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☆ 40% of Americans plan to retire with $1 million or more—it might not be enough
▼ + stars: | 2024-10-03 | by ( Ryan Ermey | ) www.cnbc.com time to read: +1 min

A million dollars isn't the symbol of wealth that it used to be, but saving that much for retirement is still rare. In fact, among those currently saving for retirement, 57% say the amount they're hoping to save is less than $1 million. If you withdraw money from your portfolio too fast, you drastically decrease the chances that the money will last for your entire retirement. Divide that figure by 4%, and you'll arrive at the amount you'll need to retire with: $2.5 million. If you plan to retire with $1 million, by the same calculation you can expect to withdraw $40,000 in your first year.

Persons: you'll Organizations: CNBC, SurveyMonkey, Security

Best Personal Loans for Quick FundingHere are Business Insider's picks for the best personal loans for quick funding:Compare Personal Loan RatesTop Quick Personal Loan LendersLightStream personal loans are a solid choice for both relatively low interest rates and same-day funding. This lender topped our list of the best personal loans, and quick funding is yet another bonus. This lender also made Business Insider's list of best personal loans. Here is each company's score:Lender BBB Grade LightStream Personal Loan A Upstart Personal Loan A+ Avant Personal Loan A+ Best Egg Personal Loan A+ LendingPoint Personal Loan A+ Rocket Loans Personal Loan A+ OppLoans Personal Loan A+All of our top picks for quick personal loans are rated A or higher by the BBB. Find her on Twitter at @lizknueven Read more Read less Ryan Wangman, CEPF Loans Reporter Ryan Wangman was a reporter at Personal Finance Insider reporting on personal loans, student loans, student loan refinancing, debt consolidation, auto loans, RV loans, and boat loans.

Persons: doesn't, LendingPoint, aren't, You'll, Markia Brown, Ryan Wangman, Liz Knueven, Liz, Read, Elias Shaya, Elias Organizations: LightStream, Avant, West Virginia, Better Business Bureau, BBB, Credit, National Credit Union Administration, Chevron, The Savannah College of Art, Twitter, Finance, Northwestern University, Boston Globe Locations: Nevada, West, Iowa , Nevada, West Virginia, Massachusetts, Ohio, New Mexico, Georgia, Chevron, Cincinnati , Ohio, New York City

☆ I tried to retire twice, once at 40 and again at 62. But I like working with people too much.
▼ + stars: | 2024-09-24 | by ( Gary Nunn | ) www.businessinsider.com time to read: +5 min

Twice in my life, I've attempted to retire, and both times, I've been tempted back into full-time work. Both my husband and I had done very well in our jobs, so I was fortunate enough to be able to retire early. By the age of 40, I'd worked my way to the top as a financial planner. AdvertisementDuring my second attempt at retirement, I realized how much I loved working with clientsThen, I really lost my mojo for work. While this adventure was exhilarating, I ultimately realized I missed being at home near loved ones and, most of all, working with clients.

Persons: —, Chris Childs, I've, I'd, We'd, wasn't, I'm, David, He'd Organizations: Service, Business, mojo Locations: Australia, Italy, France, England

☆ What to do with your money as interest rates drop
▼ + stars: | 2024-09-18 | by ( Business Insider | ) www.businessinsider.com time to read: +4 min

The last time the Federal Reserve Board cut interest rates was in 2020. Read more on buying a house after interest rates drop »Read more on refinance rates after an interest rate drop »Your savings ratesExpect: Savings account and CD rates to start falling. Remember, though: High-yielding money market and savings accounts continue to outearn regular bank accounts even as rates drop. Read more on savings rates after an interest rate drop »Compare Banking OffersYour investmentsExpect: Short-term fluctuations that shouldn't affect long-term strategies. Read more on investing after an interest rate drop »Your credit card debtExpect: More of the same.

Persons: We're, Read, you've Organizations: Federal Reserve Board, Fed, overreacting, Federal

Lower interest rates may impact your investment portfolio following the Fed's first rate cut. "They get spooked by something like policy changes and sell out of a diversified investment portfolio. "Generally, lower interest rates boost the economy as lending gets cheaper for consumers and businesses, " says Eckles. However, as interest rates fall, the attractiveness of these cash investments declines. The inverse relationship between bond prices and interest rates means that as rates fall, bond prices rise, providing another return component.

Persons: Banks, Goldman Sachs, JP Morgan, Bakkum, Pam Krueger, annualized, Jaime Eckles, Plante Moran, doesn't, We've, Krueger, Cash Organizations: Federal Reserve

☆ 2 things millennials tend to spend way too much money on, according to financial planners
▼ + stars: | 2024-09-13 | by ( Business Insider | Stephanie Hallett | ) www.businessinsider.com time to read: +5 min

Financial planners say millennials have a few not-so-great spending habits. According to financial planners, there are two things millennials overspend on way too often. AdvertisementFinancial planners say it's OK to spend your money on these things, but it becomes a problem when it doesn't fit into your budget or you're not meeting your financial goals. "I think most people, not just millennials, don't really have a budget and don't know how much they spend. This will help you figure out your discretionary spending budget once you've covered your priorities.

Persons: —, they've, Clari Nolet, Hewins, millennials, Nolet, doesn't, Asad Gourani, you've, lattes, Gourani Organizations: Service, AG Wealth Management

If the Fed cuts rates on September 18, bank account interest rates are likely to decline further. High-yield savings and money market accounts outearn typical checking or savings accounts even when rates decline. If the Fed decides to cut rates, savings account and CD rates will likely decline. AdvertisementEven in a declining interest rate environment, the best high-yield savings accounts offer a higher annual percentage yield than savings accounts at brick-and-mortar banks. Some of the highest-yield saving accounts include the EagleBank High-Yield Savings Account (0.01% to 5.35% APY), Western Alliance Bank High-Yield Savings Premier( 5.31% APY), and BrioDirect High-Yield Savings Account (5.30% APY).

Persons: —, they'll, George Salinas, ™, Nate Hanft, there's, Banks, it's, I've, Hanft Organizations: Service, CFS, Manske Wealth Management, Barclays, Connexus Credit, Wealth, Western Alliance Bank, Yield Savings Locations: Salinas

☆ Bitcoin's dizzying price movements make it a risky investment, say investing experts: 'It's pure, unadulterated speculation'
▼ + stars: | 2024-08-08 | by ( Mike Winters | ) www.cnbc.com time to read: +1 min

Bitcoin's price has been particularly volatile as of late. The coin both rose and fell this week, at one point dropping by about 7% in a single hour alone. These recent movements in bitcoin's price serve as a stark reminder of how erratic the cryptocurrency can be and why financial planners often consider it a discretionary investment. Although bitcoin's price has roughly doubled in value since August 2023, it's not an appropriate investment for everyone, especially those with a lower risk tolerance. Bitcoin's frequent price fluctuations undermine its reliability as a store of value or as a hedge against inflation, at least in the short term.

Persons: that's, it's, shouldn't

☆ A boomer helped pay for his daughter's college and her husband's student debt. He won't start gifting their inheritance until they curb their spending.
▼ + stars: | 2024-07-28 | by ( Kelsey Vlamis | ) www.businessinsider.com time to read: +5 min

Ken, a semi-retired health services executive, helped his daughter and her husband pay for college and for their home. AdvertisementKen said his daughter graduated from college without any debt, thanks to an academic scholarship and a 529 savings plan he contributed to. By the time his daughter got to college, the plan had about $75,000 in it. Ken wants to start gifting them money but wants to make sure they're savingHowever, Ken said they started spending heavily while trying to furnish and improve their home. Ken said he would like to start gifting them the annual amount that's allowed tax-free.

Persons: Ken, they've, Ken's, didn't, I've, that's boomer, hasn't, he's, it's Organizations: Service, Business

☆ Boomers who want to transfer wealth to their adult kids should make sure their finances can pass a stress test
▼ + stars: | 2024-07-25 | by ( Kelsey Vlamis | ) www.businessinsider.com time to read: +5 min

So, how do you know if you're in a position to be able to start passing down your wealth? But even average baby boomers, who have a net worth of around $1 million, are getting in on early wealth transfers. Griffith said the first thing someone should do before transferring wealth is to look at their retirement resources and do something she calls a "stress test." That includes considering what the portfolio might look like when the markets are most volatile and declining. Griffith said a wealth advisor can help complete a stress test using specific software that looks at various simulations of what could happen to a person's finances.

Persons: boomers, Michelle Griffith, Griffith, it's Organizations: Service, Business, Financial, Citi, Wealth Management

Many people fail to adjust their retirement savings when their income grows. I started making my retirement savings strategy a priority, from automating monthly contributions to maxing out various savings vehicles, from 401(k) plans to SEP IRAs. Not adjusting your retirement savings with your lifestyleAnother retirement mistake? Consider a financial advisor. Finding a financial advisor doesn't have to be hard.

Persons: —, it's, Brent Weiss, there's, isn't, Jen Reid, Michael J, Ashley Feinstein Gerstley, you'll, Weiss, doesn't Organizations: Service, Yardley Wealth Management Locations: Roth

The Best Free Stock Trading AppsCharles Schwab: Best overall free stock trading appFidelity Investments: Best trading app for index fundsSoFi Invest: Best for beginnersWebull: Best trading apps for options tradingRobinhood Investing: Best trading apps for active tradingE*TRADE: Best trading apps for all types of investorsInteractive Brokers: Best trading apps for advanced tradersPassive and active investors can benefit from commission-free trading on investments like stocks and ETFs. Compare the Top Free Stock Trading AppsThe best free stock trading apps offer low account minimums, commission-free trading, research, financial tools, educational resources, and more. Interactive Brokers reviewBest Free Stock Trading Apps FAQsWhich app is best and free for trading? SoFi is our top pick for the best free stock trading app for beginners because of its automated trading services and low-cost investment strategies. How to Choose the Best Free Stock Trading AppThe best free stock trading apps for beginners will offer low fees, low minimums, easy-to-use platforms, and access to educational resources like webinars and blogs.

Persons: Charles Schwab, Charles Schwab's, Schwab, You'll, you'll, Morningstar, SoFi, Webull, Robinhood, litecoin, Brian Fry, Charlotte Geletka, Kaysian Gordon, isn't Organizations: Fidelity Investments, Invest, Interactive, Free, Business, Business Daily, Fidelity, SoFi, Financial, SoFi Invest, Nasdaq, Robinhood, Gold, Robinhood Gold, Apple, Traders, IBKR Pro, Paxos Trust, Traders Academy, Interactive Advisors, CDFA, CFP, Investors

Best Investing Apps of 2024Top Investing Apps of 2024The best investment apps help you achieve wealth-building goals while diversifying your portfolio and providing the accessibility and convenience of mobile trading for the everyday investor. Here are the best investment apps available to traders, as chosen by Business Insider's editors in 2024. Best Investing App OverallE*TRADE is a one-stop shop for investing and the overall best app. Betterment reviewBest Investing App for MobileAs one of the best stock trading apps for beginners, Acorns Invest is the best investing app for mobile traders seeking automated trading strategies and customized ETF portfolios. Best Investment Apps FAQsWhat is the best app to start investing on?

Persons: you'll, Vanguard's, Wealthfront, you've, Charles Schwab, we've, Brian Fry, Charlotte Geletka, Kaysian Gordon Organizations: Business, Mobile, Finance, M1 Finance, M1, IRA, Vanguard, Stock Market ETF, Bond, Blackrock, Invest, Chevron, SoFi Invest, Fidelity, Apple

We talked to several experts to help estimate the cost of creating a will and other estate planning documents. Average costsJack Hales, an estate and probate attorney at Hales and Sellers, said the cost of your estate plan can vary widely depending on what you need done. These frequently require notarization, which comes with a small fee, but other than that, they cost nothing but the cost of the paper on which they are written. Small changes using a lawyer may cost you a few hundred dollars, while updating your will through an online platform may only cost you $20. FAQsWhat is the average cost of creating a will?

Persons: Patrick Hicks, Hicks, Jack Hales, Hales, Sellers, Erin Bury, Rochelle Schultz, Weinstock Manion, it's, you'll, Notarization, Indrika Arnold, Will, Bury, who's, they're Organizations: Trust, Will, Bury, Financial, The Colony, National Council, Aging, Inc Locations: San Francisco, Topeka, Chevron

Financial planners said real estate is a top source of passive income for their clients. Making passive income isn't always as easy as it sounds — it takes time and money up front, and the benefits don't come overnight. To find out how people are earning passive income, Business Insider asked several financial advisors to share their clients' top passive-income sources. "Passive income sources like podcasts, websites, apps, YouTube channels generating income off of ads — those are really common sources of passive income that I've seen," he told Business Insider. Creating digital products for sale onlineEllis said that digital products are a common way she's seen clients earn passive income recently.

Persons: Brent Weiss, he's, Weiss, Akeiva Ellis, She's, it's, Wealthfront, Read, Andrew Westlin, I've, What's, Ellis, doesn't Organizations: YouTube, Business

☆ Boomer dad, who is 6 months away from retirement, has already started gifting his Gen X and millennial kids their inheritance
▼ + stars: | 2024-07-10 | by ( Kelsey Vlamis | ) www.businessinsider.com time to read: +5 min

MJ's kids include two of his own and two stepchildren, all aged between 35 to 46. AdvertisementHe's among a growing cohort of boomers who are passing on their wealth at an earlier stage in life, financial planners previously told BI. "We consider inheritances and money from families a gift of love," Gideon Drucker, president and financial planner at Drucker Wealth, previously told BI. The money he gifts to his kids comes with no strings attached — they are free to spend it how they see fit. "I'm not going to put them all into retirement with what I'm leaving them.

Persons: he's, Bill Perkins, boomers, Gideon Drucker, MJ, Here's, I've, Drucker, Warren Buffett, Bill Gates, Mark Zuckerberg, Buffet, I'm Organizations: Service, Business, Drucker Wealth Locations: Alberta, Canada

☆ 6 in 10 Americans are uncomfortable with their emergency savings—but you may need less than you think
▼ + stars: | 2024-06-27 | by ( Ryan Ermey | ) www.cnbc.com time to read: +2 min

Some 6 in 10 U.S. adults say they're uncomfortable with their level of emergency savings, according to a recent survey from Bankrate. Financial planners generally recommend stashing three to six months' worth of living expenses away in an emergency fund. More than half of Americans — 56% — say they have less than three months of expenses saved, including 27% who say they have no emergency savings at all. Why you need emergency savingsWhen it comes to your financial priorities, establishing an emergency fund should be close to the top of your list, which may feel counterintuitive. And when it does, having an emergency fund prevents you from taking money away from your other financial goals.

Persons: Alyson Basso, Greg McBride Organizations: Financial, Hayden Wealth Management, Bankrate Locations: U.S, Bankrate, Middleton , Massachusetts

☆ A rainbow logo isn't enough: How to find financial institutions that actually care about LGBTQ+ people
▼ + stars: | 2024-06-24 | by ( Ryan Ermey | ) www.cnbc.com time to read: +6 min

Rather, look to work with institutions and individuals that are aware of the community's unique financial needs . Some 3 in 10 LGBTQ+ adults (30.8%) say they experienced discrimination when accessing financial services, according to a recent survey from the Human Rights Campaign . In many cases, parade sponsors and participants include financial institutions, from banks to real estate agencies to investment brokerages. Making that process easier is a career goal for Charles Chaffin, a financial psychologist who founded Affirming Advisor — a program designed to help financial firms better serve LGBTQ+ clientele. Vet the firmIf a financial institution is publicly supportive of the LGBTQ+ community, that's certainly a good start, says Jay.

Persons: We've, Chris Jay, you've, Charles Chaffin, —, Chaffin, you'll, that's, Jay Organizations: Merrill, Human, CFP, LGBT Chamber, Commerce, Realtors, CNBC Locations: Seattle

However, I was raised in a household where it was deeply ingrained that we were to be generous and help others at all costs. While I do want to help my family, this messaging isn't conducive to tucking funds away for Future Me and putting my own financial needs and goals top of mind. By taking care of your financial needs, you'll be in a much better place to care for your loved ones. Depending on your situation, you not only need to know your wants and needs, but you also might need to know your family's wants and needs. If you want help with your financial situation and juggling your needs and your family's needs, consider working with a financial advisor.

Persons: I've, churchgoers, Thao Truong, Truong, you'll, I'm Organizations: Service, Business, Morton Wealth, Budget, Foundation, Financial Locations: Los Angeles, Vietnam

☆ As retirement looms, many Gen Xers are still playing catch-up
▼ + stars: | 2024-06-20 | by ( Genna Contino | ) www.cnbc.com time to read: +1 min

About half, or 48%, of Gen Xers say they won't have enough money to enjoy their retirement, a 2024 report from global asset management company Natixis Investment Managers found. Gen X is typically defined as those born between 1965 and 1980. "I think where it's very stressful for [Gen X] is being sandwiched in that tug of war, saving for their retirement as well as helping aging parents," said Marguerita Cheng, a certified financial planner and Gen X mother. Gen X is the first generation of U.S. workers to come of age with 401(k) plans as their primary retirement vehicle after employers largely shifted away from traditional pensions in the 1980s. As retirement approaches, Gen X is feeling the financial squeeze — but financial planners say there are still ways to maximize your savings.

Persons: Gen Xers, they'll, Gen, Marguerita Cheng, Cherry, Cheng Organizations: Natixis Investment, Preston D, Blue, Wealth, CNBC, CoreData Research

☆ Bitcoin ETFs aren’t winning the hearts and minds of financial advisors
▼ + stars: | 2024-05-31 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +4 min

In this article BTC.CM= Follow your favorite stocks CREATE FREE ACCOUNTOmer Taha Cetin | Anadolu | Getty ImagesA major thesis around bitcoin ETFs was that financial advisors needed regulated funds like them to direct their wealthy clients to invest in bitcoin. For one, bitcoin ETFs have been hailed as the most successful ETF launches in history, with BlackRock's iShares Bitcoin Trust (IBIT) reaching $20 billion in assets under management this week, even with advisors sitting out. CNBC spoke with a dozen members of CNBC's Advisor Council, which includes Baker, to learn why so many financial planners are still down on bitcoin and bitcoin ETFs, and what could cause them to change their tune. Many hope consistent flows into bitcoin ETFs over the years can lower that volatility, but for now, it's still a deterrent for some. "Financial advisors now have a way to give clients access [to bitcoin] that's safe, reliable and regulated," said Bradley Klontz, managing principal of YMW Advisors in Boulder, Colorado.

Persons: Omer Taha Cetin, BlackRock's, I'm, Lee Baker, Baker, Ted Jenkin, —, they're, It's, it's, Bradley Klontz, Cathy Curtis, bitcoin Organizations: Anadolu, Getty, Apex Financial Services, CNBC, YMW Advisors, Partners, Curtis Financial Locations: bitcoin, Atlanta, Boulder , Colorado, Oakland , California

☆ If you have this much money in your 401(k), you're doing better than most—here's how to save even more
▼ + stars: | 2024-05-30 | by ( Ryan Ermey | ) www.cnbc.com time to read: +5 min

Still, when you're saving for something that's decades away, such as retirement, it's easy to feel like you're not doing enough or that you're falling behind without some context. Even if you're not doing as well as you'd like, you may be doing better than most. "Automating savings ensures consistency and discipline, making it easier to stick to your retirement savings goals." It's "essentially free money that can significantly boost your retirement savings," says Basso. "Don't treat your retirement savings like Vegas and go all in on something.

Persons: you've, Ashton Lawrence, Alyson Basso, Basso, couldn't, Andrew Herzog Organizations: Fidelity, Mariner Wealth Advisors, Hayden Wealth Management, CNBC Locations: Greenville , South Carolina, Middleton , Massachusetts, Plano , Texas, Vegas

I've been working with wealthy clients for nearly 15 years, and I've noticed a few common habits. I've been advising wealthy clients for nearly 15 years, and I'm often asked for the secret sauce, or the commonalities I see in my wealthiest financial-planning clients that make them successful. My most successful clients lean on us to help them separate those emotions and make sound financial decisions. My most successful clients value receiving comprehensive financial plans specific to their goals and situations. My most successful clients value receiving comprehensive financial plans specific to their goals and situations.

Persons: I've, —, I'm, that's, they've, doesn't Organizations: Service, Everest, Google, Jobs, Relief, Economic Security Locations: Policygenius

Investing can be intimidating, but financial planners recommend index funds to make things easier. Index funds are generally low-cost, but make sure you understand what fees are involved. Instead, experts have a suggestion to reduce the overwhelm for new and experienced investors alike: total stock market index funds, which give you exposure to the stock market more broadly. AdvertisementWhen you're picking your total market index fund, keep in mind that many of the funds are tracking the same indexes. Susan Dziubinski, an investment specialist at investment research firm Morningstar, identified total market funds as one of the five best ways to invest money.

Persons: Bryan Hasling, Hasling, there's, Charles Schwab, Susan Dziubinski, Morningstar, Dziubinski, doesn't Organizations: Apple, Financial, Fidelity Investments, Wall Street Locations: U.S

☆ How to save for retirement if your company doesn't offer a 401(k)
▼ + stars: | 2024-04-30 | by ( Mike Winters | ) www.cnbc.com time to read: +4 min

Even if your employer doesn't offer a 401(k) plan, it shouldn't stop you from getting the most out of your retirement savings. You have other tax-advantaged options available to save for the future, including individual retirement accounts, Roth IRAs or health savings accounts — all of which can help your money grow. However, only about 11% of Americans max out their 401(k) contributions. If you don't have an employer retirement plan like a 401(k), all of those contributions are tax deductible. And unlike traditional IRAs, you don't have to take minimum distributions at any point.

Persons: Roth, Justin Rucci, Roth IRAs Roth, Alyson Basso Locations: Newport Beach , California, Middleton , Massachusetts

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