Graduating from college is a huge accomplishment, so of course you want to honor the young scholar in your life. Just think of all the places their lives will take them!
There’s just one problem: You know that stereotype about broke college students? That’s not going to change for a while after graduation. They’ve got to find a job (which is sometimes much easier said than done), locate a place to live, and get started on being a grown-up. That’s tough to do when you’re starting from scratch.
But that’s where you come in! If you’ve got a friend or family member who’s graduating, we’ve got some gift ideas to help them embark on post-college life:
1. For the job they’ll have
When people graduate, suddenly their lives become focused solely on finding a job. You can help with that by giving gifts they’ll be able to use as a young professional.
Clothing or accessories appropriate for interviews or workdays will be much appreciated – every interviewee wants to look polished and professional to help their chances of landing and keeping a job.
A resume service could be very useful – there’s an art to creating a resume that will catch the eye of potential employers. There are plenty of services all around that offer advice on making any resume effective.
Likewise, a session with an interview coach could help a recent grad land the perfect job. Anyone can use a few pointers on how to conduct themselves in an interview so they’ll make a great first impression.
Finally, a nice briefcase or laptop bag is the perfect accessory for an interview or day in the office.
Moving after graduation? Check out our infographic: Top 10 Cities for College Grads: Post-Graduation Moving Trends.
2. For the money they’ll make
Many people consider graduation a great time to start thinking about the future. In that vein, why not set up or contribute to a Roth IRA for your recent graduate? They’ll appreciate your thoughtfulness now, but they’ll be especially happy when it comes time to retire and they have a nice little nest egg, partially funded by you.
Many young people are overwhelmed at the choices in front of them when it comes to investing and saving money. Surely they’d appreciate some financial advice as a gift – you could sit down with a recent grad and give them some one-to-one advice, or if you’re no expert yourself, a nice book could do the trick.
Need some book recommendations? We’ve got them: The Top 5 Personal Finance Books.
3. For the home they’ll create
After college, it’s time to get some real kitchen accessories – no more drinking out of plastic Solo cups.
Any graduate will appreciate some grown-up glassware for nights in with friends and family.
You could also buy someone a starter set for the kitchen – a few place settings, pots, pans and utensils. It doesn’t have to be fancy stuff; durable everyday kitchenware is an uber-practical gift.
Anyone with their own place – male or female – needs a few tools as well. Consider giving a small toolbox with some basic necessities: Hammer, screwdriver, pliers, wrench. These starter tools will help your young friend hang pictures on the wall, do minor maintenance tasks, and learn to become more self-sufficient.
Looking for cooking tools? We have recommendations for The Best Kitchenware on a Budget.
4. For the places they’ll go
Many graduates dream of traveling the world, either for their jobs or in their vacation time. There are many fun, inexpensive accessories you can give as gifts to support that dream:
Passport holders make great presents, as well as travel logs for them to document their many upcoming adventures.
If your recent grad loves vintage accessories, an atlas might make them happy – there’s something romantic about plotting a trip on paper instead of online.
If they prefer the digital life, gift them with iTunes or Amazon gift cards so they can download music and audio books to keep them entertained on their travels.
If you know someone who’s traveling, you might share The Benefits of Renting Vs. Staying in a Hotel.
Congratulations to all the college graduates out there! What would you like to receive as gifts?
In my previous post, I listed three things you need to start investing. Number three was opportunities. Sometimes those opportunities are unique, one-off types of things; however, they can just as easily be something that’s always been out there but you just weren’t aware of them because you weren’t paying attention to investing.
Let’s explore one of those little-known opportunities — one that’s legit, good, and yet often overlooked because it’s a little, well, boring. It’s name, DRIP, doesn’t help either.
DRIP stands for Dividend Reinvestment Program. Simply put, participating companies (and there are hundreds) allow you to use the dividends you earn from them to buy stock directly from the company for little or no commission. (That’s how you reinvest your dividends.)
Actually, it’s not only the companies that offer DRIPs. DRIPs can be run by their stock transfer agents or brokerages. In my case, I use the Etrade’s DRIP program. A DRIP is a set-it-and-forget-it kind of operation, so it doesn’t matter too much who does it.
Related >> How to Get Started Investing
The DRIP Keeps Good Company
DRIPs share a unique corner of the investing space with a few other concepts. The cornerstone of this space is blue-chip stocks. Who hasn’t heard of blue-chip stocks? But what exactly is a blue-chip stock? Can you name, say, five of them off the top of your head? Tricky, isn’t it?
Here is arguably the best investment of all, and most of us simply don’t know all that much about it! That’s because there isn’t a definitive list of the 23 or 57 stocks that make up the “official blue-chip list.”
The closest approximation, and the one probably used most often, is the Dividend Aristocrats. Most blue-chip stocks pay dividends. And only the cream can sustain growing their dividend each year for 25 years or more, through no less than three stock market crashes. (Where were you 25 years ago? That long.) Those few are the Dividend Aristocrats. At the time of writing, there are 51, listed here. Even when the stock market crashes, the dividends keep growing. And, with a DRIP in place, the only effect of a crash is you get more shares. And when the market recovers, like it always does, that puts you in the pound seats, as they say in the Colonies.
Most blue-chip (and other) companies offer a program called a DSPP, which stands for a Direct Stock Purchase Program. A DSPP allows you to buy a few shares from the company itself, not through a broker. That’s right — if you want to invest $25 per month, for example, you can buy shares directly from blue-chip companies like Walmart, for way less in commissions than you would have paid a broker. Most companies’ DRIPs are part of their DSPPs. While DSPP stock purchases typically carry a small fee, most companies do DRIPs for free.
So here’s how all those concepts fit together: The safest stock investments (as a group) are the blue-chip companies called Dividend Aristocrats. If you sign up for their DSPP programs, you can buy into those companies with small amounts each month, for next to nothing in commissions/fees. And if you sign up for their DRIP, you can turn your cash dividends into more shares for no fees or commissions.
Why Do It?
1. You can save money
The low/no commission thing is not trivial. Most discount brokerages will do a purchase for nothing under about $7. If you want to invest, say, $50 a month, the commission alone will eat up 14 percent of your investment. Ghastly. Sign up with, say, Becton, Dickinson (amazing how unknown some blue-chip Dividend Aristocrats are, huh?) and they will charge you zero fees to buy with a DSPP or DRIP. They will charge you $15 per transaction when you sell, though. Almost all DSPP/DRIP companies are linked to Computershare, so that’s a good place to get started. (Good news: They cover many countries besides the U.S.)
2. You can start small
Many people say they’ll begin investing when they get windfalls. The smart ones, however, don’t wait; they start early. Problem with that is the amounts they have to work with are usually small — young-people money. As I wrote earlier, that was my big problem (at least, that’s what I told myself at the time). I would have been a lot better off had I known about DRIPs, because this is where they shine: you can invest as little as $25 per month. And if the company’s stock is, say, $40 a share, they will sell you a fraction of a share — and pay dividends on that fraction! I’m an avid DRIPper, which is why I now have exactly 606.08274 shares of one of my DRIP stocks. That will change in a few weeks as the first quarter’s dividends come in and add a few more shares (and a few more fractions) to that total.
3. It’s automatic
All the smart personal finance coaches tell you to automate. Have the money deducted out of your account, preferably before you even know it’s there. The human brain has an amazing knack to adjust to what’s there. That’s why most people who say they’ll save “what’s left over” never save anything. Most DSPP and/or DRIP plans require an automated, regularly recurring purchase in order to qualify for the low fees. That’s because computers are cheaper than humans — if they can automate the whole thing, they save money and pass it on to you.
And the long-term benefit is all yours.
What Holds People Back?
1. Ignorance.
It’s amazing how many people simply don’t know about DRIPs.
2. It’s not diversified.
Unlike a mutual fund or ETF, you only invest in one company at a time. However, you don’t pay mutual fund or ETF fees, and you can buy smaller amounts that many of those places require. That means you get most of the benefits with none of the cost. Moreover, because you can buy small amounts at each company, you can make up a portfolio of, say, five to 10 companies.
3. It takes time to set up.
And no two companies’ plans are identical. I opted for a brokerage DRIP because they did everything. All I had to do was say, “Yes, please.”
Where Do You Begin?
1. Decide if you even want to do this. DRIP investing is a long-haul thing. If you buy and sell stocks all the time, the savings won’t be worth it for you. DRIPs are perfect for those want to let their dividends be part of the growth of the stock they invest in.
2. Research. Because you’re picking a handful of companies, you want to spend at least 20 or 30 minutes looking at the company itself. Blue chips may be the best investment out there, but they’re still not perfect. Nothing is. A little homework goes a long way.
Google the search terms DRIP, and Dividend Aristocrat, and browse through the Computershare website (link above).
In closing, I’ve been a DRIPper for quite a while now, and I can recommend it as a solid, long-term investment strategy to anyone. Those dividends come in, and the number of shares you own just grows and grows and grows.
What has your experience been with DRIP investing? Would you recommend it too?
Inside: Learn how much your 80k salary is hourly. Plus find tips to make more money and live the lifestyle you want.
Retirement can be a scary word to those who are not wealthy or afraid of having too much time on their hands.
People in the workforce often don’t know what they will do when their retirement comes around, but it doesn’t have to be that way after all.
For most retirees, there are many reasons they want to work after retirement. And that is 100% okay!
Low stress jobs after retirement make for great part-time careers while still providing enough flexibility to enjoy your personal life. Plus a little extra money is always helpful!
While there is no one “right” answer on which job for you, we compiled a list of 30 great options to consider. All of these jobs offer relatively low stress levels and plenty of opportunities for relaxation and enjoyment.
But before you jump on the first one that comes along, you want to consider which will work best and help ease your transition into the world of retirement.
When you retire, you want to find a job that is low stress and enjoyable. That’s why finding a good retirement job is so important!
The benefits of having a low stress job after retirement
After years of hard work, retirement is a time to relax and enjoy life.
However, for some retirees, working part-time or as a side job can provide additional earnings and a sense of purpose. The following jobs are perfect for seniors over 55, or those post-retirement. They have lower stress levels than the average job and offer many opportunities for growth.
Many retirees below starting a second career after retirement would be difficult and are looking for a job that has fewer strings attached. This may be due to the fact that many retirees feel they have reached the pinnacle of their careers and want more time freedom.
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Fortunately, there are many available jobs with increasing demand and most even have lower stress levels than average.
Retirement is a good time to consider additional earnings. This can provide a stream of money for people who want to enjoy life longer and need an additional income. In addition, working can help retirees stay mentally and physically healthy.
Jobs to Do after Retirement
The list is composed of jobs that are perfect for seniors over 55, or even post-retirement. They have lower stress levels than the average job and offer many opportunities for growth.
Some retirees prefer to work part time or as a side job; others want to find a full-time position that will keep them busy and engaged in their community. Whatever your preference, know that there are plenty of great options out there!
Retiring means starting a new life, so it is important to consider this change as the beginning of a new life and not the end of an old one.
So go ahead and take the plunge into retirement! It’s a new beginning full of endless possibilities.
There are plenty of good jobs for retirees!
What are fun jobs after retirement?
There are many fun retirement jobs that pay a small fortune! And what your personality prefers!
Some people choose to continue working in the same field, but in a more relaxed or part-time capacity. Other people choose to use their retirement to try something new and exciting, such as starting their own business, traveling, or taking up a new hobby.
What can I do after retirement to make money?
Now that you’re retired, you may be looking for ways to make some extra money. Luckily, there are plenty of options to make money in retirement available to you!
You could start a business, become a consultant, or tutor students. In addition, you could also look into working from home opportunities or start a blog.
Maybe you want one of the best part time jobs in retirement.
Whatever you choose, make sure you do your research and find something you enjoy so you don’t get bored!
Tips to Making Money in Retirement
The best fun jobs after retirement include working at a theme park, house sitting permanently on a beach or something crazy you never dreamed yourself to do!
One great way to make some money is by selling your skills and experience. For example, interior decorating is a low-stress field that often requires past experience. Alternatively, you could become a real estate agent. Both of these opportunities allow you to use the skills and knowledge you’ve acquired over the years.
Another great option for retirees is to take advantage of the growing gig economy. There are a host of jobs available through online platforms like Uber or Lyft that don’t require a lot of physical activity or travel time. Plus, they typically offer higher pay rates than traditional employment opportunities.
If you’re looking for something a little more relaxing, consider joining one of the many survey sites out there. These sites reward you with a small amount of money for each survey you complete. It may not be much, but it can add up over time!
Finally, if you’re looking for an easy way to make some money, consider something easy like greeting people. This is a great option because it’s so easy and doesn’t require any special skills or knowledge.
Which job is stress free and high paying?
There is no such job that is stress free and high paying. All jobs have their own unique stressors and rewards. It is important to find a job that is rewarding to you and that you find manageable levels of stress.
There are many jobs that are considered “stress free” after retirement.
For example, many seniors are now looking into jobs such as being a consultant or working in customer service. These positions offer a more relaxed work schedule and usually don’t require extensive training.
In addition, the amount of money one earns from a job is directly related to how much work one put into it. If you’re willing to put in the extra effort, you can make significantly more money than those who don’t.
Really Focused on less stress?
Many seniors are also looking for jobs that don’t involve stress or concern. Proofreading is one such position that meets these qualifications. The job requires native-level English proficiency and an excellent understanding of grammar to succeed. In order to be successful in this field, you have to proofread documents that contain no grammatical errors, punctuation mistakes, or syntactic flubs.
You need to find a job that feeds your soul and doesn’t seem like work.
Plus it is fun to tell others what do you do for a living.
Best low stress jobs after retirement
Some people want to use their retirement as a vehicle to start their side hustle and be more relaxed than they were during work hours. This is a great way to spend your retirement! Most cool retirement jobs require little-to-no experience, but some do.
At the end of the day, you must decide if you want to work for yourself and start your own company with a higher earning potential. Or work for someone else with less strings attached and lower pay.
In many cases, you might be stuck working because you didn’t save for retirement, so here are a few jobs that are perfect for seniors over 55 years old, or even after retirement:
1. Freelance writing
Freelance writing can be a good source of income when one has the skills and experience to do so. The best part? You get to set your own hours and take on as much or as little work as you want!
This may not sound like a low-stress job at first, but it’s actually an excellent low-stress job! Being your own boss offers incredible benefits. Best of all, you can do it in a completely stress-free environment by deciding in advance exactly how many hours you want to work.
In fact, my friend over at More Time to Travel does freelance writing for Forbes.
Freelance writing is a great way to make money from home. Be sure to have a strong portfolio and excellent writing skills to land quality freelance writing jobs. Here is a great freelance writing course.
2. Tour guide
This is perfect for someone who loves people and to discuss their worldly knowledge.
A tour guide is someone who accompanies tourists and provides information about the areas they are visiting. They are usually seniors because no special certifications or degrees are required. However, it can be a fun job for anyone who loves meeting people and has a lot of knowledge about their area. Some tour guide jobs offer tips and the opportunity to travel.
A good tour guide will have a deep knowledge of the areas they are touring and will be able to answer any questions the tourists may have. Plus cash tips are always a perk!
3. House Sitter
You can house sit for someone you know, or use a site like Mind My House to find paying gigs. Rates vary depending on the city, but typically you can expect to earn $25-50/day as a house sitter.
It allows you to live in new places without having to commit to long-term leases, and it gives you an opportunity to meet new people and explore new neighborhoods. Plus, it’s a great way to make some extra money on the side as well as lowering your monthly expenses!
If this is something you are seriously considering, then check out this book to learn how to housesit from an expert.
4. Librarian
Librarians are responsible for organizing and managing library collections, helping patrons find information and materials, and providing instruction on how to use library resources. They typically work regular hours in a library setting, and their work is relatively active.
They also need excellent research skills and the ability to stay up-to-date on new technologies.
However, job prospects are good to work in this quiet environment.
5. Customer Service Representative
Jobs in customer service usually don’t require a lot of experience or special training, so they can be a great way to ease into retirement. And since most customer service positions are in the service industry, you’ll likely get to meet new people and help them solve problems every day.
They may work in call centers, retail stores, banks, or insurance companies. In some cases, they may also work remotely from their homes. Customer service reps typically need strong communication and problem-solving skills, as well as the ability to stay calm under pressure.
6. Craft seller
Many people don’t have time for their crafts like they wanted when working full-time and raising kids. So, retirement is a perfect time to become an artisans who make and sell their own products.
You can set your own hours, work from home and sell whatever you like. There are many online marketplaces that cater to craft sellers, so you can find a platform that fits your style and interests. In addition, you can attend craft fairs and other events to sell their work in person.
Make sure to price your items competitively and take the time to create an attractive product listing. Plus ship quickly and provide excellent customer service to keep buyers coming back for more!
7. Crossing Guard
It only requires a few hours of work per day, and the pay is decent around $15 an hour.
The job does not require any special skills or training, so it is an ideal way to spend your golden years. Plus you can keep youthful by staying around all of the school-aged children.
8. Blogging
This is a form of expression for most retirees or those thinking about retiring.
It can be a low stress job after retirement, as you can do it from the comfort of your own home and set your own schedule. You don’t need any special qualifications or training to start blogging – all you need is a computer, an internet connection, and something to write about.
Blogging is a great way to create fresh, new content on a regular basis for your website. In fact, my friend over at Tuppennys Fireplace uses blogging to drive extra money to their retirement budget each month.
You can sell advertising space on your blog, use affiliate marketing to promote products and services, or even launch your own product or service. The sky’s the limit when it comes to making money from blogging – so if you have something interesting to say, go for it!
9. Elder Care Services
Services can range from in-home help to full-time nursing care, and each has its own benefits and drawbacks.
While this may seem odd as a low stress job in retirement, it is a good reminder that you are still youthful in others’ eyes.
These may be simple jobs such as picking up groceries, light cleaning, cooking meals, or companionship during the day. Given the cost of nursing homes and certified nursing assistance, this is an affordable option for families who want extra eyes on their loved ones.
10. Private Island Caretaker
Okay, this is the one I want!
If you are reading this and need a caretaker, I am happy to be the right person for your estate.
A lot of caretaker jobs are in private areas, such as private islands, ski resorts, large estates, and other remote or private areas. This is often because employers need someone they can trust to be on-site full time and take care of things.1) Private Island Caretaker
Caretaker jobs are a great way for retirees to stay engaged and active in their golden years. They can provide a sense of purpose and routine, as well as an opportunity to explore new places and meet new people.
11. Docent or Usher
One low-stress job that retirees can consider is becoming an usher at their local theater or sporting area. This job does not require much training and typically pays minimum wage, but it can be a great way to meet people and see new shows and watch sports.
A docent is someone who has expert knowledge about a certain subject and can teach people about it through guided tours and lectures. They are often found in museums, art galleries, and other places where people can learn about the arts.
For many retirees, these are the perfect jobs to get paid for enjoying their hobbies and events they didn’t have time to see when working full-time.
12. Work at Disney
Jobs at Disney parks can be both fun and challenging, with plenty of opportunities to make new friends and help guests have a great time. You’ll need to be able to work hard and stay cheerful under pressure, but the rewards are many.
If you’re interested in working at one of the happiest places on earth, visit the Walt Disney Company website to learn more about current openings and how to apply.
Perfect for the retiree to stay youthful!
13. Invest in Various Intiatvies through Crowdfunding
When it comes to investments, there are many options to choose from that can fit any personality type.
Crowdfunding was created to help more people invest in various businesses by pooling resources together. This makes it more affordable and less risky for everyone involved.
For many retirees, this is a great way to impact start-up businesses and maybe even have a great ROI on their money.
14. Tutoring
Tutoring can help students learn in a one-on-one environment, and help them to focus on the material. Tutoring can also help build a student’s confidence, and help them to ask questions they may be too embarrassed to ask in a classroom setting.
It’s a great way to help students who are struggling and give them the support they need to succeed. You also get the satisfaction of knowing that you’re helping young people achieve their goals. Tutoring can be done in person or online, so it’s a flexible job that you can fit around your schedule.
In today’s society, there are plenty of opportunities to help students achieve faster with tutoring. Most tutors are paid at least $30 an hour.
15. Virtual assistant
There are many low stress jobs that can be found online and Virtual Assistants are one of those jobs.
A virtual assistant is a professional who provides administrative, technical, or creative assistance to clients from a remote location. Often, virtual assistants work for multiple clients simultaneously, providing a wide range of services including social media management, email management, bookkeeping, and more.
They provide a service to their client through the internet and This is a great way for someone with retirement to start making money fast because most VAs make between $35 and $50 an hour.
Take free training for becoming a virtual assistant!
16. Personal shopper
A personal shopper may work in a store, helping customers find what they need, or they may work remotely for a customer who gives them a list of items to purchase. Either way, personal shoppers usually charge by the hour.
It also pays well, especially if you work for a high-end retailer. And since you’re working with customers one-on-one, this is a great job for someone who enjoys helping others. Perfect for a retiree to get out and about.
17. Personal organizer
They may work with individuals or groups, in both business and personal settings. Personal organizers usually have excellent time management skills, as well as a thorough understanding of the principles of organization.
This type of position is great to keep you moving as well as help others.
18. Animal shelter worker
They may feed, groom, and exercise the animals, as well as administer medication and vaccinations. They also clean cages and kennels, and may handle adoptions. The work can be physically demanding, but it is also very rewarding to help homeless animals find new homes.
For someone who loves animals, this is a perfect opportunity to make money and help neglected animals.
19. Book store assistant
The work is relatively easy, and there are usually no major deadlines to worry about. Plus, bookstores are typically quiet and calming environments, which can be a nice break from the hustle and bustle of everyday life.
If you’re looking for a relaxed job after retirement, this could be it!
20. Photographer
Some people take up photography as a hobby, some as an art form, and some as a profession. The beauty of photography is that it can be whatever you want it to be. There are so many different types of photography, based on your taste and choice you can choose which area to focus on first.
In addition, photography is a great low stress job after retirement!
It can be done freelance to supplement your income or on a full-time basis. There are many opportunities for photographers, and the work is generally enjoyable.
21. Life coach
After retirement, there are many low stress jobs that a person can take on. One such option is becoming a life coach.
This job involves helping people work through their problems and achieve their goals.
By becoming a mentor for the next generation, you are able to have a lasting impact and legacy. This allows you to share your wisdom and knowledge while also helping someone else in their career path.
As a life coach, it’s important to be a good listener and have strong communication skills. Additionally, new graduates might be able to offer you fresh perspectives on life that you may not have considered before. It’s easy to become a mentor to coworkers or people in your field; all it takes is some time and effort.
22. Consultant
Consulting is a broad term used to describe an area of work. It encompasses a wide range of activities and can be done by anyone with the appropriate skills and experience.
Many retirees choose to focus on the areas they enjoyed at work and avoid stressful parts, becoming consultants in those fields.
Often, retirees are a great resource for companies looking for short-term or project-based work. If you let your network know that you are available for consulting opportunities, they may be more likely to reach out to you when they have a need. Additionally, the average consultant salary is between $50 and $150 per hour, depending on experience level.
23. Walmart Greeter
Greeters welcome customers, help them find what they need, and provide general information about the store. They may also monitor security cameras and alarms in the store. The position requires little training, and most Walmart greeters are given on-the-job training.
However, greeters must be able to handle stress well, as they are often the first point of contact for customers who are angry or upset. The position also requires being able to work weekends and holidays.
24. Dog walker
Dog walking is a great job for people who love dogs and want to make a difference in the lives of animals. It is also perfect for retirees who want to stay busy and have flexible hours. The work can be enjoyable and rewarding, and it is a low-stress profession.
Dog walkers are typically paid by how many dogs they are watching at any given time, rather than by the hour. There are specific websites where you can find work as a dog walker like Rover and the average pay is $14 an hour.
25. Pet sitter
A pet sitter is a professional who is hired to take care of pets while their owners are away. Pet sitters typically visit the home of the pet owner to feed, water, and exercise the pet. They may also provide additional services such as grooming and medication administration.
For example, many retirees enjoy pet sitting because it allows them to form close relationships with animals while also providing a service to their community.
Find plenty of pet sitting gigs on Rover.
26. Camp Host
After retirement, many people are looking for a low stress job that will allow them to travel, get outside, and see new places. Campground jobs are perfect for this because you can work during the day and explore at night.
Camp hosts are people who work at a campground to provide information and assistance to guests.
Campsites allow for some flexibility in terms of location – you may be able to choose the state or national park you’d like to work in, as well as the dates of your stay. Additionally, many camp hosts have a good deal of control over their schedules, which can be a perk.
They usually work for minimum wage, but can often receive tips from guests.
27. Adjunct Professor
Many retirees take on part-time work as adjunct professors. The position offers a high level of flexibility, good pay, and opportunities for professional development. In addition, adjunct professors often have the opportunity to work with students from diverse backgrounds and help them grow academically.
This can be a great way to share your knowledge and expertise with the next generation of students. Contact your local college and see if they have any openings. Adjunct professors typically earn around $3,000 per class taught.
28. Author
Becoming an author can be a great way to enjoy your retirement years while still earning some extra money on the side. The job doesn’t involve a lot of pressure, and you get to set your own deadlines.
There are a few different ways to get your book published. One option is to work with an agent. However, this may not always be possible, especially if you are writing a non-fiction book. Another option is to self-publish your book. This can be a great way to get your book out there without having to go through a publishing house.
You will finally have time to tell your story from your perspective.
29. Focus group participant
Focus groups are gatherings of people who are brought together to discuss a certain topic. The participants can range from 6 to 12 people, and they are typically held in local hotels or conference centers. During the focus group, the participants will discuss upcoming products, services, trends, and issues.
Focus group participants are typically reimbursed for their time and participation in the discussion. This can be done in a variety of ways but is usually either through cash or gift cards.
30. Furniture flipper
Furniture flipping is a great business for those who want to make some extra money with little stress and no formal education needed. You can do it from the comfort of your own home, as long as you have the necessary tools and space. With a bit of hard work, you could be on your way to making some serious cash.
Furniture flippers are people who buy furniture at a low price and resell it for a profit. They usually start as furniture buyers who love hunting for deals at garage sales or estate auctions. This is a low-stress job that’s also profitable.
For many retirees, it may have been a hobby turned profitable.
31. Delivery driver
Delivery driver is a great job for retirees because it keeps them active and socially engaged. It can be difficult to sit at home all day, so this job is perfect for those who want to be out in the world meeting new people.
Delivering food is a great way to make some extra money in your spare time. It’s a low-stress job because you’re only out of the car for deliveries, and many companies offer drivers up to $20 per hour.
I love Doordash because their sign-up process is so easy–you can be up and running in minutes!
32. Rideshare driver
Ridesharing is a great way for seniors to make some extra money on the side while still having plenty of time for themselves. It’s very flexible, so they can work as much or as little as they want, and it doesn’t require them to take too much time out of their day.
Both Uber and Lyft require relatively little startup capital, and retirees can often make money driving for these companies.
Just make sure you have the proper auto insurance for ridesharing.
33. Taxi Driver
Taxis are in high demand in most cities, so there is always work to be found. In addition, the hours are flexible, so drivers can work as much or as little as they want.
And since driving a taxi is not very demanding physically, it is a good job for those who are no longer able to do strenuous work.
Many people who move to a foreign country find being a taxi driver a highly rewarding and lucrative way to make money.
34. School Bus Driver
There is a severe shortage of school bus drivers across the country.
This may not be a low stress job to many, but you can have a long lasting impact on the students. Right now, our students need positive influences in their lives.
What does the job entail? You must have a valid commercial driver’s license (or find someone who will provide the training) and be clear from moving violations in the last 3 years. In addition, you must pass a background check to work with students.
Many districts are desperate for school bus drivers and providing a signing bonus.
35. Chat moderator
Chat moderators are responsible for monitoring chat rooms and helping to ensure that the conversation remains on topic and respectful. They also work to resolve any disputes that may arise.
They work in a variety of settings, from social media to online gaming platforms.
But for the most part, the job is relatively low-stress, thanks to the ability to take breaks and work flexible hours. Chat moderators also often have the opportunity to learn new technologies and hone their customer service skills.
36. Babysitter & Nanny
Babysitting and nannying is a great way to make some extra money in your spare time. It’s perfect for people who love kids and have a few hours in the afternoon after school lets out. You can help out your neighbors by babysitting their kids or finding families near you who are looking for a nanny.
They offer a lot of flexibility, they’re relatively low stress, and they often come with a set schedule so you know what you’re doing each week. Plus, you can usually work from home, which is a big perk if you want to stay active in your golden years.
The average babysitter in the United States earns a bit less than $15 per hour, but some earn at least $20 an hour. It is easy to find work.
37. Event Staff
Event planning can be a very stressful job, but it can also be a very rewarding one. After retirement, many people look for a flexible job that they can do mostly on the weekends and in the evening. Event staff is a great option for those people.
They may work in a variety of industries, including entertainment, hospitality, marketing or nonprofit organizations.
Event staff often have to wear many hats during an event, handling duties such as coordinating with vendors, setting up event spaces, managing attendees, and serving as liaisons between organizers and other staffers.
This may not be the situation for everyone, but great for someone who likes to be in the action.
38. Research Assistant
After retirement, many people feel lost and without a sense of purpose. A research assistant helps others find information and discover problems to solve. They work with teams or individuals to locate the best information possible and help them use it effectively.
Research assistants are in high demand because they help other people find information and solve problems. They work on a variety of tasks, such as conducting research, organizing data, and writing reports. Their skills are in high demand by companies, governments, and individuals who need help conducting research.
The job is relatively low stress and pays between $18 and $22 per hour. It requires patience, communication skills, and a range of computer skills.
39. Substitute Teacher
A substitute teacher is someone who fills in for a permanent teacher when they are absent. This can be for a variety of reasons, such as paid vacation, maternity leave, or sick leave. It is a great option for retirees because it is one of the most respected and low-stress jobs after retirement.
This is one of the best retirement jobs because you can substitute teach any position within a school.
Substitute teaching can be extremely rewarding, as you are able to help students in need and fill in for teachers who are absent. You may also have the opportunity to work with different age groups and learn new things.
It is now possible to earn around $20 per hour on average as a substitute teacher. In order to become a substitute teacher, you need to have a bachelor’s degree in any academic discipline from an accredited college or university. With the right qualifications, you can enjoy a great deal of flexibility and earning potential while working with children.
40. Airbnb Host
You can earn up to $1,000 per month by listing your home on the site.
It’s also a low-stress job since you don’t have to worry about meeting deadlines or dealing with customers. And, since you’re working from home, you can easily take care of any last-minute changes or emergencies.
If you’re interested in becoming an Airbnb host, check out this guide on how to get started.
41. Proofreading
In this career, you would be reading documents or manuscripts and looking for mistakes in grammar, spelling, punctuation, and syntax. You would then mark the errors with a correction symbol and provide a note to the author about the mistake. Proofreading can be done independently or as part of a team.
It is also important to be able to meet deadlines because many publishers require that manuscripts be returned within a certain timeframe.
42. Park Ranger
They enforce park rules, help visitors enjoy their visit, and provide information about the areas they patrol. Park rangers may also conduct educational programs, research projects, and archaeological surveys.
The growing popularity of outdoor recreational activities will lead to more demand for these workers.
Rangers must be able to hike long distances in difficult terrain, often carrying heavy equipment. They also may need to work extended hours, including weekends and holidays, during peak visitor seasons.
43. Voiceover artist
Voiceover artists are people who provide the voice for a character or commercial. They must be able to understand and interpret the script, and then deliver the lines in a way that sounds natural and believable.
Voiceover artists are in high demand for their unique ability to provide a voice for various multimedia productions that requires no formal training. This work can be done from anywhere with a good internet connection, making it an ideal job for retirees or those with flexible hours.
44. Real Estate Agent
The work is often exciting, and you can set your own hours. However, it can also be demanding and require long hours during busy times.
They must be knowledgeable about the current market conditions and have strong negotiating skills. In order to succeed in this career, you’ll need to be able to work well independently and be comfortable networking with potential clients.
You’ll also need to develop a strong marketing strategy to attract new clients.
45. Sports Coach
They may also instruct athletes on the rules and regulations of a sport. Sports coaches typically have a college degree in physical education, kinesiology, or a related field.
Coaches often work long hours during the season and must be able to handle criticism from players and parents. However, for those who love sports and enjoy working with people, sports coaching can be an enjoyable and low-stress job after retirement.
46. Artist
Being an artist is a great job to have after retirement because it doesn’t require a lot of stress and you’re free to create whatever you like. The only requirement for the job is that you have some artistic ability, which most people do.
Working as an artist can be perfect for people who are looking to have more flexibility with their hours and want to work on the go. There are many different types of artist jobs that one can find, and the best way to find out what’s available is to do some research online or talk to other artists in your area.
47. Translator
Translation is a great option for those who want to use their second or third language skills in a professional setting.
Many retirees find themselves with time on their hands after retirement and may enjoy doing something that they are good at and can be successful at. Speaking another language can lead to many opportunities, including working as a translator or in a translation services company, or becoming a consultant in foreign affairs.
Translators must be able to understand the source material fully and then accurately convert it into the target language.
48. Interior decorator
Interior decorators are in high demand because they have an eye for design and can help people make their homes look beautiful. This is a low-stress career choice that allows retirees to work anywhere, which is why it is becoming increasingly popular.
Interior decorators are often retirees who have a wealth of knowledge and experience in interior design. They must build up a portfolio of their clients’ homes before they can become an interior designer and be able to charge more for their services.
Interior decorating is a creative line of work that can earn great money, and it’s often a side hustle for people who want to make more money while still having free time. Satisfying customers is another perk of this career!
49. Handyman Services
If you’re looking for a way to make some money after retirement, and enjoy doing hands-on home repair projects, consider working as a handyman. Handyman work can be done on your own schedule, so it’s a great option if you want more flexibility in your life.
Handyman services are becoming more popular because they allow you to set your own rates and work on your own schedule.
This is beneficial for both the worker and the customer, as it allows the worker to charge a fair price for their services and customers can get work done on their time. Additionally, handymen have a variety of skills and can fix many problems around the home, which makes them a valuable asset.
50. Professional cuddler
Cuddling has become a popular service in recent years. Companies like Cuddle Comfort offer professional cuddlers that will come to your house and provide you with a compassionate, understanding listening ear as well as some quality cuddle time.
Some people make a living from professional cuddling. These cuddlers can earn approximately $40 per hour for just being themselves and giving bear hugs. This is a growing industry with many people finding comfort and satisfaction in human touch.
51. Mediator
To become a mediator, you need to have either legal training or a bachelor’s degree in mediation. This gives you the skills needed to mediate and resolve disputes between two or more parties. Mediators usually have a low-stress job because of their flexibility and freedom to work from anywhere.
Mediators come from a variety of professional backgrounds, but the majority have some form of legal background. More than half of certified mediators work as general mediators, charging $100 to $250 per hour.
52. Data entry specialist
A data entry specialist is somebody who enters data into a computer system. This can be a very low stress job, especially if you have basic computer skills and typing speed and accuracy. The work is relatively easy to find and usually does not require any specific qualifications.
Data entry specialists are paid a modest wage for their work, but the pay is reliable and predictable. The job is also relatively easy to find, making it a great option for people who are looking for additional work during retirement or in their spare time.
Being able to type quickly and accurately in order to be successful in this role.
53. Waiter/ Waitress
If you have a gift of gab and service, then this might be the perfect industry for you. Especially as a bar back!
The work hours are flexible, the tips are usually good, and you get to meet new people all the time. Plus this type of job is fun, as it’s not high-stress and it allows someone who just retired or wants a job with flexible hours to stay active socially while they make money.
If you’re looking for an alternative after retirement, waiter or waitress work is definitely a good option.
54. Cook
Many families are looking for healthy options for dinner. What is better than a home-cooked meal?
While working as a cook for a restaurant, you may often work long hours in a hot, noisy kitchen. However, cooking for local families on a small scale may be the perfect scenario.
55. Become a Transcriber
Transcription is a great way to make some money after retirement. You can typically make around $18-$25/hour, depending on your skill level and experience.
The work is relatively low stress, so it’s a great option for those looking for a relaxing way to make some extra income.
56. Retirement planner
Some retirement planners offer training and certification for their employees. The employer might pay for your training and certificate if they feel confident enough in hiring you as an employee after seeing how well you do these tasks.
This may not be the ideal situation for many, but it pays well.
57. Flip Items
Flipping items for profit is a great way to make some extra cash. You can find deals at garage sales and online, and then turn around and sell them for more.
Be sure to look out for scams, however, as there are many people who try to take advantage of those looking to flip items.
To learn how to flip for a side hustle, check out Flea Market Flippers.
58. Professional Volunteer
Charity work is a great way to give back to the community and help those in need. There are many charities that need help, and by donating your time or money, you can make a big difference in someone’s life.
It can also be a great way to ease into retirement. Many charities are always in need of volunteers, and you can often find opportunities that fit your schedule. You may also be able to find paid positions with certain charities.
You will have the opportunity to help others and make a real difference in their lives. You may also find new friendships and learn new skills.
It keeps you social and busy, and it lets you help out in your community. Plus, many organizations offer volunteer opportunities tailored to retirees’ skills and interests.
In fact, many volunteer opportunities turn into paid jobs.
How to find a job that is low stress and matches your skills?
Which best jobs for retirees do you want?
When you’re looking for a job that is low stress and matches your skills, it’s important to consider a variety of factors. For example, employers want employees who can work independently and are well-organized. They also want employees who can communicate clearly. You should have a basic understanding of the job duties as well.
If you have specific skills, you may not need these things as much.
However, employers still want employees who can complete tasks without any help from others. There are a variety of ways to find out about such jobs, including using search engines or social media sites like Facebook and LinkedIn.
Also, whoever says you have to wait for retirement?? Find low-stress jobs that pay well without a degree now.
It’s also important to be aware of the pay structure. Often, employers want employees who will be able to work for them on a long-term basis. The pay structure is often predictable and employers know exactly how much work there will be available for each project. This makes it easier for both parties involved.
One way to find a job that is low stress and matches your skills is by using online platforms like Upwork, Freelancer, and Fiverr. These platforms offer many data entry jobs that are perfect for those looking for an easy way to make some money after retirement. In order to take advantage of these jobs, you’ll have to learn how to type fast.
Know someone else that needs this, too? Then, please share!!
Architecture has morphed throughout the centuries in the most beautiful ways.
We’ve gone from caves and stone houses to full-fledged, customized structures from a variety of materials. Of course, the advancement of knowledge and technology are to thank for this, and it only seems like an upward curve even in the future.
That being said, architecture has a lot to do individual preferences too, especially when it comes to one’s home.
Several new trends have come and gone with respect to architecture, but there’s also a few classics that never go out of style and some that are making a comeback, including the warm, inviting timber frame homes. The look and feel of your home both on the outside and the inside depending on how you want it to look and what style resonates with you.
In this article, we’re exploring some of the recent trends in architecture, and specifically the ones that use timber framing.
1. No more walls
No, we’re not talking about no walls at all. The latest trend has been to minimize the number of walls internally in a home — timber frame homes specifically, because of the beauty and warmth timber adds to the space.
Earlier designs had different areas of the house as well defined, like the living room and the dining area for example.
Now, there’s merging happening, where the areas are all side by side and sometimes even converging, without any actual walls for separation. What this does is it creates the feeling of more space, increases the area for movement and makes your home look bigger, on the whole.
2. Kitchen matters
The kitchen is no more the area that’s hidden away from view, with only delicious foods coming out of there every now and then.
Kitchens have become a more immersive and collaborative area in a home, with open kitchen and extra counters where everyone can gather.
Also, there are no more barriers, and one can see everything in the kitchen, which is also why kitchen designs have become much more modern and trendy too.
3. Larger windows and doors
Large windows and doors are great for two reasons: one, they look much more majestic and beautiful and also allow you to go for more elaborate and large furniture, curtains, wallpaper and so on.
The second reason is more ventilation and more light entering the house, which again makes it feel spacious and airy. Today, since the primary trend in architecture is the allure of space and freedom of movement, large windows and doors go hand-in-hand with it.
4. Timber framing
There’s been a misconception for a while that concrete is the best for the original foundation and framing of a home. However, recent trends have proven that might not be the case.
Enter timber, a material that is so versatile and easy to work with, and has become an absolute favorite for architects all over the world. Timber frame homes have become very popular, and for all the right reasons.
Timber framing is sturdy, durable, flexible and also doesn’t cost as much as people assume it does.
There are so many benefits to using timber, not just for framing but other structures in your home as well. With the right maintenance, timber can last for years together and can prove to be just as strong, if not stronger, than concrete.
Timber frame homes are also more environmentally friendly, and architects today have made it a point to keep eco-friendly structures in mind.
5. Flexible designs
If you have more land space and area for your home, that’s even better.
New architecture trends lean towards more flexible home designs, where there’s enough room to play around with spaces and also make additions/subtractions with ease.
For example, you can create a nice little picnic spot for you and your family by creating a foldable patio using timber. Even a timber gazebo in the backyard will be the perfect spot for an outdoor party area or play area if you have kids and pets. Adaptability is the new name of the game when it comes to modern architecture.
Similar to the ones we’ve mentioned, trends also differ from region to region. Regarding timber as a construction material, and timber framing quickly becoming a popular choice, we believe that it’s one that is here to stay.
The whole idea behind architecture today is to create designs that look stunning and also create maximum utility with the available space.
That, and keeping environmental factors in mind, timber framing is surely a top choice!
One of my most favorite questions that I often get as a financial planner is
“What’s your best rates on Roth IRA’s?”
Coming in at a close second is,
“What’s the best stock to buy right now?”
Both of those questions are extremely hard, if not impossible, to answer. In addition, the question I get on Roth IRAs makes almost no sense at all. So, how would you explain Roth IRA rates to someone?
Whenever I get that question, I typically start by explaining what an I-R-A stands for: Individual Retirement Arrangement (emphasis on arrangement), not Investment that Returns A lot or Interest Rate Account.
I have to admit that I even thought that the “A” stood for account at one point in my life. However, I was informed by my readers that the Internal Revenue Service actually refers to them as “arrangement”. (Thanks to my readers for keeping me on my toes!)
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Another important fact for everyone to realize is that Roth IRA’s don’t pay anything or have interest rates attached to them. They are just a type of account – a retirement account.
Roth IRA’s Are Not Investments
The Roth IRA serves as a retirement “account,” but not a retirement investment. Many people have the belief that IRA’s are like a CD that pays out interest.
However, this is only true if you invest in an IRA at your local bank. In this case, you are purchasing a CD within the IRA because CD’s are typically the only investment option that is available (some banks now do have in house brokerage firms that allow you to put money into other investments).
So in this case, the best IRA rate you can get on your Roth IRA Account is what the going CD rates are.
IRA’s Are The “Investment Vehicle”
I have always explained the IRA as your own personal investment vehicle. Once you open an account, you can then choose which type of passengers go inside your vehicle.
Of course, a mental image of a clown car might be coming to mind at this point. You can have as many clowns in your IRA as you want – or as few as you want.
You could have all your money invested into Walmart stock or spread out across 100 different stocks (You would have to have a substantial amount of money in the IRA to do this).
If you open a Traditional or Roth IRA at a brokerage firm, you may invest into CD’s just like at your local bank, but you also open the door to many other investment choices. Then, what your IRA pays is determined on the actual return of that investment.
If you had invested into the stock market in 2008, your Roth IRA probably paid closer in the -30% range. (Ouch!)
When somebody asks me what the best Roth IRA rate is, I simply respond with:
“It depends.”
Then I wait for confusion to set in.
Let’s Define a Roth IRA
Now that we have explained how a Roth IRA doesn’t really have “rates” of its own, let’s delve into how Roth IRAs actually work. In summary, a Roth IRA is a retirement account that is funded with after-tax dollars. As such, many people use a Roth IRA in conjunction with a tax-advantaged retirement account.
For 2016, the maximum amount most people can contribute to a traditional or Roth IRA is $5,500. Those ages 50 and older can make what is known as a “catch up contribution” and contribute up to $6,500 each year.
Not everyone can open a Roth IRA, however, due to the rules that govern this retirement account. To be able to contribute the maximum amount to a Roth IRA in 2016, for example, you must:
Be single or head of household with an income less than $117,000
Be married filing jointly with an income less than $184,000
The income cut-off for Roth IRAs doesn’t come to an abrupt halt. At $117,000 for singles and $184,000 for married couples filing jointly, the maximum amount you can contribute begins to phase-out gradually. For 2016, the phase-outs for retirement savers are as follows:
Single or head of household begins phasing out at $117,000, and becomes ineligible at $132,000
Married filing jointly begins phasing out at $184,000, and becomes ineligible at $194,000
Roth Accounts that Handle Investing For You
Traditionally, when a person opened a Roth IRA account all of the interest earned would depend on their ability to invest in stocks, mutual funds, or other investments. With better artificial intelligence that is not the case any more.
A new type of investment advisor has been created by using machine learning to make the investments for us. These new advisors are called robo-advisors and have become a very popular place to open your Roth IRA. Currently there are two main competitors who offer a Roth account:
Wealthfront – Is a very good service and is top notch on their technology. Their entire platform is designed so you do not have to talk to a person. Once you do the initial risk assessment survey they take it from there. You can open an account with Wealthfront with only $500 and there are no fees on the first $10,000 you invest. After the $10k threshold you only pay 0.25% on all additional money invested.
Betterment – Betterment is the largest of the robo-advisors and has been a personal favorite. They offer their services for a low fee of 0.25% and the back end is really slick. When you open an account with Betterment, you will have a five minute questionnaire that determines your risk tolerance and then they do all the investing and adjusting for you.
Why are Roth IRAs so Popular?
If you read about retirement strategies at all, you have probably heard all about the Roth IRA and its benefits. Year after year, Roth IRAs remain popular among those serious about saving for retirement, and for myriad reasons. Here are some of the reasons Roth IRAs continue to pique the interest of retirement savers everywhere:
By contributing with after-tax dollars now, you can save on taxes later. Since Roth IRAs are funded with after-tax dollars, you don’t get a tax break on the front end when you choose to contribute. However, many people see this as much more of a positive than a negative. By contributing to a Roth IRA with after-tax dollars, you can avoid paying taxes on distributions down the line. That’s right; contributions to Roth IRAs grow tax-free and distributions are also tax-free.
You can contribute to a Roth IRA or traditional IRA in addition to your tax-advantaged retirement accounts. Anyone who is serious about saving for retirement will want to max out as many retirement accounts as possible while they’re still young. Fortunately, you can contribute to a Roth IRA even if you max out your work-sponsored 401(k) or retirement account.
Diversify your exposure to taxes. Where tax-advantaged retirement accounts let you avoid paying taxes on your contributions now, a Roth IRA provides the opposite experience. Because of this, many people see having both types of accounts as a way to diversify their exposure to taxes in the future. Anything you contribute to a Roth IRA will grow tax-free. And once you’re ready to begin taking withdrawals, the money you receive will also be tax-free.
You can withdraw contributions without paying a penalty at any time. Here’s something few people know about their Roth IRA. If you want, you can withdraw your contributions at any time without penalty. Because of this, many people see the Roth IRA as a type of savings account as well. Just remember, you can withdraw your contributions without penalty at any time, but not your earnings.
You don’t have to begin taking distributions at a certain age. While traditional IRAs require you to begin taking distributions at age 70 ½, Roth IRAs don’t have that requirement. Because of this, they offer more flexibility than most retirement plans. Since Roth IRAs will let you grow your money indefinitely, you can hold onto them at the last minute and only begin taking money out when you need it.
How to Decide if You Should Open a Roth IRA
So, at this point, we have covered what a Roth IRA is and what it isn’t. We have also talked about who qualifies for one and highlighted the major benefits that come with using a Roth IRA for retirement.
But, is a Roth IRA really right for you?
When deciding whether to open a Roth IRA, it’s important to consider your individual situation and your retirement goals. A Roth IRA might not be right for everyone, but opening one is probably a smart move if you fall into one of these categories:
You should consider a Roth IRA if…
You want to save as much money for retirement as you can. If you’re serious about saving for retirement, the Roth IRA offers one more place to stash your money away. Even after you max out your work-sponsored 401(k), you can still put $5,500 in a Roth IRA or traditional IRA in 2016 (or $6,500 if you’re ages 50 and older). If you have a lot of discretionary income and want to put it away for future use, the Roth IRA is a no-brainer.
You think you will be in a higher tax bracket later. Since the Roth IRA is funded with after-tax dollars, the money you invest is allowed to grow tax-free. Then, you’ll get tax-free withdrawals once you begin taking money out – as long as you’re ages 59 ½ or older and your account has been open for at least five years. If you think you might be in a higher tax bracket when you retire – or if you worry taxes will be higher for everyone across the board – investing with a Roth IRA is one way to shelter yourself from higher taxes in the future.
You want a retirement account that allows you to withdraw contributions without paying a penalty. With a Roth IRA, you can withdraw your contributions at any time without a penalty. This makes this account very different from other tax-advantaged retirement accounts which require you to pay a penalty if you choose to take your contributions out early. This is also the reason many people who want some flexibility choose to invest in a Roth IRA. Since you can withdraw your contributions without a penalty at any time, any money you invest will remain within your reach.
You want to provide your heirs with some tax-free funds upon your death. If you’re worried about your heirs getting stuck with a huge tax bill, having a Roth IRA might be a smart move. Because these accounts are funded with after-tax dollars, your heirs can generally access this money without paying taxes upon your death. If you hope to save your heirs from paying at least some taxes on their inheritance, the Roth IRA is a smart investment vehicle in that respect.
You want at least one account you don’t have to touch. If you want at least one retirement account that doesn’t come with a minimum age for distributions, the Roth IRA is an extremely smart choice. By opening this account and funding it for a lifetime, you create a retirement nest egg that won’t need to be accessed once you reach a certain age. Whether you live to be ninety-years-old, you’ll never have to take a single cent out of your Roth IRA if you don’t want to.
You want to invest in diverse investment products. While a work-sponsored 401(k) plan might offer limited investment choices, the fact that you can open a Roth IRA anywhere and on your own terms means you get to choose where you invest that money. That could mean investing in stocks, bonds, mutual funds, and more. Of course, you’ll also get to choose a firm to invest that money for you. While Ally Invest is one of our favorite options, you’ll find an array of choices out there.
We also highlighted some other top choices in our guide on the best places to open Roth IRA.
The Bottom Line
I hope you have enjoyed this primer on the fallacy of “Roth IRA rates,” along with a general idea of Roth IRA Rules and guidelines. Now that you know all about this exciting investment vehicle, it’s time to figure out if a Roth IRA is actually right for your situation.
No one can make this decision for you, but I hope we highlighted some of the top reasons a Roth IRA might work in your favor. As a general rule, having more money saved for retirement is better than not having much saved at all. The Roth IRA is just one more place to stash your money where it can grow over time and be there for you when you’re ready to retire.
Save more, spend smarter, and make your money go further
As the credits rolled on Adam Baker’s I’m Fine, Thanks documentary, tears streamed down my face. I had watched his TED Talk earlier that day about getting rid of your crap, paying off your debt, and doing what you love. I yearned to have the “freedom” he talked about in both videos. That’s when I looked at my husband and said, “I don’t want to live like this anymore. I want to pay off your student loan debt!”
The first tool that came to mind was Mint.com. I had heard of the site from friends who mentioned using the app. I never realized where all of the money we earned was going. We were living in Austin, Texas and working through a tough economy making roughly $12/hour each. Luckily, we had two old cars that were paid off (including my first car from when I was 15), so we didn’t have the burden of car loans or credit card debt.
The student loans were weighing heavy on us. Fortunately, a family gift of $5,000 helped us lower the loan from $24,000 to $19,000, but it was still a huge burden. I immediately logged on to Mint.com that same night after we finished Adam Baker’s inspiring videos and pulled in three months of history from our bank accounts. As I began categorizing every transaction and budget, I began to see a pattern of bad habits.
Read: How to Pay Off Student Loan Debt
What was my husband buying at the convenience store every two days for $7.43? Did I really need to purchase those clothes from Goodwill last Tuesday night? Why were we eating out four times a week? OK, I’ll admit, my food budget is still being reworked two years later! As the transactions poured into our Mint.com account, they sparked a conversation between my husband and me. We committed to spend less on ‘wants’ and focus on the necessities and paying down the student debt.
We failed miserably the first months and still do in certain categories from time to time, but we adjusted the budget and aimed for more goals the next month. Our minimum payments for the student loans were $184 a month. There was no way we’d be able to make big progress by only paying the minimum, so we upped our payments little by little.
The first month, we paid $300 on the student loans. We didn’t feel too much of a pinch. At this point, I was watching our account with a microscope, and every single transaction was up for discussion. The next month, we paid $500. Still no pinch. I said, “Let’s be crazy and go for $1,000!” We met that goal and continued to pay upwards of $1,200 each month until the balance dwindled down to nothing. Even after moving cities and switching careers, we were able to pay off the student debt in full before my 27th birthday.
That feeling was amazing, and now we’re onto the next goals: saving for a house and preparing for our first baby due next year.
About the Author
Kelsey is the self-proclaimed financial guru of her household living in Houston, Texas, spreading the word about the benefits of paying down debt. She’s also a minimalist enthusiast, and founder of The Little Red Journal.
Save more, spend smarter, and make your money go further
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In today’s financial landscape, consumers want a more individualized experience that may be lacking in traditional banks. This is one key factor contributing to the rising popularity of credit unions as a viable alternative.
Primarily, credit unions offer customers the opportunity to actively participate in their running, as well as access to more competitive interest rates. There are many other benefits, too.
But before we get into all that, what exactly is a credit union, and how different are they compared to banks?
What is a credit union?
If you’re thinking of joining a credit union, it’s a good idea to know exactly what you’re getting. The major difference between banks and credit unions is that credit unions are owned by the members they serve.
Unlike banks, credit unions are not a business needing to make profit. Instead, they can be defined as member-owned nonprofit financial cooperatives.
Where a bank makes profits, a credit union instead recycles funds back into itself. The result is that credit union members have access to better rates on savings and loans.
Credit unions are also much more personal and community-focused compared to traditional banks. As a credit union member, your deposits in checking and savings accounts actually help other members of your community to buy their first homes and establish businesses.
Because credit unions function as cooperatives, all members get to vote on major governance issues such as electing board members and directors.
What are the benefits of joining a credit union?
Credit union membership comes with several benefits. Some are well-known and immediate, while others might take a bit more time to see. Let’s take a closer look at how a credit union account could improve your life.
Personalized Customer Service
A credit union will have a much smaller customer base compared to a traditional bank. That, along with the fact that they are member-owned financial institutions, means credit union service comes with much more of a personal touch.
Some credit unions also provide great educational resources to help improve the finances of their members. You’re also more likely to have the chance to build a relationship with employees at your credit union, since they will also be members of your local community.
Better Interest Rates
The bottom line for credit unions is not profit, but being self-sufficient and providing good service to its members. This means that instead of making money off of customers, excess profits are passed onto customers in the form of competitive rates:
Lower interest rates on loans. Credit unions often offer better loan rates than most banks. While loan products may be more basic, you can still get mortgages, auto loans, and personal loans at better rates.
Higher interest rates on savings. Credit unions are a great place to deposit savings, as the interest rates on savings accounts are much higher than normal.
Lower Fees
Credit unions tend to have significantly lower fees across the board. Monthly maintenance fees, opening or closing account fees, and overdraft fees, are often minimal or non-existent with credit unions.
In many cases, opening a checking account with a credit union will cost you nothing.
Better Mortgage Accessibility
Credit unions can sometimes help members overcome barriers that might prevent them from obtaining a home loan. For example, if your credit history is lacking, your credit union might be willing to provide a loan where a bank turns you away.
This is just one aspect of the many relationship-building benefits that come with credit union membership. A credit union will also be more interested in helping you to navigate any difficulties that you may experience when paying off your loan.
Also, it helps to know that when you take out a mortgage with your credit union, that loan stays with them. When you take out a home loan through a bank, your loan is likely to be sold off to a larger lender, with interest proceeds going there instead.
With a credit union, you know that your money is going back into your local community.
Community Oriented
Credit unions are naturally community oriented. Because every credit union is essentially a cooperative, you’re actually an active part of a financial institution. Furthermore, taking into account common membership requirements, credit union members often live in the same community.
This is another reason why credit unions are increasingly popular as alternatives to banks, which rarely bring that sense of community and belonging.
Voting & Governance
Credit union membership means you get to actually have a say regarding how the institution is run. All members can vote on important decisions, including the selection of board members. Credit union members are all equal co-owners.
This is obviously in stark contrast to all traditional banks, which are run exclusively by owners and non-elected board members.
Variety of Service
While credit unions are often thought of as having less products compared to a bank, there actually may be a greater variety of services available. In addition to financial education and counseling, credit unions offer checking accounts, savings accounts, branches with other credit unions, as well as various loans and credit cards.
Many credit unions are focused on providing as much support to their members as possible, and regularly seek feedback on how to improve their services.
Insured Deposits
Just like with FDIC insurance at a bank, a credit union will have regulated deposit insurance. A federally insured credit union will be protected by the National Credit Union Administration, via the National Credit Union Share Insurance Fund. Some state credit unions are also insured by the same body, if not privately.
The NCUSIF is backed by the U.S. government and covers individual member deposits up to $250,000 at all federally insured credit unions.
See also: Best Nationwide Credit Unions of 2023
What to Consider Before Joining a Credit Union
We’ve looked at the many benefits of joining a credit union. It’s only fair to consider that there are some potential downsides, too. Here’s what you should be aware of if you’re considering credit union membership:
Exclusive Membership
Most credit unions are only open for those living or working within a specific community or profession. Although there are exceptions to this, it’s important to know that there may only be a handful of credit unions you can realistically join.
Limited Location Availability
Many credit unions are small institutions, with just one or two brick-and-mortar branches. If you need to conduct in-person business at your credit union, you may have to make a trip out of town. This could also narrow the pool of feasible credit unions you can join even smaller, especially if you like to bank in person.
Fewer ATMs
Unlike large banks, credit unions don’t have extensive ATM networks available. Instead, most credit unions will only have dedicated ATMs attached to a branch.
While you will still be able to use non-network ATMs to conduct basic banking transactions, you’ll be subject to fees for the service.
Limited Technology
One major downside of credit unions is that some of them are lacking in technology. When it comes to websites, mobile apps and online banking options, credit unions may often fall behind compared to big banks.
If online banking is a priority for you, make sure to look for a credit union with well developed online services.
Less Credit Card Options
While some big credit unions will do their best to compete with large banks, smaller credit unions are unlikely to have the same variety of credit cards available.
If you’re set on landing a credit line that comes with big rewards programs and sign-up bonuses, you might be disappointed with a credit union’s offerings.
Benefits of a Credit Union – FAQ
Can anyone join a credit union?
Credit unions are not exactly exclusive clubs, but in many cases there are certain requirements needed to become a member. Generally speaking, large credit unions operating several branches will be easier to join than smaller, localized ones.
Credit unions are designed to serve their communities. As a result, some are strictly for employees of a certain organization, while some are geared to anyone living or working in a designated community.
You can usethis website to find credit unions that are local to you, and find out which options you’ve got.
Is it better to keep my money in a credit union or a bank?
The answer depends on your own unique financial needs and priorities. While credit unions often have better rates for savings and loan products, banks don’t have membership exclusivity.
A bank may also just be a more convenient option for you, especially if you’re looking for specialized financial products or slick online banking services.
Are credit unions safe?
Yes. Storing your money in a credit union is just as safe as using a bank, provided your credit union is insured by the National Credit Union Administration. Don’t take it for granted that any credit union you join is suitably secured.
Bottom Line
Better rates on savings, loans and a personal touch are some of the biggest benefits to credit unions. However, as we’ve seen, there are potential downsides that could disrupt your plans of joining a credit union.
Before making any changes, be sure to research the credit unions in your area. Keep in mind that services and rates can vary widely between credit unions.
Once you’ve found a credit union you can join, you’ll want to compare rates, fees and other details to maximize the benefits.
The U.S. Bureau of Labor Statistics estimates that Americans change jobs about 10 times between the ages of 18 and 42. If job changers had a 401k account at just half of those positions, it would represent a significant money management challenge: multiple redundant investment portfolios and a mountain of account statements and investment documentation to sort through.
One flexible solution to simplify the task is to consolidate assets under a single account umbrella via a 401k rollover to IRA. Offered by many financial institutions, the rollover IRA can help you streamline your investments into a unified asset allocation plan. (Remember: In addition to 401k’s, this could also include 403b’s, 457’s, Pension Plans, Simple and SEP IRA’s)
If you enjoyed this article be sure to check out: How to Rollover Your 401k into a Roth IRA, Consolidate Retirement Assets with a Super IRA, How to do an In-Service 401k Distribution While You’re Still Working.
401k to Rollover IRAs Offer a Wide Range of Benefits
As compared with employer-sponsored retirement accounts, a rollover IRA can provide a broader range of investment choices and greater flexibility for distribution planning. Consider the following benefits rollover IRAs offer over employer-sponsored plans:
Simplified investment management. You can use a single rollover IRA to consolidate assets from more than one retirement plan. For example, if you still have money in several different retirement plans sponsored by several different employers, you can transfer all of those assets into one convenient rollover IRA.
More freedom of choice, control. Using a rollover IRA to manage retirement assets after leaving a job or retiring is a strategy that’s available to everyone. And depending on the financial institution that provides the rollover IRA, you could have a wide array of investment choices at your disposal to help meet your unique financial goals. As the IRA account owner, you develop the precise mix of investments that best reflects your own personal risk tolerance, investment philosophy and financial goals.
More flexible distribution provisions. While Internal Revenue Service distribution rules for IRAs generally require IRA account holders to wait until age 59½ to make penalty-free withdrawals, there are a variety of provisions to address special circumstances. These provisions are often broader and easier to exploit than employer plan 401k hardship withdrawal rules.
Valuable estate planning features. IRAs are more useful in estate planning than employer-sponsored plans. IRA assets can generally be divided among multiple beneficiaries, each of whom can make use of planning structures such as the stretch IRA concept to maintain tax-advantaged investment management during their lifetimes.In addition, IRS rules now allow individuals to roll assets from a company-sponsored retirement account into a Roth IRA, further enhancing the estate planning aspects of an IRA rollover. By comparison, beneficiary distributions from employer-sponsored plans are generally taken in lump sums as cash payments.
Efficient Rollovers Require Careful Planning
There are two ways to execute a 401k Rollover to IRA — directly or indirectly. It’s important you understand the difference between the two, because there could be some tax consequences and additional hurdles if you aren’t careful. With a direct rollover, the financial institution that runs your former employer’s retirement plan simply transfers the money straight into your new rollover IRA. There are no taxes, penalties or deadlines for you to worry about.
With an indirect rollover, you personally receive money from your old plan and assume responsibility for depositing that money from the 401k into a rollover IRA. In this instance, you would receive a check representing the value of the assets in your former employer’s plan, minus a mandatory 20% federal tax withholding. You can avoid paying taxes and any penalties on an indirect rollover if you deposit the money into a new rollover account within 60 days.
You’ll still have to pay the 20% withholding tax and potential penalties out of your own pocket, but the withholding tax will be credited when you file your regular income tax, and any excess amount will be refunded to you. If you owe more than 20%, you’ll need to come up with the additional payment when you file your tax return.
Potential Downsides of IRA Rollovers
While there are many advantages to consolidated IRA rollovers, there are some potential drawbacks to keep in mind. Assets greater than $1 million in an IRA may be taken to satisfy your debts in certain personal bankruptcy scenarios. Assets in an employer-sponsored plan cannot be readily taken in many circumstances.
Also, with a traditional IRA rollover, you must begin taking distributions by April 1 of the year after you reach 70½ whether or not you continue working, but employer-sponsored plans do not require distributions if you continue working past that age. (Roth IRAs do not require the owner to take distributions during his or her lifetime.)
Remember, the laws governing retirement assets and taxation are complex. In addition, there are many exceptions and limitations that may apply to your situation. Before making any decisions, consider talking to a financial advisor who has experience helping people structure retirement plans.
Many airlines, hotels, theme parks and cruise lines pay year-round tribute to those who serve our country with various discounts and benefits. Sometimes these deals are available only to active-duty military personnel, and sometimes the perks extend to U.S. military veterans and their families as well.
Related: The best credit cards for active-duty military members: Get waived annual fees
No matter the form these travel benefits take, they all reflect the gratitude the travel industry feels toward those who have sacrificed so much to protect our country.
Here are the perks that military members can take advantage of on their travels.
Military hotel discounts
Marriott Bonvoy
Marriott Bonvoy and its many brands have discounted federal, state and local government rates available to government and military personnel. To access the discounted rates, choose the “Government & Military” option from the “Special Rates” drop-down menu when searching for a stay. You’ll get a list of all the Marriott Bonvoy properties in your chosen city that offer special rates and their eligibility requirements.
Hilton
Federal and U.S. military employees are eligible for military rates and discounts at participating Hilton properties. When searching for rooms online, check the box labeled “Government/Military Rates” to see the applicable rates. Plus, there’s a discount on leisure stays for active and retired military members and their families at participating hotels and resorts (though the rate is not valid for official government or military travel).
Best Western
Best Western properties across the U.S. offer discounted rates for veterans, military members and government personnel.
Plus, Best Western’s Service Rewards Program — the hotel chain’s award program tailored to members of the military and armed forces — unlocks even more member benefits, including an automatic upgrade to Gold status and bonus points on qualified stays.
Hyatt
Veterans, active-duty members and their immediate family members are eligible for a discount of 10%-15% off Hyatt’s standard rate at participating hotels. To get the discount, use the offer code MILVET while booking.
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Wyndham
Participating Wyndham properties offer discounts of up to 15% off their best available rate to active and retired military personnel, veterans and their families. Plus, qualifying military personnel and their spouses get automatic Gold-level status when they enroll in the Wyndham Rewards program and bonus Wyndham Rewards points for qualified stays.
B Hotels & Resorts
To honor military members, B Hotels & Resorts is offering an exclusive “B Saluted” discount of 15% off regular rates and two welcome drinks per stay to military members, veterans and their families. B Hotels & Resorts has locations in Orlando, Fort Lauderdale and Marathon, Florida.
IHG
The hotel chain behind such brands as InterContinental, Holiday Inn, Crowne Plaza, Kimpton and others offers a “Military Leisure Rate” at participating locations across the U.S., Canada, and Central and South America. It applies to active-duty military personnel, veterans, retired military personnel and their families.
Choice Hotels
Choice Hotels — which includes brands such as Comfort, Sleep Inn and Quality Inn — extends a discounted rate for official and leisure travel to active-duty and retired military personnel, their dependents and members of several military associations. Plus, active-duty military members, veterans and military spouses are eligible to join the Choice Privileges rewards program at the Lifetime Gold Elite level and receive a bonus 2,500 Choice Privileges rewards points after your first qualifying stay.
Motel 6
Motel 6, along with its sister extended-stay brand Studio 6, offers active and retired military personnel and their families a discount of 10% off standard rates.
Red Roof
Active-duty military personnel and veterans — in addition to government employees — are eligible for a 10% discount on official travel at any U.S. Red Roof location. The hotel chain also has a 10% discount on leisure travel for all government employees and military members, veterans and retirees.
Military airline benefits
Southwest Airlines
There are special fares for military and government travelers, but you must call the airline to book them. Additionally, military members traveling on active duty (in or out of uniform) can board between the A and B groups and are exempt from the limit of two pieces of checked baggage.
American Airlines
American Airlines offers government or military fares in some markets, while veterans and their families can access reduced fares by enrolling in the VetRewards program.
Active-duty military personnel are also allowed Group 1 boarding privileges; they can bring up to five free checked bags when traveling on orders and up to three free checked bags for leisure travel (weight restrictions apply).
U.S. military personnel traveling in uniform on a same-day American flight can enter Admirals Club lounges with their immediate family — defined as a spouse, domestic partner and/or children under 18 — or up to two guests at most Admirals Club locations except for Airspace Lounge at San Diego International Airport (SAN) and JAL Sakura Lounge at Honolulu’s Daniel K. Inouye International Airport (HNL).
Delta Air Lines
Active-duty U.S. service members can call Delta Reservations at 800-221-1212 for discounted fares unavailable to the general public. Delta also offers priority boarding and free checked baggage to active-duty military members. How many bags you are allowed is based on the type of travel and fare type, and you must adhere to the specified size and weight restrictions for baggage.
United Airlines
United offers an additional checked baggage allowance and United Club access to active-duty military members traveling on official orders (immediate family may access the lounge, too). U.S. military veterans, active-duty military, National Guard and Reserve members and their families are also eligible for a 5% discount on United-operated flights through the Veterans Advantage program.
Alaska Airlines
In some markets, Alaska Airlines offers military fares to active-duty military personnel and their dependents when you call Alaska Airlines at 800-252-7522 to purchase your tickets. Active-duty U.S. military personnel can board early, check up to five bags for free, receive 15% off inflight food purchases and receive complimentary day passes to visit an Alaska Lounge when traveling in uniform. All other active-duty military personnel can purchase a discounted day pass for $30. Flight discounts are also available through Veterans Advantage.
JetBlue
Active-duty military personnel not traveling on orders get a 5% discount off the base fare by calling 800-JETBLUE. In a separate offer, JetBlue offers a 5% discount to U.S. active-duty military members, retired military members, veterans, National Guard and Reserve members and their families who are enrolled in Veterans Advantage. Those who enroll in Veterans Advantage also get two free checked bags for leisure trips and up to five when traveling on duty.
Frontier Airlines
Frontier typically charges for carry-on bags and checked baggage. However, active-duty armed forces, National Guard and Reserve members receive a free carry-on bag, two free checked bags and one free personal item. Note: These baggage waivers apply only to active-duty military personnel. Families or traveling companions are not eligible.
Allegiant Air
U.S. active-duty and reserve military members, military veterans, members of the National Guard and their dependents get up to two pieces of checked baggage for free through the Allegiant Honors program. Also, the airline waives its typical fees for oversized checked baggage, a carry-on bag, getting a boarding pass printed at the airport and seat assignments. Qualifying service members can also board their flights early.
Spirit Airlines
Active-duty U.S. military members can check two bags for free and bring a carry-on item on board their flight for free, in addition to the already free personal item.
Military train travel discounts
Amtrak
Active-duty U.S. military personnel, their spouses and their dependents are eligible for a 10% discount on the lowest available fare in select fare classes. During your ticket search on Fare Finder, select “Military” for each eligible passenger. Amtrak also welcomes uniformed military personnel to the front of the ticket line.
Brightline
Active-duty military members traveling in uniform can ride Brightline for free with a reservation. Visit a guest services counter at any Brightline station to receive the discount. Additionally, active-duty military members not traveling in uniform and veterans can receive a 10% discount on fares. Both discounts are for the Smart fare class and cannot be used for Premium fares.
Military theme park ticket discounts
Universal Orlando Resort
Universal Orlando is currently offering a Military Freedom Pass promotional ticket to all active-duty and retired service members. Ticket prices start at $199.99 for unlimited admission between now and Dec. 24, though blackout dates apply. Each eligible service member can purchase up to six promotional tickets, and they must buy them through a participating authorized military ticket and travel office.
Universal Studios Hollywood
Universal Studios Hollywood offers discounted tickets to active-duty and retired military personnel, 100% disabled veterans, Medal of Honor recipients, active Guard and Reserve members, and the spouses and dependents of the people in these categories. Ticket prices vary based on date, and tickets must be purchased at participating military ticket offices.
Walt Disney World
Active and retired U.S. military personnel are eligible for discounted hotel rates and specially priced theme park tickets at Walt Disney World. Blackout dates apply. Hotel stays can be booked by calling 407-939-7830. Tickets must be purchased at a participating U.S. military base ticket office.
Disneyland
Disneyland honors active and retired U.S. military personnel with discounted three- and four-day Park Hopper tickets. The Disney Military Promotional Park Hopper Ticket includes access to Disneyland and Disney California Adventure each day of your ticket, excluding blackout dates. Pricing starts at $245, and you must purchase tickets at a participating U.S. military base ticket office. Hotel discounts are also available by calling 844-776-0015.
Silver Dollar City
Silver Dollar City offers a 30% ticket discount to U.S. active or retired military, veterans and military reservists, along with their spouses and dependent children (ages 4-17) living in their household. In addition to discounted tickets, Silver Dollar City invites all military members and veterans to help raise the American Flag during the park’s daily opening ceremony. Service members are also given a red, white and blue ribbon to wear during their time in the park, allowing employees and guests to thank them for their service.
Busch Gardens and SeaWorld parks
Through the Waves of Honor program, all U.S. SeaWorld, Busch Gardens, Aquatica and Sesame Place parks offer discounted tickets to active-duty military members and veterans.
Dollywood
Dollywood offers discounted tickets stand annual passes to U.S. active or retired military, veterans, military reservists, spouses and dependents. The savings amounts to about 30% off the regular ticket price.
Military cruise benefits
Carnival Cruise Line
Carnival Cruise Line shows its appreciation for active and retired armed forces members with discounted cruise rates, onboard credits and reduced deposits. Additionally, every Carnival sailing has a Heroes Tribute Lounge and holds a military appreciation gathering for service members and their families.
Norwegian Cruise Line
Norwegian Cruise Line’s Military Appreciation Program extends exclusive benefits to military members, veterans and their spouses. Members of the program receive a 10% discount on all cruise fares.
Disney Cruise Line
Disney Cruise Line offers special rates to all military members, active and retired, as well as their spouses. Discounted rates are only available on select sailings, and prices start at $185 per person, based on double occupancy.
Margaritaville at Sea
Margaritaville at Sea honors active and veteran military members with a free two-night cruise through the Heroes Sail Free program. The offer is valid only for ocean-view and interior cabins, and you must be sailing with at least one paying guest in the same cabin. Taxes and fees still apply.
Celebrity Cruises
Active and retired military members can save $25 on inside and ocean-view cabins and $100 on veranda cabins and above on select sailings. This discount applies to the first and second guest in the cabin.
Princess Cruises
Veterans and active, retired and disabled military personnel can receive up to $250 free onboard spending money on select Princess sailings. You can use this onboard credit for specialty dining, onboard boutiques, shore excursions, spa treatments and more.
Royal Caribbean
Royal Caribbean offers military rates to active and retired personnel, veterans and their spouses. The discounted rates also apply to friends and family members staying in the same cabin as the eligible service member. The best way to access the discounted rate is by booking through a travel agent or booking directly with Royal Caribbean over the phone.
MSC Cruises
MSC Cruises offers discounted fares to all active and retired U.S. military personnel, plus family members traveling with them. You can receive a discount of 5% on interior and ocean-view cabins, 10% on balcony and suite cabins and a “kids sail free” promotion on select sailings.
AmaWaterways
AmaWaterways offers active and retired service members a special military discount of $100 off a river cruise when you use the code MIL100 at the time of booking.
Bottom line
A host of benefits await travelers who serve or have served in the U.S. military.
Because these benefits, their requirements and the eligibility of family, spouses and dependents vary, carefully research each military discount offer to avoid any surprises. Many airlines, hotels and other businesses might ask for proof of eligibility, so don’t leave home without the military ID, veteran ID, dependent ID, orders and/or other documentation you’ll need to take advantage of the many travel offers.
At long last, the White House and House Republicans have reached a tentative agreement to raise the debt ceiling. But a deal isn’t over yet: Congress still needs to vote on the deal – far from a guaranteed outcome – and President Joe Biden would need to sign it before the US defaults or misses a scheduled payment.Video above: House Speaker Kevin McCarthy speaks after debt ceiling agreement in principleEvery day that passes without a bill to raise the debt ceiling, the probability of the United States reaching the critical date that it can no longer meet its financial obligations steadily grows.If lawmakers fail to pass the tentative agreement, and they don’t raise the country’s debt limit by early June, the government may confront an unprecedented challenge: determining which bills to prioritize for payment as the Treasury Department grapples with insufficient funds. Debt vs. other payments If the United States doesn’t raise the debt ceiling in time, the Treasury may have to decide whether to make interest payments to its debtholders or to pay its non-debt obligations, such as Social Security, veterans’ benefits, unemployment insurance, food stamps, and running government organizations like the military and the US Centers for Disease Control.The United States government makes millions of payments each day, but the overall economy would pay a far greater price if it were to miss payments on its debt, according to Mark Zandi, the chief economist at Moody’s Analytics. Moody’s Analytics is separate from Moody’s Investor Service, the credit rating agency.If the United States defaults on its debt, it would undermine faith in the federal government’s ability to pay all its bills on time, affecting the government’s credit rating and unleashing massive turbulence in financial markets.Countries with lower credit ratings face higher interest rate costs than those that are viewed as more trustworthy borrowers. The three largest credit rating agencies – Moody’s Investor Service, S&P Global Ratings, and Fitch Ratings – rate borrowers based on their perceived ability to pay back debt. If America’s credit rating were downgraded, that could raise borrowing costs for millions of Americans, sending mortgage, personal loan and credit card rates higher. It could make business’ borrowing costs rise and lead to layoffs – and ultimately a recession.What gets prioritized?Absent a bill passed by Congress and signed by Biden, Treasury will likely do everything in its power to avoid a debt default.In contrast to debt payments, government payments like Social Security or federal worker salaries aren’t considered debt instruments, so they are less likely to come into play when the agencies rate the United States’ debt. Zandi acknowledged that a government decision to pay back bondholders, including foreign governments like China and Japan, over an elderly Social Security recipient will likely be politically unpopular. However, he believes the government would try to prevent a debt default for as long as it can. “The reality is, if they don’t do that, then the economy is going to evaporate, the budget deficits are going to explode, and our interest expense is going to rise because investors are going to demand higher rates,” Zandi said.“A grandmother 10 to 20 years from now looking for a Social Security check will be much less likely to get one. At least not one as large because we’ll be in a much more precarious financial situation.”Treasury Secretary Janet Yellen, however, has not said what the Treasury Department would do if the country hits the so-called X-date, when the government can no longer meet all its obligations. In March, she called prioritizing payments “effectively a default by just another name.”Treasury will not be able to make everyone happyOn Friday, Yellen updated her estimate of the X-date, to June 5.Though prioritizing debt payments might stave off an even-greater economic collapse, the United States may not emerge unscathed.In 2011, then-Treasury Secretary Tim Geithner compared the government picking and choosing which bills to pay to a homeowner who pays their mortgage while pushing off their car loan and credit card bills: while that key housing expense is taken care of, that person would likely still have damaged credit.Betsey Stevenson, a professor of economics and public policy at the University of Michigan, said no matter which payments Treasury decides to put first, the agency will likely be sued by those left behind. “What should Treasury do? Should it issue new debt it’s not authorized to issue? Should it fail to pay a bill it’s required to pay? Should it fail to honor the debt that the US government has issued? There is no clear legal answer,” she said.“Treasury doesn’t really want to answer that question, and they don’t really want to be in that position.”
At long last, the White House and House Republicans have reached a tentative agreement to raise the debt ceiling. But a deal isn’t over yet: Congress still needs to vote on the deal – far from a guaranteed outcome – and President Joe Biden would need to sign it before the US defaults or misses a scheduled payment.
Video above: House Speaker Kevin McCarthy speaks after debt ceiling agreement in principle
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Every day that passes without a bill to raise the debt ceiling, the probability of the United States reaching the critical date that it can no longer meet its financial obligations steadily grows.
If lawmakers fail to pass the tentative agreement, and they don’t raise the country’s debt limit by early June, the government may confront an unprecedented challenge: determining which bills to prioritize for payment as the Treasury Department grapples with insufficient funds.
Debt vs. other payments
If the United States doesn’t raise the debt ceiling in time, the Treasury may have to decide whether to make interest payments to its debtholders or to pay its non-debt obligations, such as Social Security, veterans’ benefits, unemployment insurance, food stamps, and running government organizations like the military and the US Centers for Disease Control.
The United States government makes millions of payments each day, but the overall economy would pay a far greater price if it were to miss payments on its debt, according to Mark Zandi, the chief economist at Moody’s Analytics. Moody’s Analytics is separate from Moody’s Investor Service, the credit rating agency.
If the United States defaults on its debt, it would undermine faith in the federal government’s ability to pay all its bills on time, affecting the government’s credit rating and unleashing massive turbulence in financial markets.
Countries with lower credit ratings face higher interest rate costs than those that are viewed as more trustworthy borrowers. The three largest credit rating agencies – Moody’s Investor Service, S&P Global Ratings, and Fitch Ratings – rate borrowers based on their perceived ability to pay back debt.
If America’s credit rating were downgraded, that could raise borrowing costs for millions of Americans, sending mortgage, personal loan and credit card rates higher. It could make business’ borrowing costs rise and lead to layoffs – and ultimately a recession.
What gets prioritized?
Absent a bill passed by Congress and signed by Biden, Treasury will likely do everything in its power to avoid a debt default.
In contrast to debt payments, government payments like Social Security or federal worker salaries aren’t considered debt instruments, so they are less likely to come into play when the agencies rate the United States’ debt.
Zandi acknowledged that a government decision to pay back bondholders, including foreign governments like China and Japan, over an elderly Social Security recipient will likely be politically unpopular. However, he believes the government would try to prevent a debt default for as long as it can.
“The reality is, if they don’t do that, then the economy is going to evaporate, the budget deficits are going to explode, and our interest expense is going to rise because investors are going to demand higher rates,” Zandi said.
“A grandmother 10 to 20 years from now looking for a Social Security check will be much less likely to get one. At least not one as large because we’ll be in a much more precarious financial situation.”
Treasury Secretary Janet Yellen, however, has not said what the Treasury Department would do if the country hits the so-called X-date, when the government can no longer meet all its obligations. In March, she called prioritizing payments “effectively a default by just another name.”
Treasury will not be able to make everyone happy
On Friday, Yellen updated her estimate of the X-date, to June 5.
Though prioritizing debt payments might stave off an even-greater economic collapse, the United States may not emerge unscathed.
In 2011, then-Treasury Secretary Tim Geithner compared the government picking and choosing which bills to pay to a homeowner who pays their mortgage while pushing off their car loan and credit card bills: while that key housing expense is taken care of, that person would likely still have damaged credit.
Betsey Stevenson, a professor of economics and public policy at the University of Michigan, said no matter which payments Treasury decides to put first, the agency will likely be sued by those left behind.
“What should Treasury do? Should it issue new debt it’s not authorized to issue? Should it fail to pay a bill it’s required to pay? Should it fail to honor the debt that the US government has issued? There is no clear legal answer,” she said.
“Treasury doesn’t really want to answer that question, and they don’t really want to be in that position.”