Financial

For many people, Social Security payments for retirement will equate to a significant part of their income. While this income may only measure up to about a quarter of an individuals wages before retirement, it can be a very important aspect of a comfortable financial retirement. However, the best way to maximize Social Security benefits is to wait until the age of 70 to file for these benefits. This is typically when the amount of the benefit will max out. It is, however, important to determine how a person can bridge the retirement financial gap, and wait as late as possible to file for Social Security benefits. Here are a few things to keep in mind.

Americans are slowly coming out of “crisis mode” as the economy improves, but some people are still dealing with unemployment. Thankfully, the US government isn’t as cruel as some may have been led to believe, where unemployment is concerned. Below are seven Captain Cash approved ways to save on taxes while unemployed.

The death of a loved one is a difficult time to endure as your head and heart are never prepared for the loss. In addition to the grief of missing a deceased loved one is being responsible for the financial arrangements as well as funeral provisions for the deceased. Although talking to a loved one about this subject may seem morbid, planning ahead can minimize family strain as you prepare to settle the numerous matters than need to be sorted. Pick a day to sit down with your loved one and figure out what they want and how they want it structured. Be open with them when you are discussing the matter as there are a number of things to discuss financially.

A loved one who is elderly, becomes sick or is diagnosed with any kind of mental illness or disability is never an easy responsibility to commit to. Of course when it comes down to it, you most probably will assume the responsibility, however there are many factors to realize when accepting the role as caretaker. As it seems to go with many other things in life, a big amount of stress is directed towards finding a manageable way to pay the extra bills as well as maintain your income, after all, you will be not only supporting yourself, but supporting another adult who may not have an income or has not much of a savings habit.

It does not take much to save for retirement. The concepts of compound interest, the amount of options in the financial industry, and the application of great financial habits can make the difference between a $100,000 savings account and $10 million. When should saving for retirement begin? Yesterday. On a more realistic manner, it should begin by building habits and establishing smart debt maintenance.

The great misconception with saving money in a household is that it requires a complete reinvention of the monthly expenses and the family budget. In reality, a few small changes can work together to make a big difference. Below are two strategies to saving money every month towards buying a home.

The 52 week money challenge is a fantastic and simple way to build a disciplined savings that spans from the first week of the year to the last. The core formula of the challenge has someone adding an amount to the savings that equal the week. At week 16, $16 is added to the savings. As the year progresses, saving becomes more difficult. But, it becomes a necessary discipline.