Is It Possible to Retire by 50 If You’ve Banked $5 Million?
A lot of people don’t manage to save anywhere close to $5 million by the time they reach their 60s. So if you’ve gotten to age 50 and have $5 million to your name…
All Work
Maurie Backman
Dividends Have Been Replaced, but Most People Haven’t Noticed
Five years ago, if you would’ve asked me where to put your money to turn it into an ongoing income stream, I would’ve suggested the stock market. As a holder of dividend stocks myself,…
Don’t Delay Social Security If These 3 Factors Apply to You
There’s a reason older Americans are often advised to delay Social Security. For each month you put off your claim past full retirement age (FRA), your monthly benefit grows by about 2/3 of 1%.…
If I’m Retiring 5 Years Early and Have $3M Saved Up, What Is My Safe Withdrawal Rate?
Early retirement can mean different things. For some people, it can mean ending their careers in their late 40s or early 50s. For others, it can mean stopping to work around age 60. A…
My wife is a stay at home mom and I’d like to set aside money for her, but don’t know the best options. What’s possible?
Given the cost of childcare and the challenges of raising kids, it can sometimes make sense for a couple to decide that one parent will work full-time while the other parent stays home…
The Social Security website says I can expect to get $4k per month when I retire – is that really true?
Once you retire, Social Security might end up becoming a pretty significant income source for you. So it’s helpful to know how much money to expect from it. And the good news is…
I’m in the military making $85k a year and I want to become a millionaire to prove my high school doubters wrong
Some people join the military because they want to protect their country. Others join for the built-in perks. These could include job security, medical coverage, and retirement benefits down the line. But the…
Do any young people use a financial advisor? What makes them worth the money?
I was in my mid-30s when I first started working with a financial advisor. And the reason I didn’t start to use one sooner boiled down to ignorance and laziness on my part.…
We’re in our mid-40s and are finally making big salaries – is there anything we can do to reduce our tax bill and retire earlier?
I know a lot of people who struggled with mediocre jobs and salaries during their 20s and 30s. Thankfully, many of those same people reached their 40s and finally found that their income…
Unpopular opinion: financial advisors provide a valuable service
Of the people in my circle of friends, I’m probably the only person who uses a financial advisor. And that’s sort of ironic, because I’m also the only one whose job is to…
I’m Only 30 Years Old. How Accurate Is My Social Security Benefit Estimate?
Planning for retirement isn’t something you should wait until your 40s or 50s to do. The earlier in life you start, the more likely you may be to reach your personal goals. Meanwhile, a…
Should everyone hire a financial advisor? Even if you aren’t earning a lot?
I’ve been using a financial advisor since about my mid-30s. And frankly, I probably should’ve gotten myself one sooner. To be clear, my job is to write about personal finance, investing, and planning…
In 2019, I inherited about $250K from my grandparents and grew it to $340k. Should I leave my financial advisor?
The point of having a financial advisor is have someone help you manage your money wisely and meet your financial goals. But what if your financial advisor isn’t cutting it? That seems to…
My parents think that because we paid off our debt that we have so much more money now and they won’t stop asking us for money
When different people within the same family end up with varying levels of wealth, it can lead to bad feelings — and in some cases, unreasonable demands. That’s the situation a woman named…
5 Ways to Reduce Your Chances of Being Audited by the IRS This Year
Now that the 2025 tax-filing season is underway, a lot of people are busy getting their returns done in the hopes of snagging their refunds sooner — or even just to get an…
Social Security: 3 Things You Must Do Before Claiming Benefits at 62
Age 62 tends to be a popular time to claim Social Security because it’s the soonest seniors are allowed to get their benefits. Many people unfortunately end up out of work by age 62.…
Does fully funding your child’s college education make them entitled?
When I was applying to college, the process was kind of depressing because I knew my parents didn’t have much money to contribute. So as a result, I knew my choices would be…
I’m headed to college and will be paying $21k a year after scholarships. How do I avoid going into debt?
When I was applying to colleges, I knew it would be on me to cover the bulk of my costs. So when I got a $10,000 annual grant to the university that was…
I’m in my mid-40s and am retiring in a few days – here is how I prepared for everything financially the year before
Most people don’t manage to retire in their mid-40s. But with enough savings and proper planning, it’s something you may be able to pull off. That said, it’s important to go into an…
3 Reasons You Should Reevaluate Your Medicare Advantage Plan Every Year in Retirement
Once you turn 65, you’re eligible for health coverage under Medicare. But that doesn’t mean you should stick with original Medicare, which is Parts A and B plus a Part D drug plan.…