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Social Security trust fund reserves are projected to be depleted by 2035. The 2023 Social Security and Medicare Trustees annual report projects that the program's trust fund reserves will be depleted by 2035. "It's not that Social Security will disappear completely, but rather, the surplus bucket we rely on is at risk." The average Social Security check for a retired worker is only $1,907 per month, according to the Social Security Administration. Without sufficient action, reduced Social Security benefits might not be able to keep pace with rising costs.

Persons: Emily Millsap, you've, Roth, HSAs Organizations: Social Security, Avantax Wealth Management, Social, Social Security Administration, Workers

☆ Fidelity targets the next generation of investors with teen-inspired portfolios
▼ + stars: | 2024-04-11 | by ( Tessa Campbell | ) www.businessinsider.com time to read: +9 min

They're available through the Fidelity Youth app and target market sectors that young investors are most interested in. AdvertisementTeens can access Youth Baskets without paying the $4.99 monthly Fidelity Basket Portfolios subscription. However, teen-inspired baskets don't have the same flexibility and customization as regular Fidelity Basket Portfolios. How to invest in Fidelity Youth BasketsAnyone aged 13-17 with an active Fidelity Youth account can invest in Fidelity Youth Baskets free of subscriptions or additional fees. Investors 18 and up must pay the $4.99 subscription fee to access Fidelity Basket Portfolios.

Persons: —, Kelly Lannan, we've, Said, they'll Organizations: Fidelity, Service, Social Media, Fidelity Investments, Entertainment Fidelity, Apple, Netflix, Disney, Entertainment

Companies with upcoming IPOs can offer directed share programs to qualifying groups of retail investors to buy IPO stock. Rather than buying shares through a broker, a directed share program allows investors to buy IPO stock directly from the company. AdvertisementCompanies may offer a directed share program to employees, vendors, or, in Reddit's case, loyal users and moderators. The risk involved with directed share programsOne of the risks associated with directed share programs is that a DSP may harm the company's IPO by causing the IPO value to inflate. How to participate in Reddit's directed share programReddit began rolling out directed share program pre-registration invitations to certain users and moderators on February 22, 2024.

Persons: you'll, Reddit, Redditors, Insider's, Will McDonough, McDonough, Airbnb, Uber, —, there's, Reddit's Organizations: Companies, Corestone, New York Stock Exchange, Reddit, IPOs, DSP Locations: IPOs

The student loan payment match program can benefit employees actively paying down student loan debt. The new student loan match program certainly can put employees in a better situation to start paying down student loan debt. How to get a 401(k) match for your student loan paymentInvesting platforms and third-party administrators have already begun adding student loan matches to existing employer-sponsored retirement plans. For example, Betterment launched a student loan 401(k) match benefit to its automated 401(k) plan, Betterment at Work. Secure 2.0 student loan match program — Frequently asked questions (FAQs)What is the Secure 2.0 Act student loan match?

Persons: —, Teresa Greenip, you'll, Greenip, Sarah Levy Organizations: Employers, Service, Federal, Education Data Initiative, IRS, Fidelity, Secure, Chevron Locations: Aspiriant, Chevron

Fabric by Gerber Life launched a new investment account for parents to invest on behalf of their kids. Gerber Life's partner brand, Fabric by Gerber Life, offers affordable term life insurance, free wills — and now a new investment account for your child. Fabric by Gerber Life has launched UGMA custodial accounts on their digital platform so you can invest for your child's future. How to open a UGMA account with Fabric by Gerber LifeOpening an account with Fabric by Gerber Life is simple and only takes about five minutes. Flexible spendingA UGMA account is a type of custodial account that permits parents/guardians to invest on behalf of a child/dependent.

Persons: —, Gerber, you'll, grantor, It's Organizations: Gerber Life, Service, Gerber, Fort Washington Investment Advisors, Social, Capital, IRS, Transportation Locations: There's

☆ The Bank of America Preferred Rewards program can get you bonus credit card rewards, waived fees, and more — here's how to qualify
▼ + stars: | 2023-11-30 | by ( Holly Johnson | Tessa Campbell | Freelance Writer | ) www.businessinsider.com time to read: +38 min

Bank of America® Unlimited Cash Rewards Credit Card Apply now lock icon An icon in the shape of lock. Bank of America® Customized Cash Rewards Credit Card Apply now lock icon An icon in the shape of lock. Insider’s Take The Bank of America® Customized Cash Rewards Credit Card is worth considering if you're looking for a no-annual-fee cash-back credit card that lets you choose your highest rewards category. Bank of America® Customized Cash Rewards Credit Card review External link Arrow An arrow icon, indicating this redirects the user." How to earn more credit card rewards by joining Bank of America Preferred RewardsAt this point, you're probably wondering how much more you'll earn in rewards by becoming a Bank of America Preferred Rewards member.

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SoFi will no longer be offering crypto trading services starting on December 19, 2023. Account Minimum $0 ($1 for fractional shares; $2,000 for margin trading) Fees 0% ($5/month for Robinhood Gold) Pros Check mark icon A check mark. Buy, sell, or store more than 170 cryptocurrencies like bitcoin and dogecoinCheck mark icon A check mark. Limited staking options Insider’s Take Coinbase is one of the best investment platforms for crypto trading, staking rewards, and crypto storage. The crypto trading app has 24/7 customer support, zero trading fees, learning rewards features, and an online storage wallet.

Persons: SoFi, eToro, Jeremy Zafiros, you'll Organizations: SoFi, Robinhood, Coinbase, Pro, USA, eToro USA, Smart, eToro Trading, eToro, Visa, Mastercard Locations: Blockchain.com, USA, New York , Minnesota , Nevada , Puerto Rico , Tennessee, Hawaii, Guam, American Samoa , Northern Marianas, There's, New York , Nevada , Puerto Rico, American Samoa, Virgin Islands, Abra

Featured Investing App Robinhood Investing Start investing On Robinhood's website Icon of check mark inside a promo stamp It indicates a confirmed selection. Account Minimum $0 ($1 for fractional shares; $2,000 for margin trading Fees 0% ($5/month for Robinhood Gold) Pros Check mark icon A check mark. Goal-based planning, tax-loss harvesting, charitable giving, and socially responsible investing availableCheck mark icon A check mark. Streetbeat offers a list of stock picks based on investment data it has analyzedCheck mark icon A check mark. 0.25% for automated investing (0.06% to 0.13% for fund fees) Pros Check mark icon A check mark.

Persons: It's, Apex Crypto, It’s, Tessa Campbell, Read Organizations: Forbes, Robinhood, CFP, Invest, Trade, Ideas, Finance, New, Apex, M1 Finance

Bottom line: Fidelity Investments and Charles Schwab are two of the best robo-advisors for retirement savings, goal-building, and low-cost trading. Fidelity vs. Charles Schwab: The Biggest DifferencesFidelity and Charles Schwab are featured in a number of our guides, including the best brokerages for beginners. Fidelity Investments reviewAutomated Investing With FidelityFidelity offers two different automated accounts: Fidelity Go and Fidelity Personalized Planning & Advice. Charles Schwab Brokerage Account reviewAutomated Investing With Charles SchwabLike Fidelity, Charles Schwab's automated accounts — Schwab Intelligent Portfolios and Schwab Intelligent Portfolios Premium — also include an automated-only account and an automated-plus-advice option. Fidelity vs. Charles Schwab — Frequently Asked Questions (FAQs)Is Fidelity better than Charles Schwab?

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The Biden Administration proposes a crackdown on "junk fees" in retirement savings plans. However, high expense ratios in your account may be cutting into your future retirement savings. But there are still some preventive steps you can take to minimize any potential "junk fees" in your retirement savings plan. 4 ways to lower 'junk fees' in your retirement planThe Biden Administration wants to crack down on "junk fees" in 401(k)s and other investment accounts. Until then, here are four steps you can take to lower fees in your retirement savings plan.

Persons: Biden, —, Charles Schwab, Robinhood, Judy Diamond's, Roth, it's, Teresa Bailey, Chloe Wohlforth Organizations: Service, US Department of Labor, Biden Administration, Employers, Mutual, Roth IRA, Waddell & Associates, Robinhood, Department of Labor, CFP, Angeles Wealth Management

401(k) contribution limits are increasing from $22,500 to $23,000 in 2024, and from $30,000 to $30,500 for those age 50 or older. IRA contribution limits are increasing from $6,500 to $7,000 in 2024, and from $7,500 or $8,000 for those 50 and older. Learn about the new 2024 contribution limits and how to make the most of these changes. 401(k) and IRA contribution limits in 2024Every year the contribution limits for individual and joint retirement savings plans increase as the cost of living in the US goes up. So if you're eligible, you can contribute an additional $7,500 to your traditional 401(k), Roth 401(k), 403(b), Thrift Savings Plan, and most 457 plans.

Persons: —, It's, there's, Roth, you'll, Robinhood Organizations: IRS, Service, Savings, IRA Locations: That's

An economic recession can impact retirement savings for current and future retirees in the US. Start savings for your future with the best retirement plans>>How does a recession affect a retired person? 4 ways to protect your retirement savings in a recessionYou can take preventive measures to protect your 401(k) or IRA savings from a recession. On the other hand, current retirees actively withdrawing from their retirement savings should consider getting a part-time job for a while. However, it's generally better to leave your retirement savings alone as much as possible while in a recession.

Persons: Teresa Bailey, Samantha Gorelick, there's, it's, Tessa Campbell, Read Organizations: Waddell & Associates, CFP, Finance

Here's everything you need to about the up-and-coming changes for 401(k) catch-up contributions. 401(k) catch-up contributions in 2026: 4 things you should know now1. But starting in 2026, older workers earning over $145,000 annually will no longer be able to deposit catch-up contributions into a traditional 401(k) plan. Rather than collecting the immediate tax benefit of a traditional 401(k) contribution, catch-up contributions will be taxed as Roth contributions. You have until 2026 to prepareThe new 401(k) catch-up rules were originally planned to be set into motion on January 1, 2024.

Persons: You'll, Roth, Roths, Eric Kirste, he's, you'll, It's, we've, Read, Kirste, Robinhood Organizations: Workers, IRS, Employers, Financial

There are multiple types of index funds, including:Broad market index funds: Index funds that try to track the overall performance of an entire asset class throughout the entire stock market. Fixed-income and debt index funds: Index funds that track bond indices for low expense ratios. International index funds: Index fund that invests funds in assets outside of the US. Sector-based index funds: Index funds that invest funds in a specific sector of the market, such as technology or even certain company services. Socially responsible index funds: Similar to sector-based index funds, socially responsible index funds invest specifically in companies that focus on environmental, social, and governance (ESG) services.

Persons: Warren Buffett, It's, Julian Schubach, Louis, Ameritrade, Charles Schwab, you've, Schwab Organizations: Service, Independence, US, Rutgers, Nasdaq, Nasdaq Stock Market Dow, NYSE, New York Stock Exchange, U.S, Federal Reserve Bank of St, Market, Fidelity, Vanguard, Chevron Locations: Wall, Silicon, Chevron

Here are four important steps to take to determine just how much money you'll need to save:1. Calculate how much you'll need to save during retirementUnderstanding what you expect retirement to look like will help determine how much you'll need in order to fund that lifestyle. In retirement, your savings will cover many of the same expenses that you had prior to retirement. This rule states that retirees can withdraw up to 4% of their retirement savings in year one of retirement. So, if you have $2,000,000 in retirement savings, you would withdraw $80,000 that first year.

Persons: you'll, it'll, Jim Ludwick, They're, Roth, Ludwick, Tolen Teigen, Everyone's, Charles Schwab Organizations: Service, Gallup, Utilities Insurance, Inc, Fidelity, Social Security, IRA, Roth IRA, Consulting, Security Locations: Wall, Silicon, Chevron

UTMAs/UGMAs accounts are taxable custodial accounts set up by parents or guardians for the benefit of a minor. Unlike 529 plan accounts, which are specifically for college savings and higher-education expenses, UTMA/UGMA accounts offer more flexibility. UTMA UGMA Custodial account ✓ ✓ Flexible spending ✓ ✓ Kiddie tax ✓ ✓ Available in all US states x ✓ Allows real assets ✓ xYou can open a UGMA in all US statesUGMAs are available in all 50 US states, but you can't open a UTMA in South Carolina or Vermont. You can put real assets into a UTMAThe main difference between UGMA and UTMA accounts is that UGMA's are limited. UGMA accounts do allow the following properties:CashStocksBondsMutual fundsOther financial productsOnly UTMA accounts allow real assets like real estate and cars.

Persons: Dexter Wyckoff, UTMA, Wyckoff, doesn't, it's, you'll Organizations: Service, Northwestern Mutual Locations: Wall, Silicon, South Carolina, Vermont

About Ally Invest Robo PortfoliosAlly Invest Robo Portfolios is an Ally Financial-affiliated automated account offering investing without fees for US residents. Ally Invest Robo Portfolios FeesAlly Invest Robo Portfolios doesn't charge trading fees, advisory fees, annual fees, or rebalancing. Methodology: How We Reviewed Ally Invest Robo PortfoliosAlly Invest Robo Portfolios is a robo-advisor that was reviewed using Personal Finance Insider's rating methodology for investing platforms. How Ally Invest Robo Portfolio ComparesAlly Invest Robo Portfolios vs. Fidelity GoIf you're a hands-off investor in search of automated portfolio management, Ally Invest Robo Portfolios and Fidelity Go are both popular robo-advisors. Ally Invest Robo Portfolios vs. Schwab Intelligent PortfoliosAlly Invest Robo Portfolios and Charles Schwab's most basic automated account, Charles Schwab Intelligent Portfolios, both offer competitive automated investing services.

Persons: Ally, Ally Invest's, Ally Invest, it's, It's, you'll, Roth, Charles Schwab, Schwab, Charles Schwab's, brokerages, Rickie Houston, Rickie, He's, Read, Elias Shaya, Elias, Tessa Campbell Organizations: Reading Chevron, Financial, Ally Invest, Better, Bureau, BBB, Financial Inc, Invest, IRS, Roth IRA, Investment, Vanguard, Fidelity, Finance, Schwab, Business, Boston Globe, Yahoo News, Boston University, Boston University News Service, CUNY College of, New York Presbyterian Hospital Locations: New York City, CUNY College of Staten Island, Lebanon

Robinhood vs. Coinbase: The Biggest DifferencesRobinhood Investing and Coinbase are both popular online investment platforms offering a vast range of investment choices for active traders. Robinhood Account FeaturesRobinhood's virtual library provides a variety of financial research on investing, options trading, and more. Coinbase Account FeaturesThe Basic Coinbase account offers things like trading, crypto rewards, interest rewards, digital storage, and mobile access. Compared to Coinbase, Robinhood is the better option for investors who want to merge traditional investments, such as stocks and ETFs, with more digital assets like cryptocurrencies. Although Robinhood has a significantly more limited crypto selection than Coinbase, Robinhood offers a large variety of investment options.

Persons: Robinhood, Roth, Coinbase Coinbase, Roth IRAs, Coinbase, There's, Louis Oberlander, Henry Rodriguez, Christopher Underwood Organizations: Robinhood, Chevron, Reading Chevron, Coinbase, Trade, Pro, Morningstar, Nasdaq, Better, Bureau, BBB, Gamestop, SEC, Advanced Trade, Inc, New York State Department of Financial Services, New, DFS Locations: cryptocurrencies, New York, Robinhood

See Insider's picks for the best personal loans >>Compare Personal Loan RatesHere's how you can get approved for a $20,000 loan from a credit union, bank, or online lender. $20,000 loan offersThere are plenty of personal loan options out there for folks shopping around for a good deal on a $20,000 loan. You can take out a loan as low as $5,000 and as high as $100,000, so a $20,000 loan is more than doable with SoFi. How to get a $20,000 loan FAQsHow much would a $20,000 loan cost per month? The monthly cost of a $20,000 loan can vary greatly based on the annual percentage rate (APR) and the terms of your loan.

Persons: —, It's, You'll, you'll, SoFi, Wells Organizations: Service, Social, National Credit Union Administration, Wells Fargo, Wells, PenFed Credit, Avant, Chevron Locations: Wells Fargo, Massachusetts , Ohio, New Mexico, Georgia

It's focused on maximizing your after-tax yield with a diverse, low-cost blend of bond ETFs. Read our review Read Our Review A looong arrow, pointing rightWhy you should consider an automated bond portfolioWealthfront's automated bond portfolio pays a 5.59% yield, which is higher than Wealthfront's own cash account that pays 4.55% to 5.05%. Also, the automated bond portfolio may be tax-advantaged, but there's no guarantee that it will work. But neither platform offers automated investing specifically for bond ETFs, so passive investors are better off with Wealthfront. It also invests in a blend of commission-free bond ETFs and iShares bond ETFs.

Persons: Wealthfront, —, Charles Schwab, you'll Organizations: Bond, Service, SEC, Reading Chevron, Treasury, Fidelity, Wealthfront

See Insider's picks for the best personal loans >>Compare Personal Loan RatesHow to get a $5,000 loanYou'll need to meet some lender qualification requirements before you can be approved for a $5,000 loan. How to qualify for a $5,000 loan with bad creditCredit scores are key in determining whether or not you'll be able to pay back your loan. Insider's Featured Personal Loan Companies LightStream Personal LoanMarcus Personal LoanSoFi Personal Loan Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. How to get a $5,000 loan FAQsHow much would a $5,000 loan cost per month? The monthly cost of a $5,000 loan can vary greatly based on the regular annual percentage rate (APR) and the terms of your loan.

Persons: —, You'll, they'll, Goldman Sachs, Avant, you've Organizations: Service, Social, National Credit Union Administration, PenFed Credit, Chevron Locations: Massachusetts , Ohio, New Mexico, Georgia

Credit score and history: Your credit score and history are key to getting your loan approved for a personal loan. How to qualify for a $10,000 loan with bad creditA good credit score is essential when getting approved for a $10,000 loan. $10,000 loan offersIf you're looking to take out a $10,000 loan, here are some lenders worth considering:LightStream is best for borrowers with excellent credit scores, but you can still qualify with a score as low as 660. How to get a $10,000 loan FAQsHow much would a $10,000 loan cost per month? The cost per month for a $10,000 loan can vary greatly based on the regular annual percentage rate (APR) and the terms of your loan.

Persons: —, you've, They're, LightStream, SoFi, Avant Organizations: Service, Social, National Credit Union Administration, SoFi, PenFed Credit, Avant, Chevron Locations: prequalification, Massachusetts , Ohio, New Mexico, Georgia

Kraken vs. Coinbase: The Biggest DifferencesCompare Kraken and Coinbase KrakenCoinbase Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. These levels determine which account features you can access, as well as represent the amount of documentation you provide when setting up your Kraken account. Kraken Account FeaturesIf you're an institution or an advanced trader, there's no shortage of services at Kraken. The standard Coinbase account includes crypto trading, Coinbase Earn, Coinbase Card (a Coinbase debit card), wallet services, and more. Coinbase and Kraken are both great cryptocurrency exchanges with large cryptocurrency selections, account features, NFT beta marketplaces, and more.

Persons: Coinbase, Min, webinars —, Kraken, Roth IRAs, Coinbase Waller, you'll Organizations: US Securities and Exchange Commission, SEC, Chevron, Coinbase, Trade, Pro, OTC, Better, Bureau, Inc, New York State Department of Financial Services, New, DFS, iOS Locations: New York, Washington

It's focused on maximizing your after-tax yield with a diverse, low-cost blend of bond ETFs. Here's everything you need to know about the new Wealthfront automated bond portfolio. Read our review Read Our Review A looong arrow, pointing rightWhy you should consider an automated bond portfolioWealthfront's automated bond portfolio pays a 5.48% yield, which is higher than Wealthfront's own cash account that pays 4.55% to 5.05%. Also, the automated bond portfolio may be tax-advantaged, but there's no guarantee that it will work. It also invests in a blend of commission-free bond ETFs and iShares bond ETFs.

Persons: Wealthfront, —, Charles Schwab, you'll Organizations: Bond, Service, SEC, Reading Chevron, Treasury, Fidelity, Wealthfront

Compare the United Club Infinite and Quest United Club℠ Infinite CardUnited Quest℠ Card Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. Rewards ratesFor those who spend a lot on paid United tickets, the United Club℠ Infinite Card has a better earning rate of 4x United miles on United purchases versus 3x miles on the United Quest℠ Card. United Quest and Club Infinite Benefits and FeaturesIf you're looking at the cards' welcome bonuses alone, the United Club℠ Infinite Card has an edge, with a welcome bonus higher than that of the United Quest℠ Card. United Club airport lounge accessAs the name suggests, the United Club℠ Infinite Card includes United Club membership, which gets you access to over 45 United Club airport lounge locations plus partner lounges and Star Alliance lounges. The United Club℠ Infinite Card does come with a handful of extras that give it a slight edge over the United Quest℠ Card, including:Better trip cancellation/interruption insurance: The United Club℠ Infinite Card covers up to $10,000 per person and $20,000 per trip; the United Quest℠ Card maxes out at a much lower $1,500 per person and $6,000 per trip.

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