Saving for retirement is a lifelong project, and experts' recommended savings goals can be daunting. Bank of America recommends you have more than nine times your current salary stashed away in savings by the time you reach age 61. Even then, the bank says your savings will only replace about 40% of your pretax income. By this rule of thumb, if you make $50,000 a year, you should have $450,000 in the bank. Those making $100,000 should aim for savings of at least $900,000. However, those...

Retirement is often portrayed as lazy days at home broken up by afternoons spent on the golf course. However, not everyone wants to spend their golden years unemployed. “It isn’t always about making money,” says Izzy Kharasch, president of consulting firm Hospitality Works Inc. “It’s about social interactions.” Many retirees seek part-time jobs to help fill the days and meet new people, as well as earn income to supplement retirement savings. If you're interested in joining the ranks of...

American families spent an average of $23,757 to send their kids to college during the 2016-2017 school year. That's according to a study conducted by student loan company Sallie Mae. Now in its 10th year, the annual "How America Pays for College" survey asks 800 undergraduate students between the ages of 18 and 24 and 800 parents of undergraduate students how they covered college costs during the past year. While there is much talk about parents paying for college, the reality is their...

For millions of retirees, monthly Social Security payments provide predictable, guaranteed income. But in a handful of states, teachers won’t be among those receiving benefits. “It’s definitely surprising for some people,” says Andrew Katz-Moses, a former teacher and current financial planner with Katz-Moses Financial in the District of Columbia. Twelve states and the District of Columbia have opted out of Social Security coverage for their teachers, according to the National Center for...

Not everyone wants to leave heirs with unfettered access to the wealth they’ve accumulated over the course of a lifetime. Some people want to put restrictions on when or how money is used. Others hope to protect an inheritance from being scooped up by creditors or diverted away from children by a second wife or husband. In all these cases, a testamentary trust can be a useful estate planning tool. What’s more, it makes it possible to leave assets to minor children who may not be able to...