This post is sponsored by H&R Block. If you’re anything like us, you value your time outside of the day-to-day grind and hustle. You relish when you can relax and enjoy time with friends and family. Too often these days, we are continuously trying to chip away at to-do lists and make sure we keep […]
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The U.S. is facing a massive retirement crisis, with a whopping $13 trillion retirement savings shortfall.
The retirement savings crisis is even more severe for women since they face a gender-pay gap and will likely live longer.
That means women need to be saving more than men. The goal should be 8 to 10-times an annual salary.
“[That’s] what you need if you want to spend 90% of your pre-retirement levels annually. It’s a bit more than you hear at the majority of investment firms, but we want you to retire like a boss — more travel, more fun,” says Sallie Krawcheck, the CEO of women-led digital investing platform Ellevest on a new episode of MAKERS Money. “And, since we women live longer on average it’s better to have a bigger cushion. Yes, in this case, bigger is better.”
On the fourth episode of MAKERS Money, Krawcheck presents steps that women can take to increase their likelihood of having more money in retirement, including investing in a diversified portfolio and asking for a salary increase.
On the show, she’s joined by Tanya Van Court, the CEO of Goalsetter, an online saving and gifting platform to help kids save. According to Van Court, women need to put themselves in a position for a raise.
“[Women] need to have those conversations about how much they want to make, but not only how much they want to make, but what the clear expectations are that will get them to that point to be deemed successful,” says Van Court.
“I completely agree,” says Krawcheck.
Krawcheck spent nearly 30 years on Wall Street, holding high-level positions including CEO of sell-side research firm Sanford Bernstein, CEO of Smith Barney, CFO of Citigroup, and president of global wealth and investment management at Bank of America Merrill Lynch.
Last month, feminist media brand MAKERS and Yahoo Finance launched “MAKERS Money,” a weekly show hosted by Krawcheck that features advice for women from top female financial experts.
Originally appeared on Yahoo Finance!
On International Women’s Day 2017, Experian hosted a special Twitter Chat and Live Panel to discuss Woman and Money. The Tweetchat, called #CreditChat, featured Celebrity Financial Consultant, Economic Empowerment Educator, author, speaker and founder of MadamMoney.com, Tarra Jackson; and Writer for Student Loan Hero, Shannon McNay.
During the live panel discussion, the guest experts focused on how Women can #BeBoldforChange with their Money. Check out the video replay for their cool Simple Strategies for Financial Success for Women.
Experian hosts #CreditChat (Twitter chat) every Wednesday at 12:00 PM Pacific Time / 3:00 PM Eastern Time.
Yes, owing taxes SUCKS, especially when it is an absolute surprise. Owing the IRS can be a financial burden on an already tight budget. Despite how we may “feel” about it, owing taxes is essentially another “Loan” owed and can potentially negatively affect credit scores. Here’s how, as well as three things to do to avoid having to owe taxes next year.
When “not enough” OR “too much” taxes are being taken out during the year, it means that the exemptions on your W-4 or your tax deductions may be incorrect.
If “too much” taxes are being taken out of your check throughout the year, the government is “borrowing” that money from you. They pay the amount they “borrowed,” throughout the year, in a lump sum called a “Tax Refund.” Getting a refund may mean that you gave the government an interest-free loan.
Conversely, if “not enough” taxes are being taken out of your check throughout the year, you are “borrowing” the money from the government. The amount, you owe in taxes, is money “borrowed” that you must pay back. The great thing is that if you are not able to pay it back in a lump sum, you can make payment arrangements with the IRS over time to avoid additional fees and penalties.
If the Taxes owed are not paid in a timely manner, the IRS may report the delinquent taxes as a “Tax Lien” on your credit report under the Public Records section of your credit report. This will negatively affect the Payment History category of your credit score, which is 35% of the calculation. The amount does not matter. Whether $500 or $5,000 is owed; the negative effect on the credit score will be the same.
If the tax lien is reported on your credit report as “unpaid” and you have paid the taxes due in full, get a copy of the Satisfied Tax Lien notice from the IRS and then dispute the information on your credit report to have it updated as “Satisfied.”
Some people love to DIY (Do It Yourself) everything, including their taxes. And there are great Tax software available to help you do your taxes. You can even do your taxes online for free. If you choose to do your taxes, just remember President Ronald Reagan’s quote, “Trust but Verify.”
If you owed taxes last year, consult with a tax accountant or tax professional, like Dryden Tax and Accounting, Inc., to make sure you don’t leave out any new deductions. Also, consult with the tax professional to make sure you don’t write off something that doesn’t qualify.
One of the reasons people end up owing taxes is because they have the wrong number of exemptions on their W-4 form.
Make sure to review, and update if necessary, your W-4 form with your employer annually, preferably at the beginning of each year. Consult with a tax accountant or tax professional, like Dryden Tax and Accounting, Inc., for guidance.
Many people have turn their hobbies into a business. However, they don’t give themselves credit because they don’t take advantage of available business tax write offs. Not taking advantage of every eligible business tax write off is like giving away extra money. So, whether you’re selling your secret homemade recipe cakes or providing consultation; make sure you keep your track of all business related expenses and receipts.
Certain business meeting meals to cell phones used for your business, and more, may be eligible for business tax write offs. Again, consult with a tax accountant or tax professional, like Dryden Tax and Accounting, Inc., to help you understand what business expenses are eligible tax deductions.
The best way to win the Tax Game is to GET NOTHING back and more importantly, OWE NOTHING!
“A budget tells us what we can’t afford, but it doesn’t keep us from buying it”
Are you drowning in debt and don’t have any idea on how to get credit card debt relief? Well, you’re not the only one who wants to get an effective solution to your problems.
I can speak about at least 4 credit card debt solutions for hours and these are – credit card debt settlement, credit card debt consolidation, credit card debt management and bankruptcy. These solutions will help you get credit card debt relief within a few months. But, these solutions will work best when you use some brilliant budgeting tips every day to pave the path to financial freedom.
Budgeting is a must when you’re drowned in credit card debt. It helps you to have an idea about your financial health. It shows you the areas where you can cut costs. Remember, if you don’t change your spending habits, then beware! You would be in a bigger financial trouble. Here are the 3 budgeting tips you can follow to pay down credit card debts in 2016.
Use a credit card debt payoff calculator to find out how much you have to pay every month and for how long to attain financial freedom. Once you get the figure, your next task would be to track your monthly income and expenses. This would take some time. Calculate your total monthly income and the maximum amount you have to pay on bills such as electric, telephone, rent, etc. Now, subtract your expenses from your income to get the amount you can pay on your credit card debts.
If your expenses are more than your income, then you’re in trouble. It would be tough for you to pay off your credit card debt soon.
Only money can help to solve your current problem. So, you need to cut down your expenses so as to have more money on your hand. I’m not telling you to stop eating and save money. But, at least, you can reduce your expenses on entertainment, traveling, clothes, accessories, etc. Create a list of your expenses on your personal computer. Find out the ones on which you can trim your expenditures. Calculate how much you would save every month by eliminating these expenses. You can use the money for paying off credit card debt faster.
The more you save, the faster you would get out of credit card debt. Use your savings to make minimum payments on all your credit cards. But make sure you pay a little extra on the credit card with the smallest balance. Keep on doing this every month till this credit card with the smallest balance is paid off completely. After that, focus on the next smallest debt. Make extra payments on this card till it is paid off. Save ruthlessly so that you can pay off all your credit cards one by one in 2016.
If you have opted for credit card debt settlement, then use your savings to settle your credit cards as soon as possible. Deposit your savings in the trust account opened by the debt settlement company. Your aim would be to save enough money in the trust account so that the settlement company can start the negotiation process as soon as possible.
You have to pay off your debt. This is your ultimate goal in 2016. But at the same time build your emergency fund. This would help you meet unexpected expenditures in the future. You won’t get into fresh credit card debts in the future. You would not rely on credit cards to pay for the emergency expenses such as hospital bills and holiday gifts that may pop up anytime. You can use the emergency fund to have wonderful vacations with your family.
Just make sure you save minimum 10 percent of your income every month. I know it’s little hard to do when you’re in debt. But, give your best shot. Best of luck guys!
Originally published March 30, 2016
By Katie Bryan, America Saves Communications Director
America Saves Week, February 26 – March 3, 2018, is the perfect time to review your finances, set your savings goals for the year, and set up a system that will allow you to save automatically. That’s why the America Saves Week theme is – Set a Goal. Make a Plan. Save Automatically.
Did you know that only half of Americans report having good savings habits? Even if you are already saving, it’s good to take a look at your greater financial picture and decide whether there’s potential to save more or set a new savings goal. Join thousands of others who are pledging to pay down debt, save money, and take financial action during America Saves Week.
Not sure what to save for or what to save for next? Here are the most popular saving goals of those who have pledged to save through America Saves:
Not sure how to save for your goals? Here are some saving strategies to help:
Take the America Saves Pledge, or re-pledge, today to set your savings goal and make a plan to save. When you take the Pledge, you can also choose to receive text message tips and reminders to help you save for your goal. And don’t forget to follow America Saves on Facebook and Twitter.
America Saves Week is coordinated by America Saves and the American Savings Education Council. Started in 2007, the Week is an annual opportunity for organizations to promote good savings behavior and a chance for individuals to assess their own saving status.
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