The one part of financial planning nobody likes to think about is who will manage your accounts after you’ve passed away. This is understandable. Nobody really likes thinking about what happens after they’ve died, and trying to divide up even a small estate can seem intimidating.
After Bernie Madoff was caught stealing billions of dollars from investors he had lured into his Ponzi scheme, people realized that not everything that shines is gold. You may not run into a white-collar criminal like Madoff, but if you've done research online for investments over the years, you'll end up running across scams sooner or later. Be on the lookout for signs such as these:
There comes a time in everyone's life that they starts to think of a retirement plan. Many people don’t think about it until their thirties. By then, the ideal time to start saving for retirement may have passed. Everyone knows they should be doing it, yet we all make excuses and give reasons for why we can’t save for retirement.
Many people believe it is okay to borrow from your 401(k) to get fast money for emergencies, but dipping into your 401k can be a bad idea. Borrowing from your 401(k) might not affect you now, but it will hurt in the long run. If you keep borrowing from your 401k, you are at a risk of running out of your retirement savings faster than you planned.
If you’re thinking about saving for retirement, there are a lot of things to consider. There are many retirement accounts to choose from. Retirement accounts sponsored by the workplace aren’t the only way you can save money. You can also do it through individual retirement accounts, also known as IRAs.