Average 401(k) Balances Have Barely Budged in 5 Years
Bank On Yourself By Pamela Yellen
by Pamela Yellen
4M ago
Fidelity Investments, the largest provider of 401(k) plans, just reported that the average 401(k) account balance barely budged in the 5 years since the 3rd quarter of 2018. They increased by only $1,200 from $106,500 to $107,700… less than 1.2% total. To make matters worse, inflation was a whopping 21% during the same period. (Here’s a great inflation calculator.) That means those average 401(k) accounts needed to be at nearly $129,000 – just to keep up with inflation! Okay, but what if you waited longer, say 10 years, like the “experts” say you should. On the surface, that looks better. The ..read more
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3 Tips to Unlock Prosperity Through Gratitude this Holiday Season
Bank On Yourself By Pamela Yellen
by Pamela Yellen
4M ago
As Thanksgiving approaches, I want to extend my warmest wishes to you and your loved ones. It’s a time of year when we gather to express gratitude for the abundance in our lives, and I believe that the power of gratitude extends far beyond this special season. I want to share how gratitude can transform our finances and overall well-being. Here are three tips that highlight the connection between gratitude and financial success: Tip #1: Focus on What You Have It’s often said that you get more of what you focus on. Instead of dwelling on what you lack, turn your attention to what you already ha ..read more
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Should You “Ride Out” the Volatile Stock Market?
Bank On Yourself By Pamela Yellen
by Pamela Yellen
10M ago
Both the Dow and the S&P 500 were back to where they were more than two years ago, as of May 31st. It’s been a stomach-churning roller coaster ride along the way. The S&P 500, however, has been on a tear, up 10% this year. Maybe you’ve been looking at your investment and retirement account balances and wondering why you’re not seeing that kind of gain. That’s because just five technology companies drove 96% of those gains! According to the Motley Fool, nearly half of the stocks in the index were negative for the year on May 31. (MarketWatch just called the S&P 500 “ridiculous” and ..read more
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Why “10 Times Your Income” Isn’t a Smart Retirement Goal
Bank On Yourself By Pamela Yellen
by Pamela Yellen
1y ago
ChatGPT has been making headlines since it launched last year and gained 1 million users in the first week. If you’re not familiar with ChatGPT, it’s an artificial intelligence computer program that generates human-like answers to almost any question you ask. So I decided to conduct a little experiment and ask it a simple question: How much do I need to retire?” Here’s what the “robot” told me: ChatGPT’s response struck me as yet another example of retirement “rules of thumb” that are outdated. Like “withdrawing 4% of your retirement savings each year will provide you with an income you won’t ..read more
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The 5 Biggest Financial Threats You Face in 2023
Bank On Yourself By Pamela Yellen
by Pamela Yellen
1y ago
As the New Year gets underway, it’s good to set goals and make plans – but it’s also important to review the biggest threats you face. Here are the top 5 threats to your financial future in 2023… Threat #1: 2023 Recession If you had money in the stock market, you know how bad 2022 was. The S&P 500 lost nearly 20%, and the average 401(k) lost 22.9%. Seeing one-fifth of your life savings vaporize in a single year is a hard pill to swallow. And after having the worst year in the markets since the 2008 financial crisis, it’s only natural to want to put that behind us and move on. However, what ..read more
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The Secret to Eliminating Your Financial “Icks” in 2023
Bank On Yourself By Pamela Yellen
by Pamela Yellen
1y ago
Two-thirds of Americans intend to make a financial New Year’s resolution for 2023, but only 20% are confident they’ll be able to keep their resolution. That’s according to a new survey from The Ascent, a Motley Fool service. It’s not surprising why. It’s been a very challenging year, and everybody’s got a case of the financial “icks.” In a year that many would just as soon forget, a few of the “low lights” include… Inflation hit a 40-year high Americans have gotten themselves into a savings crunch with mounting piles of debt The Federal Reserve continues raising interest rates at a dizzying p ..read more
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Social Security’s Big Cost of Living Increase (COLA) Means MORE Taxes to Pay
Bank On Yourself By Pamela Yellen
by Pamela Yellen
1y ago
I just turned 70… Which means I’ll be receiving a special “birthday gift” from Uncle Sam for the first time. Yes, I’m talking about my first Social Security check. Even though I could’ve started taking Social Security eight years ago, I decided to wait until now since I’m still working and don’t need the money now. Which is great because now I’ll get the maximum amount possible. So, I’m glad I waited… And I was even happier when I heard that in January, we’ll see an 8.7% increase in our Social Security checks with the cost-of-living adjustment (COLA) – the largest increase since 1981. On the ..read more
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Are “Termites” Destroying Your Financial Foundation?
Bank On Yourself By Pamela Yellen
by Pamela Yellen
1y ago
Chomp… Chomp… Chomp… That’s the sound of termites destroying your financial foundation. But most people aren’t aware it’s happening. And it’s claiming more victims than you might think. Of course, you’re aware of how inflation is eating away at the value of your dollars. You feel it at the grocery store, the gas station, when you pay rent, and just about everywhere you look. But, if, like many Americans, you own a term insurance policy, personally or through your workplace, it might not even be worth the paper it’s printed on when you need it. Inflation has been running at a 40-year high, curr ..read more
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Shaky Economy Stressing You Out? Here’s What to Do…
Bank On Yourself By Pamela Yellen
by Pamela Yellen
1y ago
Feeling like a deer in the headlights right now? You’re not alone! Soaring inflation, stock market crashing, a pandemic that just won’t go away – and the only light at the end of the tunnel looks like the oncoming train of recession! We’re all getting squeezed from both ends… It’s costing you 60% more than last year to fill up your gas tank. Last month, you thought about buying a new home. This month mortgage rates have priced you totally out of the market. Global supply chain glitches mean that things you bought all the time are almost impossible to find. (Seriously, a sriracha hot sauce sh ..read more
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How to Shield Yourself from Market Volatility, Inflation and Interest Rate Woes
Bank On Yourself By Pamela Yellen
by Pamela Yellen
2y ago
Stock market volatility has returned with a vengeance, as this chart of the Dow over the last 3 months starkly illustrates. We’re facing a whirlwind of economic challenges we have little or no control over. Here are the top 5 currently contributing to the volatility: Challenge #1: Inflation has hit a 40-year high That’s hammering consumers, wiping out pay raises, and reinforcing the Federal Reserve’s decision to rip off the band-aid and raise borrowing rates multiple times this year alone, which some economists fear will trigger a recession. Challenge #2: The pandemic and rock bottom interest ..read more
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