financial emergency, including job loss. Some advise to sock away even more, especially with a potential recession looming. If you don’t have as much in your savings account as you’d like, make this a priority.
If you’re carrying high interest debt, such as a credit card balance, it can eat into your living costs. Even more so if you stop earning as much as you used to. Check out some of the different ways to pay down debt and see what steps you can take today to reduce your balance.
Whether it’s your emergency fund or debt payments, you may need to reduce your current expenses to put more cash toward building financial security. Take a look at how much comes into your bank account each month compared to how much you spend. The gap between the two is the money you can use for saving or debt, so look for ways to spend less or earn more. A budgeting app might help you identify areas you can cut back a little.
It’s normal to worry when big companies are laying people off. Try to remind yourself that economic downturns are a normal part of every cycle and they do pass. Plus, for all the doom mongering, the U.S. may still be able to avoid a recession. And even if we do enter troubled economic waters, it will have been one of the most anticipated downturns ever. That means a lot of businesses are as ready as they’ll ever be. Try not to panic — you made it through the chaos of the pandemic and last year’s price hikes, and you’ll get through whatever 2023 brings, too.
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We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.John Mackey, former CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. Emma Newbery has positions in Amazon.com. The Motley Fool has positions in and recommends Amazon.com, Goldman Sachs Group, and Microsoft. The Motley Fool has a disclosure policy.
There’s no shame in seeking a safe place to park a portion of your cash.
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Collectively, we’ve been through a lot over the past few years. In addition to the COVID-19 pandemic, we’ve dealt with a short recession, high gas prices due to Russia’s invasion of Ukraine, and now, rising interest rates. It’s no wonder if you’re looking for smart places to protect some of your assets in 2023.
We’re not going to suggest any specific investments here. Rather, we’ll cover some of the easiest ways to keep a portion of your cash secure.
Bonds are like IOUs. When you buy a bond, you’re lending money to whomever issued it. That may be a company, government, or municipality. While the entity you loaned the money to receives the funds it needs to operate, you receive a promise that the issuer will pay you a specific interest rate over the life of the bond. When the bond matures, you receive your principal back — plus interest.
A certificate of deposit (CD) is a type of savings account that keeps your money safe for a specific amount of time. For example, you may put funds into a 6-month, 1-year, or 5-year CD. In exchange for allowing the bank or credit union to hold your money for that time, you are paid interest when the CD matures. Typically, the longer the term, the higher the rate of interest you are paid.
To understand how a money market fund works, it helps to understand how a mutual fund works. When you put money in a mutual fund, your money is pooled with many other investors. All that money is invested on your behalf by professional money managers. Those professionals diversify your holdings so that all your eggs are not in one basket, thereby lowering your risks.
A money market fund is simply one type of mutual fund. The cash in the fund is invested in high-quality, low-risk investments. One of the main differences between a money market fund and the money market deposit account that we cover next is that a money market fund is not federally insured, while a money market account is.
Money market accounts (MMAs) are offered by banks and credit unions. Like other accounts in those financial institutions, MMAs are federally insured. Up to six times a month, you can use the money in your MMA to make payments or withdraw cash. The amount of interest paid on an MMA is typically higher than the interest paid on savings accounts.
If you currently have a savings account, you know that your money is secure. The same is true of a high-yield savings account. The major difference is that you’ll earn a higher interest rate with a high-yield account than you’re earning on a typical savings account. The interest rate you’re paid is variable, meaning it will go up or down based on the Federal Reserve’s benchmark interest rate.
If you’re carrying high-interest debt, paying it off is an investment in yourself. Let’s say you have a credit card with a $15,000 balance and interest rate of 18%. Paying that balance off is like paying yourself 18% instead of the credit card company.
Planning for your financial future involves a certain level of risk. For example, there’s risk involved in investing in the S&P 500, but failure to take some risk means also failing to reap the long-term financial rewards.
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The ideal portfolio is a balance of different risk levels. If your goal is to watch your money grow, you’ll likely need to invest in a mix of riskier assets. Balance occurs when you spread those risks out, so winning investments can help carry struggling investments through the natural ups and downs of the market. Adding safe investments to the mix not only protects your money, it may also allow you to sleep easier at night.
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We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.
Foreign transaction fees might force you to pay extra for every transaction you make while abroad. Chaay_Tee / Shutterstock.com
Editor’s Note: This story originally appeared on The Penny Hoarder. Airline tickets, checked bag fees, hotel bookings, outrageous rental car prices — these are the vacation costs you’ve probably budgeted for. But when you travel abroad, you may also need to plan for foreign transaction fees every time you swipe your card. Some debit and credit card issuers offer cards without any foreign…
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