Last Updated: April 27, 2020 BY Michelle Schroeder-Gardner – 3 Comments
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Retirement is the most complicated time in your life, financially. That’s driven by many factors, including: (1) you don’t know how long your retirement will last, (2) you won’t have a traditional salary coming in the door, and (3) you might not have the same mental capacities as you do now to make financial decisions.
The complicated nature of retirement has increased over time as life expectancy has increased — from around 60 years in 1930 to closer to 80 years today — and pensions have gone away. Maybe your parent or grandparent has a pension? That pension, which might not seem like a big deal when you’re young, makes a big difference in retirement. It fixes all three issues listed above by providing you a continuation of your salary for as long as you live. Now, not only are employers not offering them, but many of us don’t have traditional jobs with benefits in the first place.
Still, for all of us DIYers out there who know how to take control our financial lives and make things happen, there are solutions for us. To make sure we’re financially comfortable and safe in retirement, we need to be aware of the risks and take the right steps to be protected. This of course means thinking about this and planning ahead years before we expect to retire.
Here are the 4 best tools to keep you safe in retirement:
1 – Social Security (I’m serious here…)
Social Security is the golden child of retirement planning. It is THE BEST option we have out there to keep us safe. It’s basically a pension provided by the government. Here’s how it works: While you’re working and paying taxes, you earn Social Security credits. As long as you’ve earned at least 40 credits (1 credit for every $1,320 you make, max of 4 credits per year), you’ll qualify to receive benefits in retirement. The more credits you earn, the more your benefit, which is a monthly paycheck in retirement, will be. That monthly check can start between ages 62-70 and will continue for life, each year potentially increasing for inflation. The longer you wait to start it, the more your benefit will be.
To take full advantage of Social Security, do the following:
Maximize your credits by making sure your reported taxable income is at least $5,280 every year. (This number is based on the 2018 credit value of $1,320 which does go up over time.)
Plan to delay the start of your Social Security to the maximum age of 70. You’ll get an 8% increase in your benefit each year you delay them past full retirement age (67).
Keep track of your Social Security benefit by creating an account. Knowing how much you’ll be receiving each month will make it easier for you to plan how you’ll cover the remaining expenses that exceed your benefits.
2 – Blueprint Income’s Personal Pension
Employers have decided to stop offering pensions, instead providing better access to the stock & bond markets through 401(k)s. But, you can still get yourself the benefits of a pension — steady, guaranteed income that continues for life — independent of what your employer offers. Blueprint Income’s Personal Pension is an account you create and fund just like you fund your 401(k), IRA, or brokerage account. But, instead of putting money in the market, the money in your Personal Pension gets converted into guaranteed, lifelong income backed by insurance companies, of which Blueprint Income has 15 on their platform. (The technical product that makes this possible is called an income annuity, which is what the first generation of pensions used.)
Use the Personal Pension to supplement your Social Security so that all of your most important expenses in retirement will be covered no matter how long you live, and even if the market crashes. Here’s what to do:
Head to Blueprint Income to build a Personal Pension plan. You can set a goal for how much income you want in retirement and they’ll tell you how much to put in over time.
If you have an idea of how much your basic expenses will be in retirement, use that minus Social Security as your income goal. If you don’t know, just set it at $2,000 per month and work with their time to refine it later.
Decide where the money to open the account will come from (minimum of $5,000). You can use existing retirement savings (Traditional IRA, Roth IRA, 401(k) rollover) or new savings from your bank account.
Then, keep contributing over time as little as $100 per month to build up your retirement check. If something happens, you can always skip/cancel/change contributions without penalty.
3 – Tomorrow, The Family Financial Planning App
The first two tools protect you from the risk that you live longer than expected and the risk that the stock market crashes. But, what will happen when you pass away? Not only is that emotionally challenging for your loved ones, it can also create very complicated financial situations for them. The Tomorrow app provides a super easy and user-friendly way to make important long-term financial decisions and set up appropriate wills and insurance contracts.
Here’s what you can do through the Tomorrow app:
Create a last will & testament for free. Having a will is important because it specifies who will be the guardian of your kids and pets and specifies what should happen to your assets.
Create a trust fund, which when paired with a will, has the benefit of protecting your privacy, reducing probate costs, and allowing for better distribution of your assets.
Determine and buy the right amount of term life insurance. This is the simplest form of protection for your family over the period of time that a premature death would harm them financially.
4 – EverSafe, Protection from Fraud, Scams & Financial Exploitation
At the beginning, I mentioned that retirement becomes a risky time in your life because of your potentially diminished cognitive capabilities. This reality makes seniors easy targets for financial abuse and exploitation. Elder financial abuse can take many forms, including petty theft, fraud, scams, misguided home repairs and bad financial advice. EverSafe is a personal detection and alert system that stops exploiters from taking advantage of you.
Consider signing up for EverSafe as you approach retirement, or for your loved ones who are already in retirement, to get the following services:
Analysis of your daily transactions for erratic activity and anomalies like unusual withdrawals, missing deposits, etc.
Alerts by email text, or phone to you and your trusted advocates when suspicious activity occurs.
Tools to manage and resolve any fraudulent activity.
With these tools, plus all of the good day-to-day and long term financial sense I know you already have, you’ll set yourself up for a comfortable retirement where, ideally, you never even have to think about money or risk!
If we were to ask you to imagine your dream home, what would your mind conjure up?
Perhaps you’d love a penthouse in the skies or a palatial property with sweeping gardens. What about a lush forest paradise away from civilization or an opulent oceanfront property?
Maybe a hillside mansion with an infinity pool or a good ol’ swanky apartment in a coveted address is more your style.
What if we told you that you no longer need to choose just one view or destination because you can have it all?
Welcome aboard the NJORD, a one-of-a-kind superyacht that redefines luxury living as we know it.
Aptly named after the Norse god of the wind and seas, NJORD is being developed by Ocean Residences Development and German shipyard, Meyer Werft.
A look at the luxury homes aboard the NJORD Superyacht
Once completed, NJORD will offer 117 private residences that range from 1,500 to 9,000 square feet with two to six bedrooms. There will also be 16 duplexes and triplexes that have their own private elevators.
The prestigious homes will be priced from $8.5 million to $70 million.
The project is expected to be completed by 2026, but the first ten homes aboard the NJORD Superyacht are already up for grabs. And they’re quite spectacular!
To add a personalized touch, the developers have brought many interior designers and architects on board including Kelly Hoppen and David Linley who have worked on the first 10 units as well as Jean-Michel Gathy, Francesca Muzio, Sabrina Monteleone, Taylor Howes, and 1508 London.
Future residents can choose from 15 different floor plans and — while each residence is intended to be unique — there are also certain similarities like floor-to-ceiling windows, smart home technology, Gaggenau appliances, and of course, private balconies with spectacular views of the ocean.
The epic 948-feet superyacht also includes other features like gourmet kitchens with custom cabinetry by Studio Becker, walk-in closets, ensuite bathrooms, personalized housekeeping, laundry, and tailoring services.
The luxury doesn’t end there though.
The vessel comes with a travel and excursion concierge for the more adventurous residents, a Eurocopter 160, four superyacht limo tenders, two dive and fishing boats, a dive center, and an excursion lounge.
All of the residents’ culinary requirements will be taken care of in the six world-class restaurants and bars on board.
For the health and mental well-being of residents, there’s the Chenot Spa and Wellness Center and a Chenot Gym and Fitness Center.
Other than that, there’s also a telescope space observatory, a golf simulator and pro shop, a gourmet market and shops, a kids club, outdoor terraces, and multiple pools.
Lastly, the party never has to end thanks to the onboard nightclub, jazz lounge, and 10,000 -bottle wine cellar.
The first 10 private NJORD residences are now on the market
While the groundbreaking residential project is only slated for completion in 2026, the first private homes aboard the superyacht have recently been listed for sale.
The sales and marketing for the first ten residences aboard NJORD will be led by global real estate brokerage The Agency, with CEO/founder Mauricio Umansky and principal & managing partner Santiago Arana at the helm.
“We are proud to represent the sales and marketing for the first ten incredible residences aboard NJORD, one of the most innovative and exclusive residential offerings in the world,” says Mauricio Umansky.
“With its thoughtfully designed residences, endless array of amenities and philanthropic and scientific purpose, buyers have the unique opportunity to live aboard one of the finest vessels to ever be built,” Umansky added.
If Mauricio Umansky’s name rings a bell but you don’t know where from, you might know him from The Real Housewives of Beverly Hills (he’s Kyle Richard’s husband).
You’ll also be seeing a lot more of him on Netflix’s Buying Beverly Hills, which follows him and his stellar team of real estate agents. And we’re kind of hoping the new reality series will also give us a closer look inside the NJORD Superyacht and its luxury residences.
“We’re delighted Mauricio Umansky and Santiago Arana of The Agency will be at the helm of sales and marketing for the first ten luxury residences aboard NJORD,” said Kristian Stensby, Founder and CEO of Ocean Residences Development.
“With their combined record-breaking career success, global reach and white-glove service, we can’t think of a better team than The Agency to represent NJORD, the finest address everywhere in the world.”
Luxury meets sustainability
NJORD is more than just a collection of upscale residences.
It’s an adventure around the globe and, according to Alain Gruber, COO of Ocean Residences Development Ltd, residents can choose to either completely relax or participate in the activities and expeditions planned by the concierge.
The best part about NJORD (other than the fact that you will get to circumnavigate the planet) is that you will do so sustainably.
The developers aim to build it under strict environmental regulations to minimize its carbon footprint.
The vessel will not only use carbon-neutral fuel but also include a professional oceanographic laboratory, a cloud computing system, multibeam echo sounders, and other resources to help the scientific community tackle environmental issues like climate change.
Talk about a new wave of residential living!
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In October I published my most recent update in what I call “The Digit + Axos Invest Experiment”.
Since February has come and gone I thought this might be a good time to do my review of the experiment after 1 year – to see just how much I was able to save, and invest, over that time.
The Experiment
The series of posts was designed to show just how easy it can be to save and invest using today’s free and automated saving and investing solutions.
To facilitate the experiment I opened two new accounts, both with free automated services that I discovered just over a year ago
The first account was an free online savings account from Digit, an account that helps take the busy work out of saving. It analyzes your checking account daily and at regular intervals it saves small amounts of money from your checking and puts it into your Digit savings account – without your intervention. It allows you to save money, a little bit at a time, without even realizing it.
The second account is a free automated investment adviser from the folks at Axos Invest. When you have an investment account from Axos Invest, their system will allow you to regularly invest in a taxable or tax-advantaged retirement account, and it will automatically invest your funds in a portfolio of low-cost ETF index funds. It’s a great new long term investing site, along the lines of Betterment or Wealthfront, but without any account management costs.
Digit and Axos Invest are both big on the idea of automating things in order to make them more efficient, more cost-effective and better for your bottom line. I liked the idea behind both sites, and after signing up, a year ago I decided to take both services on a trial run, and to run an experiment.
Just how much could I save automatically for the year using Digit’s tools? How much would I be able to invest at no cost using Axos Invest? How much intervention would I need to have – and just how much could I save over time? First, let’s take a brief look at these two accounts.
Digit Savings Account
According to Ethan Bloch, the founder of Digit, the company was started to help people, “maximize their money, while at the same time driving the amount of time and effort it takes to do so as close to 0 minutes per year as possible”
So how does Digit work? You sign up for an account, and link your checking account. Digit will then analyze your income and expenses, find patterns and then find small amounts that it can set aside for you – without any pain for you.
So once you sign up and turn on auto-savings, every 2 or 3 days Digit will transfer some money from your checking to your savings, usually somewhere between $5-$50. Digit won’t overdraft your account, and they have a “no overdraft guarantee that states they’ll pay any overdraft fees if they accidentally overdraft your account.
Open Your Digit Savings Account
Axos Invest Investing Account
Axos Invest launched with the goal of being the world’s first completely free financial advisor. Their founders had a mission “to ensure everyone can achieve their financial goals, which starts with investing as early as possible. This is why there is no minimum to start and we do not charge fees.”
Axos Invest’s founders understood that one of the drags on the typical person’s portfolios is the fees that they’re paying to invest, as well as the friction point of having to invest thousands of dollars to start. They changed that with no minimums to invest, and no fees charged for investing. Axos Invest will be releasing some premium add-on products for their users, which they will charge for, but a basic investing account will not cost anything beyond the mutual fund expense ratios associated with your investments.
What do you invest in with Axos Invest? Axos Invest will invest your funds based on Modern Portfolio Theory (MPT). Your investments will be diversified, low cost and recognize the value of long term passive investing by investing in ETF index funds. Plus, when you sign up now, you’ll get a $20 Signup Bonus!
Open Your Axos Invest Investing Account and Get A $20 Bonus!
The Digit + Axos Invest Experiment (D+AI Experiment)
So for my Digit + Axos Invest Experiment, the goal was not only to take these two free products for a spin, but also to show just how easy (and low cost) it can be to invest. There really should be no excuse to not get started.
When I started in February 2015 my goal was to allow Digit to automatically pull money from my checking account and put it into my Digit savings. Whenever the amount in my Digit savings reached $75 or more I would transfer that money over to my Axos Invest account and invest it in their highly diversified set of ETF index funds.
Why was I doing it this way? I did it this way because Axos Invest has no minimums and you can buy fractional shares, so why not? I can transfer money in small chunks, and engage in a bit of dollar-cost averaging while I’m at it.
So how are things going now that I’ve been doing the experiment for an entire year? Let’s take a look.
The Experiment 1 Year In Progress
After setting up my Digit and Axos Invest accounts I put the plan in action and allowed my Digit account to start saving on my behalf.
Digit started saving small amounts in my account when I first began. $5 here, $15 there. Over time multiple transfers and deposits ended up adding up to larger amounts in my Digit account. My first transfer to my investment account was about $186.
From then on every time the amount reached around $75-$100 or more, I transfered the money to Axos Invest.
Amounts Saved And Invested In One Year
I’m now just over 1 year into my little experiment, and I’ve withdrawn my Digit savings balance and invested it in my Axos Invest Roth IRA 25 times.
Here are the amounts that I have withdrawn and invested, with the most recent investment first:
$541.21
$230.47
$296.95
$350.92
$306.40
$445.21
$173.84
$419.66
$112.68
$155.20
$142.02
$74.36
$79.76
$121.75
$82.03
$95.67
$81.27*
$93.28
$109.47
$76.20
$99.08
$99.32
$90.88
$74.72
$186.00
A total of $4538.55 was saved by my Digit account over the 12 months I did this experiment. I invested $3347.68 of that in my Roth IRA. (the last couple of months in the experiment a large tax bill came due and some of the Digit savings went to that instead of my Roth IRA)
Here’s a screenshot from my Digit account showing my latest $541.21 withdrawal for the purpose of investing.
After withdrawing the money I then transfer it from my checking account over to Axos Invest. Deposits can be used to purchase fractional shares of the ETF index funds used in the account.
I currently have $3298.83 invested at Axos Invest, from the $3347.68 I have deposited. The investments (and the markets) have gone down about 1.5% since I started, so that accounts for the losses.
Here’s my portfolio’s asset allocation in my Axos Invest account. It is a bit more aggressive than in my other retirement accounts.
The funds that Axos Invest currently uses, and their expenses, are shown below (but are subject to change)
Vanguard Total Stock Market ETF (VTI): 0.05%
Vanguard FTSE Developed Markets ETF (VEA): 0.09%
Vanguard FTSE Emerging Markets ETF (VWO): 0.15%
Vanguard Intmdte Tm Govt Bd ETF (VGIT): 0.12%
Vanguard Short-Term Government Bond Index ETF (VGSH): 0.12%
iShares Investment Grade Corporate Bond ETF (LQD): 0.15%
State Street Global Advisors Barclays Short Term High Yield Bond Index ETF (SJNK): 0.40%
iShares Barclays TIPS Bond Fund (ETF) (TIP): 0.20%
Vanguard REIT Index Fund (VNQ): 0.10%
We’ll see what kind of returns my account sees over the coming months/years, but I’m sure it will be close to what the market does. Since I’m not paying any account management fees to invest, I’ll be coming out ahead as compared to some other automated investment advisers.
A Recap Of My Progress After 1 Year
So how has the experiment gone now that I’ve made it an entire year? In my book it’s been a rousing success. I’ve saved $4538.55 over the 12 month period via Digit. If we divide that over 12 months, it means an average saved of about $378.21/month.
If you look at that $4538 amount, it’s about 83% of the annual $5500 contribution limit for a Roth IRA. So essentially, almost all of my year’s Roth IRA contributions are happening without me having to actually think about it.
The money is slowly coming out of my accounts – usually in amounts that don’t even really register. The savings amounts tend to be in the $10-50 range, although a few have been $100+. It’s amazing how fast those small amounts really add up!
The Power Of Investing Over Time
Let’s say you were in your 20s and you were to do something similar to what I’m doing with this experiment. You could end up with a pretty nice start to your nest egg over time.
Just setup automated savings and investments, and in my case that $4538 contribution for the year when extrapolated out over 30 years at an average 8% interest, will end up as just over $567,300 over 30 years.
To me that’s the power of long term investing. You can take small savings and investment amounts like this, and make it grow. In the end those small amounts end up adding up to a large lump sum in retirement. That’s pretty powerful. Why not get started now?
Join In The Digit & Axos Invest Experiment
Interested in joining the “Digit and Axos Invest Experiment” for year 2? I invite you to join in!
Open your accounts here:
After your accounts are open, sit back and wait for the savings to pile up – then invest! Piece of cake! Give it a shot and let us know how it goes!
Being employed in the securities industry has its fair share of unique and challenging situations. One situation that I always find comical is when a client calls me and wants to buy some obscure penny stock that they claim is the next “sure thing.”
Each time this occurs, it never fails that the stock is some random recommendation from the client’s brother’s barber’s son-in-law who guarantees the stock is getting ready to take off.
Every time this occurs I always sigh to myself and think, “Sure it is”. Before you go out and try to strike gold let’s find out what a penny stock really is and what risks they have.
Pennies on the Dollars
One would think that a penny stock would cost only pennies, right? Well, not quite. Actually, to qualify as a “penny stock”, the stock price will be less than $5.00. Here are a few other characteristics of a penny stock:
They are not traded on any exchange or the Nasdaq
Priced less than $5.00
Company has not met financial standards of listed equity companies.
Why Are Penny Stocks Risky?
Many investors are attracted to penny stocks because of the buying power (you can buy lots of shares without a lot of money) and “potential” payoff. The keyword is “potential” or better translated as “not likely“.
What makes penny stocks so risky is there lack of liquidity. Penny stocks are not traded on the major exchanges (NYSE or Nasdaq) and are traded on Over the Counter Bulletin Board (OTCBB) or the Pink Sheets.
The listing requirements of these are far less stringent than the major exchanges, so many of these companies do not have to have as detailed reporting as their publicly traded counterparts.
All these factors combined are what make penny stocks that much more risky.
Liquidity is an Issue
Since these stock are more thinly traded, it can be hard to find a buyer if you hold the stock. And just because the stock may list for a certain price, doesn’t mean that there is a buyer out there.
Think trying to sell a Barry Bonds rookie card for what the pricing guide lists it for. Chances are you are not going to find a buyer.
Beware of Penny Stock Scams
Many of us have been exposed to some sort of scam promoting penny stocks. According to a study conducted at Oxford, 15% of all e-mail spam was related to penny stock fraud. According to the study,
“People who responded to the ‘pump and dump’ scam lost 8% of their investment in two days. Conversely, the spammers who buy low-priced stock before sending the e-mails, typically see a return of between 4.9% and 6% when they sell.”
The most common penny stock fraud is the “Pump and Dump“. A small group of speculators will accumulate a large number of shares in a penny stock. Once their positions are in place, they will release positive financial propaganda, news so unexpected and titillating it can drastically affect people’s perception of the stock.
The intent is to get small-time investors to start trading irrationally. The news is almost always false, but before this is discovered, the price of the stock often skyrockets and the original speculators exit with large profits.
Over the years, I have received countless solicitations at work from cold calling Boiler Room types trying to get me to take a look at a hot stock so that I would call my clients about it. It never failed that this next supposed gold mine was some thinly traded penny stock that was going anywhere but up.
Here is a sample email I just received trying to convince me to buy the next hot stock. FYI, I changed the symbol to protect you from rushing off and buying it.
ABCD Energy Corp. Siymbol: ABCD Traading: $0.32
ABCD Energy Corp. is an Oil & Gas Exploration and Development Company based in Denver,CO with a focus on Wyoming. Using a geology-based methodology, the US Geological Survey estimate a mean of 2.4 trillion cubic feet of undiscovered natural gasand a mean of 41 million barrels of undiscovered oil in the Wind RiverBasin Province of Wyoming. ABCD Energy Corp. has acquired 75% working interest in the Diamond Springs Prospect located within this prolific area. The Company’s shaares are publicly traaded on the OTCBB under the tiicker siymbol ABCD.
Get in before word hits the street!
Another example of a scam that I and another blogger Mrs. Micah both experienced was receiving a fax at work involving penny stocks.
The fax is made to somebody else’s attention and you are led to believe by the scammers that you have been on the receiving end of inside information by mistake. They are hoping that you will go out and buy the stock and tell all your friends to buy it, too.
If you get a similar fax at work, don’t call your stock broker or think about logging into your online brokerage account to buy it. Head to the shredder and save yourself the trouble and money.
One of the best strategies for ensuring that loved ones will be able to carry on financially in case of the unexpected is to purchase a good, solid life insurance policy. This is because the proceeds that are received through life insurance – which is income tax-free to beneficiaries – can be used for continuing to pay living expenses or to pay off large debts. It can also be used for paying for the funeral and other final expenses of the insured. That way, loved ones will not have to go into debt – especially at an already difficult time in their lives.
When buying life insurance, it is important to consider several criteria. These include the type and the amount of coverage that you are purchasing. This is because you do not want your loved ones to have too little protection.
It is also essential to know that the insurance carrier you are purchasing the coverage from is strong and stable from a financial standpoint. That is so that you can better ensure that the company will be able to pay out its promised policy proceeds if or when the time should come. One company that made our honorable mention for best life insurance companies in the US and many individuals buy life insurance coverage from is Americo Life Insurance Company.
The History of Americo Life Insurance Company
Americo Life Insurance Company has been in the business of offering life insurance and other coverage products for more than 100 years. The growth of the Americo family of companies has built primarily on the successful acquisition of more than 15 insurance entities – each having its specific advantages.
The company has also won other accolades and has been the first insurer in a myriad of different events. For example, in 1922, a predecessor of Americo, Great Southern Life – which was initially founded back in 1909, became the first company in the United States to insure the lives of children.
In 1971, another predecessor of Americo Life Insurance Company, Ohio State Life, was the first insurer to advance death benefit payments to sustain the life of a policyholder. Likewise, in 1981, Great Southern Life led the way as one of the very first insurers in the U.S. to offer universal life insurance coverage – and more recently, Americo was also one of the very first to offer indexed universal life and annuity products.
Americo Life Insurance Company Review
Today, Americo Life Insurance Company has more than 659,000 insurance policies in force. The company has more than $6 billion in total assets, and the company’s statutory premiums have increased substantially over the years. Americo has more than $32.7 billion of just life insurance in force.
Americo is very competitive in the life insurance market – and the carrier maintains a high quality, liquid investment portfolio that consists of more than 95 percent investment grade bonds in its fixed income investments.
Personalized and trusted service is the cornerstone of Americo Life Insurance Company’s business. The company is considered to be progressive in its thinking, and it is highly solutions-oriented.
The company is one of the largest independent and privately held insurance groups in the U.S. Americo is headquartered in Kansas City, Missouri, and it serves it sales force via more than 350 company associates.
Insurer Ratings and BBB Grade
Due to its safe, yet liquid, portfolio, Americo Life Insurance Company has been given a rating of A (Excellent) from A.M. Best Company. This rating is the third highest possible rating on an overall scale of 15 total ratings.
Although Americo Life Insurance Company is not an accredited company through the Better Business Bureau (BBB), the company has been given a grade of C. This is on an overall grading scale of A+ to F.
Over the past three years, the company has closed out a total of 19 customer complaints via the Better Business Bureau. (Twelve of these 19 complaints have been closed out over the past 12 months). Of the 19 complaints, 12 had to do with problems with the company’s products or services. Another six were in relation to billing or collection issues, and one was in regard to delivery issues.
Life Insurance Products Offered Through Americo
At Americo Life Insurance Company, there are many different life insurance plans to choose from. This variety is beneficial in helping clients to more closely plan for their anticipated needs. Americo offers term and permanent life insurance protection.
Term Life Insurance
Term life insurance coverage provides pure life insurance protection only, without any cash value or savings build up in the policy. Because of this, term life insurance is often quite affordable – even for a large amount of death benefit coverage.
With term life insurance, the coverage is purchased for a certain amount of time – or “term” – such as for five years, ten years, 15 years, 20 years, 25 years, or even for 30 years. During this term of coverage, the premium will typically remain the same over time, and the amount of the death benefit will remain level.
Permanent Life Insurance
Permanent life insurance offers both life insurance protection and cash value. The funds that are in the cash-value component of the policy are allowed to grow on a tax-deferred basis, meaning that there will be on tax due on this growth unless or until the money is withdrawn.
The funds that are in the cash value component of a permanent life insurance policy may be withdrawn or borrowed by the policyholder for any reason that they see fit – including the payoff of debts, the supplementing of retirement income, or even for taking a nice vacation.
There can be many different types of permanent life insurance coverage. These include:
Whole Life Insurance – Whole life insurance offers a fixed amount of death benefit coverage, as well as a fixed premium that is typically locked in throughout the entire life of the policy. Whole life insurance is meant to be kept for an individual entire lifetime, or the “whole” of one’s life. The cash value that is in the cash component of the policy is able to grow via a fixed and guaranteed rate that is set by the issuing insurance company. In some instances, the insurance company will pay dividends to the policyholder of whole life insurance – although these are not guaranteed. A dividend may be taken as cash, or alternatively, it could be used to purchase additional insurance coverage or to add to the cash component.
Universal Life Insurance – Universal life insurance also offers death benefit coverage, along with a cash value component. In this case, however, universal life insurance is considered to be more flexible than whole life coverage. One reason for this is because a universal life insurance policyholder can – within certain guidelines – determine how much of his or her policy premium will go towards paying for the death benefit, and how much will go towards the cash value. Also, the timing of when the premium is due with a universal life insurance policy may also be altered to better fit with a policy holder’s changing needs.
Indexed Universal Life Insurance – Over the past several years, indexed universal life insurance has become a more popular product. That is because this type of coverage can be beneficial both for its life insurance coverage, but also for the opportunity that it provides for both growing and protecting funds. In this case, the return on the cash value in an indexed universal life insurance policy is based upon the performance of an underlying market index, such as the S&P 500. If the underlying index performs well during a given time period, the cash value will be credited – up to a certain cap. However, if the underlying index performs poorly in a given period, the cash value’s return for that time will simply be credited with a 0 percent. So, while there is no gain, there is also no loss for that time. Many who are savings for retirement can benefit from this ability to grow, yet still protect their funds.
The company’s specially designed life insurance products offer unique benefits, and there are simplified issue products available. This means that an applicant for coverage may not be required to take a medical examination as a requirement for policy approval. Because of that, there may be a better chance of someone qualifying for the life insurance coverage that they need – even in the event that they already have an adverse health condition.
The face amount of coverage on most of the life insurance policies that are offered by Americo Life Insurance Company can range between $25,000 and $400,000.
Final Expense Coverage
While all individuals and families may have differing needs, most people will have at least some amount of final expenses. Americo Life Insurance Company offers a series of whole life insurance products that are designed for helping to cover the costs that are associated with funeral and burial expenses, as well as uninsured medical bills and other financial obligations that one’s loved ones may face.
These policies can offer face amounts that range from $2,000 to $30,000. There are both fully underwritten and simplified issue policies – and, those who smoke cigars or pipes, as well as smokeless tobacco, could qualify for a non-smoker premium rate.
Mortgage Protection Coverage
One of an individual or a couple’s biggest expenses in life is their home mortgage.
Therefore, if an income earner passes away unexpectedly, this could mean that his or her survivors would no longer be able to pay the mortgage – and in turn, be forced to move from their home. This occurrence can be made even more difficult, as the family is already facing pain.
With mortgage protection coverage, should the unthinkable occur, this policy will pay out an amount that can pay off the survivors’ mortgage balance. Americo Life Insurance Company offers mortgage protection policies with face amounts of between $25,000 and $400,000.
There is no proof of mortgage required, and depending on the policy that is chosen, the applicant for this coverage may not even be required to undergo a medical exam. There are also some optional riders available that can allow policy holders to customize their coverage to better fit with their specific needs.
Other Products Offered By Americo Life Insurance Company
In addition to life insurance protection, Americo Life Insurance Company also offers a wide range of other products that can help its customers to grow and protect their wealth. These products include the following:
Medicare Supplement insurance – While Medicare Part A and Part B offer a long list of coverages, there are also many out-of-pocket expenses that are associated with Medicare coverage, such as co-payments, coinsurance, and deductibles. Having a Medicare Supplement insurance plan can help with covering some of the costs. There are several different Medicare Supplement plans to choose from – including a basic set of core benefits, as well as more comprehensive coverage.
Retirement Annuities – A retirement annuity can help individuals and couples to save in a tax-advantaged manner for the future, as well as to lock in an ongoing retirement income that can last throughout the remainder of their life – regardless of how long that may be.
How to Get the Best Life Insurance Premium Quotes
When seeking the best life insurance quotes, it is recommended that you work with an independent insurance brokerage. If you are shopping for life insurance coverage, we can help. We work with many of the top life insurers in the industry. If you are ready to compare, then just take a moment to fill out the quote from on this page.
It’s no news that New York City’s luxury real estate wasn’t skyrocketing in 2018. In fact, 2018 was not all that kind to any sector of the residential market; condo sales plummeted and home transaction values were sliding, registering a steady decline in prices not seen since 2009.
But the slowdown was a normal turn for the market, industry experts say. After years of unparalleled growth, the market is “normalizing” or, as REBNY president John Banks said, it’s going into “a natural cooling off interval after a very hot stretch.”
To put things into context, New York brokerage PropertyClub looked at the past 15 years of sales in the $1 million+ category, to signal out trends in terms of both closed transaction and sales volume, and give us a comprehensive view of how the market performed compared to the years that came before it:
Looking at the sales trend for the past 15 years confirms what REBNY president John Banks was saying; New York City’s real estate market saw a meteoric rise in the past years — with prices and sales of properties seeming unstoppable after the 2008 financial crisis.
A closer look at the market’s performance shows that, in the early 2000s, $1 million+ property sales were fairly rare, with only 1,753 sales being recorded in 2003 across New York City. By 2017 that number rose to 6,881.
In terms of sales volume, while early 2000s saw less than $3.7 billion generated by transactions in the $1 million+ segment, 2017 shattered all previous records with slightly over $20 billion in transactions.
But 2018 stepped in to break the pattern of uninterrupted growth, and ushered in the first slowdown in luxury sales since the 2008 financial crisis. Overall sales volumes for this segment dropped by approximately 12.5% to $17.8 billion.
What does this mean for New York City’s luxury home market?
That it’s time to take a breath.
According to Jonathan J. Miller, who runs the Miller Samuel appraisal firm in Manhattan, “The past year was more of a ‘normalization of the market’, after record activity in recent years.”
In a year-end report by the New York Times, referencing home sales across the city, Mr. Miller said that, comparatively speaking, “sales are not low — they are just not unusually high. It’s like we came off the autobahn: It feels very slow relative to the last three to four years, but historically it’s not.”
Pamela Liebman, chief executive of the Corcoran Group, shared the sentiment: “Since 2009, the market has gone on a very aggressive ride, and I think it’s normal that we see a bit of a slowdown.”
More NYC real estate news:
$238 Million Sale of NYC Penthouse Shatters All Previous Records, Becomes the Most Expensive Sale in U.S. History Massive Home in the Sky Above MoMa Asks $46.7 MillionLuxurious Greenwich Lane Condo Hits the Market, Seeks $18 Million Here’s How Many People Became Millionaires by Selling their Homes in the Hottest Real Estate Markets
When most people talk about money management, they discuss tactics. Occasionally, you’ll encounter someone who elevates the discussion to strategy, rather than simply scattershot tactics.
But what’s missing from both conversations — both tactics and strategy — is a wider-lens look at how to become a better thinker; how to become a crisp, clear decision-maker.
How to think from first principles. How to better your brain. How to cultivate the wisdom to know the next move.
This series is an attempt to bring first principles thinking into the conversation around money. Welcome to the inaugural post.
[Quick recap] If you read the first issue of this series, you know I’m hyped about rethinking the FIRE philosophy into four pillars:
Financial psychology — This is the foundation of everything.
Investing — Let’s be honest: technically, you don’t need the “RE.” You can stop at “FI.” If you master your inner psychology and invest in your 401k, IRA and other brokerage accounts, you can live a wealthy and wonderful life. The “FI” is mandatory for everyone; the “RE” is optional.
Real estate — It’s a hybrid between owning an investment and running a business, so the “R” fits perfectly between “I” and “E.” Did someone say “mashup?”
Entrepreneurship — The last on the list because it’s the toughest, but this is where near-infinite potential lives. You’ll want to focus on F, I, and mayyyybe R first, before you tackle this tough cookie.
Financial Psychology
We recently re-ran one of my favorite episodes on the podcast: an interview with behavioral economist Kristen Berman, who states – among other things – that habits are overrated.
Wait … what? Habits are overrated? But … but … aren’t habits the cornerstone of, like, everything?
Nope, according to Berman. Habits are an excellent second choice.
Automation is more powerful than habits. The best upfront use of your time is to set up systems — e.g. automatic transfers and deposits. Habits are a fallback option for anything that can’t be automated.
Systems are likely to stick longer. Your automations don’t crack when you take a two-week beach vacation. Your habits, by contrast, might take the holidays off.
Systems rely on software. Habits depend on humans.
And in the end, the robots always win.
Investing
Successful investors tend to fall into two camps: those who are great at making returns, and those who are great at keeping their returns.
Those who are great at making huge returns are the ones who risk it all; they bet big on a handful of individual stocks, or they bought crypto in huge quantities during the early days, and their speculation paid off.
Our collective sense of survivorship bias applauds them.
But their risky behavior doesn’t stop. They double down again and again, until eventually they lose much of their returns.
Easy come, easy go.
By contrast, the investors who are great at keeping their returns often invest with a methodical, long-term, wide-lens approach.
It takes them decades, rather than mere years, to build their wealth. But once built, they tend to be more adept at keeping it.
SPOTLIGHT ON…
What tools are kick-ass at financial automation?
One of my favorites is Acorns, which automatically rounds up your purchases and invests the difference.
If you spend $1.73 on a coffee (wait, can you still get coffee for $1.73?? okay fine, if you spend $1.73 on … um … a bag of peanut M&M’s?), the tiny robots will round your purchase up to $2 and invest the difference, $0.27, into your Acorns account.
You can choose your favorite investing style (aggressive, moderate, conservative), or double the round-ups if you’re feeling spicy.
My personal tally? Welp, here it is:
So if I’m spending too much, or too often … at least I’m investing, too.
Check out Acorns here (you’ll also get a $5 bonus).
Real Estate
Many people have some variation of the following question:
“I’d like to buy an investment property. And I’d like to _____ [insert personal use here] _____ when it’s not rented out.”
For example, “I’d like to …”:
… use it as a summer/winter home.
… use it for a month or two every year.
… have my aging grandparents or parents live there.
… turn it into a home office temporarily or seasonally, like during the summers.
… let my kids live there after they move out.
… provide a home to my brother or sister while they’re getting back on their feet.
That’s fantastic. But that’s not an investment property.
There’s a difference between buying an investment property vs. monetizing a property while it’s not in use.
The former requires cold, hard math. Your personal preferences don’t enter the picture. You make spreadsheet-based decisions with Spock-like reason.
The latter’s existence is based on your personal preferences. Every decision, from location to layout to square footage, is influenced by your homeownership ideals.
On the surface you’re performing the same act. You’re purchasing a property, and then renting out said property. You’re advertising the vacancy, collecting rent checks, performing routine maintenance and repairs, and paying taxes as a landlord.
But there’s a huuuuge difference between the decisions you make when you’re selecting each type of property.
Many homebuyers get smacked upside the head with problems when they don’t understand which set of objectives they’re chasing.
They take their cues from the wrong group. They use the wrong formulas. They play the wrong game, follow the wrong rules, track the wrong scoreboard.
The home they purchase ends up being the wrong candidate for the job.
And that’s a six-figure mistake.
In our course, Your First Rental Property, we teach our students how to clarify exactly what they want in an ideal property, so that they never take cues from the wrong voices.
Entrepreneurship
Let’s keep this simple:
“Do I need business cards?”
No.
“Do I need a business plan?”
Meh. Maybe something that’s simple enough to scrawl on a napkin.
“Do I need a suit?”
Why, are you a funeral director?
Stop playing business. You’re not a little kid on a playground; starting a business by printing business cards is a grown-up version of make believe.
No matter what type of business you’re running — whether you’re dog-walking for extra income or freelance coding for the local university — you need two things:
Either a product or service
Someone who thinks your product or service is valuable enough to purchase
That’s it. Forget the business cards. Focus on (1) figuring out what product or service you can offer the world, and (2) telling the world* about it.
*You’ll want to narrow down “the world” into something more targeted. Like, tell Bob. Especially if Bob has a dog that needs walking, or if Bob hires freelance coders for the local university.
Wahoo!! You’ve finished reading Issue #2 of the First Principles series!
I hope this series inspires you to think, learn and take massive action.
Click here if you want future posts like this straight to your inbox with more thoughts, ideas and insights on a new take on FIRE.
How much money does it take to start an IRA? The easy answer is $0, but that won’t get you on your way to growing your money into retirement. The truth is, you can start an IRA with very little money. The keys to really take advantage of the power of Roth IRAs or Traditional IRAs are to understand your eligibility, the rules, and to consistently add to your account over time.
IRA’s are easy to start. Just open up a great online brokerage account. My personal favorite right now is M1 Finance.
Keep in mind that there are actually two main types of IRAs to consider, so make sure you understand which one you are eligible for.
Table of Contents
Which IRA Am I Eligible For – Traditional or Roth?
Virtually anyone can contribute to an IRA, Roth or traditional. The most basic requirement is that you have earned income. The difference between the two is based on when you’ll pay taxes.
A traditional IRA allows you to grow your money tax-free over time. You won’t pay income taxes on your account until you begin taking distributions in retirement age, or when you’re at least 591/2. You may be able to deduct your contributions on your taxes if you meet specific filing status and income requirements.
With a Roth IRA, on the other hand, you’ll contribute income that has already been taxed, so you don’t get a tax deduction right off the bat. Your money will grow tax-free, however, and you won’t have to pay income taxes on your account once you begin taking distributions in retirement.
Here is a tool to help figure out what type of IRA you’re eligible for:
Traditional IRA
Roth IRA
Contribution Limits
$6,500 total across all IRAs in 2023; if you’re ages 50 and older, you can contribute an additional $1,000
$6,500 total across all IRAs in 2023; if you’re ages 50 and older, you can contribute an additional $1,000
Who Can Contribute?
Anyone who earns an income and is under the age of 70 1/2
Anyone who earns an income
Do Income Caps Apply?
Income caps limit who can deduct contributions on their taxes unless you don’t have a retirement plan through work
Income caps limit who can contribute
How Do Taxes Work?
You’ll pay taxes on distributions once you begin taking them in retirement
Your distributions will be tax-free once you reach retirement age
Who Is This Account Best For?
Anyone who can deduct contributions and wants to reduce their taxable income
Someone who wants tax-free income in retirement
Heads Up: no matter which type of IRA you choose (or if you contribute to both), you’ll face an IRA contribution limit for each tax year. In 2023, you can contribute up to $6,500 in total to an IRA if you’re under the age of 50. If you’re 50 or older, the limit is $7,500.
How Much Money Does it Take to Start an IRA?
Now you know what type of account to open, so how much do you invest? Technically, you don’t need anything to open an IRA since the Internal Revenue Service (IRS) doesn’t set minimum contribution limits — only annual maximums.
However, individual brokerage firms have minimum requirements and you want to employ a healthy contribution strategy to maximize rewards.
When it comes to your contributions, remember that the important thing is to just get started. Small amounts of money can add up over time, and from there, compound interest can do its magic and help your account balance balloon. Here’s one way to think about it:
IRAMonthly Contribution
IRA Annual Contribution
$5
$60
$10
$120
$25
$300
$50
$600
$100
$1,200
$200
$2,400
$500
$6,000
$541.67
$6,500
Let’s say you’re 30 years old, and you contribute $100/month for a total of $1,200 a year to your Roth IRA. By the time you’re 67 and ready to retire, you’ll have saved $204,000 that won’t be subject to income taxes. That can go a long way to support a happy retirement.
Now that you understand the process a bit more, figure out which brokerage firm to use for your IRA, and how much you need to actually open an account and get the ball rolling. Once your account is up and running, you can figure out how much to contribute regularly, whether that’s $100 per month or $100 per week.
How Much Does it Cost to Open an IRA?
The cost to open an IRA can vary depending on the financial institution or brokerage firm you choose. Some institutions may have no account opening fee, while others may charge a one-time fee or an annual fee. Some firms may also have minimum deposit requirements to open an account.
As an example, M1 Finance requires a $500 minimum investment in their Roth IRA. Depending on the mutual fund you choose, Vanguard requires at least $1,000 for their Target Retirement funds up to $3,000 for their other funds.
In addition to account opening costs, there may be ongoing fees associated with an IRA account, such as annual maintenance fees or fees for certain transactions. It is also important to note that while Traditional IRA or Roth IRA contributions may be tax deductible or not taxable but there are limits to how much you can contribute annually.
How to Start Investing in an IRA
1. Compare online brokerage firms that offer IRA accounts
Different online brokerage firms have features that you’ll want to pay attention to. Some are better for hands-off investing, while others are better for those who want to get their hands dirty and really dig in.
Here are some of the things you should ask yourself when choosing a brokerage:
Would you rather be hands-on or hands-off with your account? A robo-advisor may take the burden off you when it comes to managing your investments.
What sort of investments do you want to buy? Pay attention to limitations with the broker.
How much are you looking to invest off the bat? Fees and commissions can eat away at early earnings if the initial investment is too small.
Here are some of our favorite options:
$0 per trade
$0 mutual fund
$0 set up
0.25%-0.40% account balance annually
Open Account
Among the best brokerage accounts for beginners, we like M1 Finance for IRAs. You only need $100 to open an account with M1 Finance, which is a threshold most beginning investors can reach. M1 Finance IRAs also come with no hidden fees, the option to invest in fractional shares, and a helpful mobile app that lets you monitor your account growth no matter where you are.
2. Fund your account
Now it’s time to put the minimum amount in to fund your brand new account. As previously mentioned, different brokerages have different minimum requirements, so
3. Select your investment strategy
Your next step is building a system that will allow you to seamlessly build wealth over time. This means figuring out how much you can afford to invest in an IRA each month, but it also means choosing investments that will exist within your IRA.
Remember: Your IRA is nothing more than a retirement vehicle you can use to save and invest for the future. Once you open an IRA, you still have to choose the investments that do the work inside your account.
If you find you are able to deduct contributions to a traditional IRA because your employer doesn’t offer a retirement plan, you should strive to contribute as much as you can each month up to the $541.67 monthly (and $6,500 annual) limit. That way, you’re building up retirement funds in a hurry while maximizing tax advantages.
If you opt for a Roth IRA instead, you won’t get any tax advantages now, but you will later on since you won’t have to pay income taxes on distributions once you reach retirement age. Either way, the ultimate goal is striving to invest as much as you can each month up to account limits, and without harming your other financial goals.
In terms of selecting your portfolio, this component of your system depends a lot on which investment platform (brokerage firm) you choose to go with. If you choose an online broker and decide on stocks ask a key part of your portfolio, you could benefit from dollar-cost averaging. Here’s an example of dollar cost averaging into an individual stock with a fluctuating price:
BENEFITS OF DOLLAR COST AVERAGING
Month
Share Price (In $)
Shares Bought
January
15
3.3
February
13
3.8
March
12
4.2
April
14
3.6
May
13
3.8
June
12
4.2
July
13
3.8
August
14
3.6
September
16
3.3
October
16
3.1
November
17
2.9
December
16
3.1
Total Shares
42.7
Avg. Price Per Share
$14.25
Avg. Cost Per Share
$14.05
Some firms like M1 Finance let you set up “pies” of investments that are based on fractional shares.
With M1 Finance, you can build your own “pie” from more than 6,000 available stocks and funds, but you can also choose from “Expert Pies” that have been put together by in-house investment professionals.
That’s just one way this can work, but there are plenty of other ways to set up a portfolio depending on the firm you choose. For example, let’s imagine you decide to open an IRA with Betterment.
Betterment is a robo-advisor that helps you formulate an investment plan based on your age, your investing goals, and your risk tolerance. As a result, opening an IRA with Betterment is a breeze.
You’ll start by answering some basic questions about yourself, including your age, your income, and when you plan to retire. From there, Betterment will suggest a specific investment plan that is formulated to help you achieve your goals.
If you’re a knowledgeable investor who wants to select the stocks, bonds, ETFs, and other investments that live within your IRA, that’s perfectly okay, too.
Just remember that some brokerage firms will help create an investing plan for you based on how much you can invest and your long-term goals.
4. Make it automatic
To help in your effort to contribute consistently, and to remove some of the pressure, consider making your investments automatic with the click of a button. Many of the top brokerage firms let you set up automatic investments through their mobile apps or online platforms, including Betterment’s example below.
5. Check in regularly and stay on track
Part of the fun of putting away money for your future is watching it grow. Keep an eye on your portfolio to make sure you’re contributing the way you want to. It can be tempting during tighter financial times to stop contributing, but you can always reduce your contribution amount depending on your circumstances and then change it back later.
Don’t worry about small fluctuations and seek help from an advisor if necessary.
Know the IRA Rules
Whether you opt for a traditional IRA or a Roth IRA, you should know that plenty of rules dictate who can contribute, how much can be contributed each year, and whether contributions are tax-deductible.
With a Roth IRA, the rules are as follows:
Roth IRA contributions are made with after-tax dollars, so they are not tax-deductible.
Your money will grow tax-free until you reach retirement age, and you won’t pay income taxes on your distributions when you retire.
You can remove contributions to your Roth IRA from your account at any time before age 59 1/2, but you cannot take out any earnings without a penalty until then.
Married couples filing jointly can contribute the full amount to a Roth IRA provided their modified adjusted gross income (MAGI) is below $218,000. Those with incomes between $218,000 and $227,999 can contribute a reduced amount. Those with incomes over $228,000 cannot contribute.
Single tax filers can contribute the full amount to a Roth IRA provided their modified adjusted gross income (MAGI) is below $138,000. Those with incomes between $138,000 and $152,999 can contribute a reduced amount. Those with incomes over $153,000 cannot contribute.
With a traditional IRA, the rules are as follows:
Money invested in a traditional IRA grows tax-free. However, you will pay income taxes on distributions once you reach retirement age.
If you are covered by a retirement plan at work and you’re single, you can deduct contributions to a traditional IRA if your MAGI is below $73,000. You can claim a partial deduction if your MAGI is between $73,000 and $82,999. For those with incomes over that amount, contributions cannot be deducted on your taxes.
If you are covered by a retirement plan at work and you’re married filing jointly, you can deduct contributions to a traditional IRA if your MAGI is below $116,000. You can claim a partial deduction if your MAGI is between $116,000 and $135,999. For those with incomes over that amount, contributions cannot be deducted on your taxes.
If you are single and don’t have a retirement plan at work, you can deduct the full amount of your contributions to a traditional IRA regardless of your income.
If you’re married filing jointly and your spouse is covered by a retirement plan at work but you’re not, you can deduct the full amount if your MAGI is below $196,000. Those with MAGIs between $196,000 and $205,999 can deduct a reduced amount. Anyone with a MAGI of $206,000 or higher cannot deduct IRA contributions on their taxes.
And, as we mentioned already, both accounts come with an annual contribution limit of $6,500 for 2023. If you’re 50 or older, you can contribute an additional $1,000 for a total of $7,500.
Summary on How Much to Start a Roth IRA
Opening an IRA is a great way to save more money for retirement and the future, and that’s true whether you opt for a traditional IRA or a Roth IRA. Just remember that each type of IRA has pros and cons, and you’ll need to consider your tax situation now and what it might look like later.
Still, you shouldn’t get so caught up in the rules and minutiae of these accounts that you fail to open one altogether. Do some basic research then decide which brokerage firm will meet your needs the best. From there, open an account and start contributing as much as you can. The rest of the details will work themselves out, but only if you get started.
FAQs on How Much to Start a Roth IRA
What is the minimum amount needed to start a Roth IRA?
The minimum amount needed to start a Roth IRA varies depending on the financial institution where you open the account. Some institutions have no minimum deposit requirement, while others may require a minimum deposit of $500 or $1,000.
Can I withdraw my contributions from a Roth IRA without penalty?
Yes, you can withdraw your contributions from a Roth IRA without penalty at any time. However, if you withdraw earnings before age 59 1/2, it may be subject to taxes and penalties.
Would you like to open a checking account, but you’re worried that your bad credit and past banking history might get in the way? With these issues, it can be difficult to open a new bank account.
20 Best Bank Accounts for Bad Credit
Regardless of your banking history, there are numerous banks and credit unions that offer bad credit checking accounts, all with unique features and benefits.
1. Chime
Our Top Pick
No minimum opening deposit or monthly service fee
Over 60,000 fee-free1 ATMs
Get paid up to 2 days early with direct deposit2
No credit check or ChexSystems
With Chime®, a bad credit score is no longer a deal-breaker. They offer an award-winning financial app and debit card with no credit check.
You can open a Chime Checking Account online with no monthly fees. And by that, we mean no overdraft fees, no monthly maintenance fees, no foreign transaction fees, and no minimum balance fees—ever.
Chime also offers a new way to build your credit with the Chime Credit Builder Secured Visa® Credit Card7. It’s a secured credit card with no annual fees, no credit checks, and no interest1 charges.
They offer access to over 60,000 MoneyPass® and Visa® Plus Alliance ATMs. Plus, you can get your paycheck up to 2 days earlier with direct deposit. You can also deposit cash for free at over 8,500 Walgreens.
Chime is definitely the best option on this list.
2. U.S. Bank
$400 sign-up bonus
Monthly service fee can be waived
Over 40,000 fee-free ATMs
$25 minimum opening deposit
U.S. Bank is now offering the Bank Smartly® Checking account, a popular choice that can be applied for online in 26 states throughout the U.S.
If you’re based in any of the following states – AR, AZ, CA, CO, IA, ID, IL, IN, KS, KY, MN, MO, MT, NC, ND, NE, NM, NV, OH, OR, SD, TN, UT, WA, WI, or WY – you’re eligible to apply.
By opening a Bank Smartly® Checking account and a Standard Savings account, and completing qualifying activities, you have the potential to earn up to $400. Subject to certain terms and limitations. Offer valid through June 20, 2023. Member FDIC.
The account itself provides a variety of benefits, including a complimentary debit card that can be locked or unlocked if ever misplaced or stolen. U.S. Bank ATMs offer free transactions, as do over 40,000 MoneyPass Network ATMs.
Although U.S. Bank uses ChexSystems, it’s typically known to be more accommodating with its regulations than many other banks. Unless there’s a history of fraud or any money owed to U.S. Bank, opening a checking account is a possibility.
The checking account requires just a $25 minimum opening deposit, with a monthly service fee of $6.95. The monthly fee can be waived by maintaining a minimum balance of $1,500, or by having a minimum monthly Direct Deposit of $1,000.
3. GO2bank
4.50% APY on savings up to $5,000
No minimum opening deposit
Build credit with no annual fees
Overdraft protection up to $200
GO2bank is a neobank developed by Green Dot, is a neobank developed by Green Dot, a well-established fintech known for its prepaid debit cards and banking services.
The bank offers a checking account with savings subaccounts known as vaults, and the best part is that there is no minimum balance required to open an account online.
The savings account offers an attractive 4.50% APY on savings up to $5,000. Additionally, you can deposit cash at any of the 90,000 retail locations or withdraw funds from any of the 19,000 fee-free ATMs.
You can also use the mobile app’s check deposit feature to deposit checks directly into your checking account.
With direct deposit, you can even receive your pay up to 2 days early or your government benefits up to 4 days early. Opt-in for overdraft protection and be eligible for up to $200 in coverage with eligible direct deposits.
Responsible use of the GO2bank Secured Visa Credit Card can also help you build your credit over time.
If you receive a payroll or government benefits direct deposit in the previous monthly statement period, your monthly fee is waived. Otherwise, it is only $5 per month.
4. Chase
$100 bonus after 10 purchases in 60 days
No credit check or ChexSystems
Over 16,000 fee-free ATMs
$4.95 monthly fee
Chase is one of the most popular banks in the U.S. And now, they offer an account called Chase Secure Banking that doesn’t require a credit check, doesn’t use ChexSystems, and doesn’t charge overdraft fees.
Account holders also get access to over 16,000 ATMs, free online bill pay, and free money orders and cashier’s checks.
With 4,700 locations across the country, this is an excellent option for anyone who prefers having access to physical branches.
Opening a Chase Secure Banking account comes with a $100 cash bonus when you use the card for 10 purchases within 60 days.
Account approval is immediate and you’ll receive your debit card within days. There is a small monthly service fee of $4.95; however, there is no minimum deposit to get started.
5. mph.bank
Earn 4.70% APY on unlimited savings
No minimum balance to open
Get paid up to two days early
Free withdrawals at over 55,000 ATMs
mph.bank, created by Liberty Savings Bank, F.S.B. and a Member FDIC, is a banking option that truly stands out for its unique approach. MPH, which stands for ‘Makes People Happy’, is not just a slogan – it’s a philosophy that permeates every aspect of their banking services.
They offer five different bank accounts, but the standout offering is their Future Account. This account lets you earn an impressive 4.70% APY on your savings, with no minimum balance to open and no maximum balance for the rate.
Alongside this, mph.bank offers a Spend account that allows you to receive your paycheck two days earlier.
Accessing your money is easy with mph.bank, as they are part of the Allpoint network, offering you free access to over 55,000 ATMs.
In addition to these features, mph.bank has a host of financial tools available. From planning for your future to managing your finances on one page, mph.bank ensures that you have the necessary resources at your fingertips.
6. Current
No credit check or ChexSystems
No minimum deposit or maintenance fees
Get paid up to two days faster
Overdraft up to $200 without any overdraft fees
Current is one of the fastest-growing mobile banking solutions in the U.S., with over one million members. However, Current is a financial technology company, not a bank. Most importantly, Current does not use ChexSystems or pull your credit.
Some features of the Current mobile app and debit card include fee-free overdraft protection of up to $100, 40,000 fee-free Allpoint ATMs, and no minimum balance or hidden fees.
You can also get paid up to two days sooner with direct deposit and earn up to 15x points, and get cashback.
7. Walmart MoneyCard
No monthly fee with direct deposits of $500 or more
Earn up to 3% cash back on purchases
Overdraft protection covering up to $200 with eligible direct deposits
2% APY on savings
The Walmart MoneyCard is a prepaid debit card that offers a robust alternative to traditional checking accounts.
This card stands out with its cash back rewards program, offering up to 3% cash back when shopping at Walmart.com, 2% at Walmart fuel stations, and 1% at Walmart stores, up to a total of $75 each year.
Users can also enjoy the peace of mind offered by the overdraft protection feature, covering up to $200 for purchase transactions with opt-in and eligible direct deposits.
The ASAP Direct Deposit feature is another great perk, allowing users to receive their pay up to two days earlier and benefits up to four days earlier.
Additionally, with the Walmart MoneyCard, you can earn a 2% APY on savings and have chances to win cash prizes each month. The monthly fee of $5.94 can be waived with a direct deposit of $500 or more in the previous monthly period.
8. Revolut
No monthly fee
Earn up to 4.25% APY on savings
Cash withdrawals at more than 55,000 ATMs
Commission-free stock trading
Revolut is a financial app that comes with a prepaid debit card from Visa or Mastercard. However, you don’t need to wait for the physical card to get started. You can use the digital card right away on Apple Pay or Google Pay.
The Revolut debit card gets you fee-free access to over 55,000 ATMs, and no cost out-of-network ATM withdrawals up to $1,200 per month. You’ll also get 10 zero-fee international transfers per month.
This account offers cashback, discounts from top brands, a savings account, and more. Plus, your funds are insured by the FDIC for up to $250,000.
* Please note that Revolut is frequently updating its products and features, see the Revolut Terms and Conditions for the latest offerings.
* Revolut is a financial technology company. Banking services provided by Metropolitan Commercial Bank, (Member FDIC).
9. TD Ameritrade
No monthly fee
Unlimited fee refunds for U.S. ATMs
Free TD Bank debit card
Free checks and unlimited check-writing capabilities
TD Ameritrade offers a brokerage account with a comprehensive cash management checking account. As a client, you get unlimited checks. Once you open the brokerage account, you can complete the checking account application online.
A Cash Management account also gives you access to free online bill pay, as well as a free debit card with nationwide rebates on all ATM fees.
In addition, there is no monthly fee if you maintain a $100 minimum daily balance. However, it’s important to note that a TD Ameritrade checking account is not FDIC-insured or bank guaranteed.
10. Albert
No minimum balance
Cash advances up to $250
No maintenance fees
Free ATMs at over 55,000 locations
Albert is an innovative fintech banking platform that presents a powerful alternative to traditional bank accounts.
It sets itself apart with its attractive cashback rewards program attached to its free Mastercard debit card, making it your perfect shopping companion.
Moreover, it offers an around-the-clock personal finance help feature, “Ask a Genius”, ensuring you’re never in the dark about your money matters.
In addition, with Albert, you can have your paycheck up to 2 days early thanks to the direct deposit feature. This takes financial planning to a whole new level by ensuring you’re always ahead.
Albert is also a cost-saving alternative. There are no minimum balance requirements, no monthly maintenance fees, and you enjoy access to more than 55,000 ATMs, fee-free if you’re a Genius subscriber.
Finally, Albert ensures your money’s safety with FDIC protection up to $250,000. This adds an extra layer of security to your funds, allowing you to bank with confidence.
11. SoFi
With the SoFi Checking and Savings account, you won’t have to worry about being charged any overdraft fees, minimum balance fees, or monthly fees.
Plus, it offers free access to ATMs at over 55,000 locations within the Allpoint® Network. Similar to Chime and Current, you can get your paycheck up to two days sooner when you set up direct deposit.
You’ll also get a 1% APY on your checking and savings accounts and up to 15% cash back at local establishments with your SoFi debit card.
12. Navy Federal Credit Union
If you are an active-duty or retired member of the military, including the Armed Forces, National Guard, Coast Guard, or Department of Defense, you may be eligible for Navy Federal Credit Union membership.
NFCU doesn’t utilize ChexSystems or EWS. They also offer a free checking account alternative with no monthly service fees for those with qualifying direct deposits.
Additionally, NFCU offers its members convenient access to over 30,000 ATMs situated at both credit unions and retail locations across the United States and Canada through the CO-OP Network.
13. Aspiration
With the Aspiration Spend & Save account, you get an online checking account and savings account that has the potential to earn up to 5% APY.
Aspiration also offers unlimited cash withdrawals at over 55,000 ATMs. The minimum initial deposit is $10. Deposits are FDIC insured and you can get paid up to two days sooner.
The Aspiration debit card is made from recycled plastic. Deposits are 100% fossil fuel-free. And this online bank even gives you the option to plant a tree with every card swipe.
14. Southwest Financial Federal Credit Union
Southwest Financial presents a reliable banking option that prioritizes the financial wellbeing of its members. With no monthly service fees, it offers a cost-effective solution to managing your everyday finances.
Opening an account is easy and requires no minimum deposit. As a member of Southwest Financial Federal Credit Union, you enjoy the convenience of accessing your funds through a shared network of ATMs.
15. FSNB
FSNB (formerly Fort Sill National Bank) offers a hassle-free Basic Checking account to its customers, with a $5 minimum deposit requirement.
With the Basic Checking account, you need to maintain a minimum daily balance of $75. Otherwise, you’ll be charged a monthly fee of $5.50.
This account comes with a host of convenient features, including a Visa CheckCard that allows you to make purchases and withdraw cash at ATMs worldwide. Additionally, FSNB offers free online banking services, giving you access to your account from the comfort of your home or office.
16. Wells Fargo
Wells Fargo’s Clear Access Banking offers a practical, accessible checking account designed to suit various banking needs. While there is a $5 monthly service fee, this fee is waived for primary account owners aged 13 to 24.
With a minimal opening deposit of just $25, setting up Clear Access Banking is straightforward and affordable. As an account holder, you’ll have the convenience of accessing your funds through Wells Fargo’s extensive network of 13,000 ATMs and 5,300 branches across the country.
17. United Bank
United Bank has locations in Maryland, Ohio, Pennsylvania, Virginia, West Virginia, and Washington, DC. You can open a bank account with a $50 minimum initial deposit. You do not have to maintain a minimum balance and they don’t charge monthly fees.
You can also upgrade to rewards checking, where you earn cashback rewards on debit card purchases. You also get discounts on movies, theme parks, and prescriptions. The monthly service charge is $10, but you can have it waived if you reach 15 purchase transactions monthly or have a minimum of $500 in regular deposits.
18. Huntington National Bank
Huntington has locations in Arizona, Colorado, Illinois, Indiana, Michigan, Minnesota, Ohio, South Dakota, and Wisconsin.
Huntington Bank uses ChexSystems, but you can still qualify for a checking account as long as you don’t owe the bank any money. However, applicants with an EWS record may not qualify.
For Huntington’s basic account, there is no minimum opening deposit and no minimum balance requirement.
19. Varo
Varo is an online-only bank that offers a hassle-free banking experience with no monthly fees. As a Varo customer, you’ll gain access to early direct deposit payments, which means that your funds will typically be available on the same day they’re received.
Varo Bank knows that just because you need second chance banking doesn’t mean you want sub-standard service. The checking account comes with a free Visa debit card, access to over 55,000 Allpoint ATMs, and free paper check mailing.
20. Regions Bank
You’ll need a minimum opening deposit of $50 to open a Simple Checking Account at Regions Bank. This account doesn’t come with too many bells and whistles. However, it’s a suitable option for anyone with bad credit who wants a basic checking account.
Regions Bank will lower your monthly maintenance fee from $8 to $5 if you sign up for online statements. And you’ll have the option to open a savings account through Regions Bank as well.
What is a bank account for bad credit?
A bank account for bad credit is a type of account designed for people with negative banking records. These people are usually turned away from traditional banks and credit unions because of past instances of bounced checks, overdrawn accounts, or unpaid non-sufficient fund fees.
Fortunately, some financial institutions provide bad credit bank accounts that offer basic banking services such as a debit card, online banking access, and check writing privileges. Direct deposit is also available with some of these bank accounts, which makes it easy to access your income sources.
Bad credit checking accounts are typically easy to open, with minimal fees and most importantly, no credit checks or ChexSystems reports.
How do banks evaluate new account applications?
Opening a bank account can be a straightforward process, but it’s not uncommon for applicants to be turned down or offered limited options. That’s because financial institutions have criteria they use to determine who qualifies for a bank account and what type of account they can offer.
One of the most important factors that banks consider when you apply for a new account is your banking history. To assess this, most banks will check your ChexSystems report, which is a database of your past banking transactions. This report includes information such as any unpaid fees or overdrafts, closed accounts due to fraudulent activity, and other negative marks.
If you have a negative history in ChexSystems, such as unpaid fees or a history of overdrafts, it can be more challenging to open a bank account. In some cases, the bank may decline your application altogether or offer you a limited account that doesn’t allow you to write checks or use a debit card.
Another factor that banks make consider is your credit history. Some banks may pull your credit report from the three major credit bureaus Equifax, Experian, and TransUnion, but most don’t.
Your credit report is typically accessed by credit card issuers and lenders to assess your creditworthiness when you apply for loans or credit cards. But for bank accounts, your ChexSystems record is generally more important.
What is ChexSystems?
ChexSystems is a consumer reporting agency that collects user data from banks and credit unions. One of the things this data is used for is to create consumer reports that financial institutions can use to screen customers.
When attempting to open a new bank account, most financial institutions will pull your ChexSystems report. This report will show your past banking history including overdrafts, bad checks, check fraud, negative balances, or excessive withdrawals.
If you’ve had any of these issues in the past five years, it will likely be on your ChexSystems record. Fortunately, there are several reputable banks that don’t use ChexSystems or check credit to qualify customers. There are also numerous banks that offer second chance checking accounts for people with bad credit.
Can you open a bank account with no credit check?
Opening a no-credit-check bank account is easier than ever, with plenty of reliable banking services to choose from. There are two types of bank accounts for bad credit: banks that don’t use ChexSystems and second chance checking accounts.
Banks that Don’t Use ChexSystems
Some banks simply do not use ChexSystems to evaluate new accounts. These banks offer no-credit-check bank accounts for people with bad credit or a negative banking history.
The good news is that these accounts come with the same features as regular bank accounts offered to everyone else. You can expect to have access to online banking, direct deposit, and a debit card.
Second Chance Checking Account
With a second chance bank account, financial institutions may conduct a credit check or refer to ChexSystems, but they’re willing to give you a second chance regardless of your banking history. Second chance bank accounts usually come with a monthly maintenance fee.
The best second chance checking accounts still have some of the same features as ChexSystems banks and credit unions, such as overdraft protection, online banking, and bill pay. Additionally, it should be possible to upgrade to a standard checking account after demonstrating responsible banking habits.
What to Look for in a Bad Credit Checking Account
If you’re struggling with poor credit history, you might be wondering how to find a checking account that meets your needs while also helping you rebuild your financial reputation. Fortunately, there are several banks that offer checking accounts for bad credit. Here are some key factors to consider:
No Credit Checks
The first thing to look for is a bank or credit union that doesn’t look at your credit report or ChexSystems record when opening a checking account.
Many institutions also offer “second chance” or “fresh start” checking accounts designed specifically for individuals with poor credit or past banking issues. These checking accounts provide an opportunity to rebuild your financial standing, and often offer the option to upgrade to a traditional checking account after a certain period of time.
Low or No Minimum Balance Requirement
When you’re trying to rebuild your credit, every dollar counts. Look for a checking account that doesn’t require you to maintain a specified balance. This way, you won’t be charged fees for falling below a certain balance threshold. This will help you keep more money in your pocket and avoid unnecessary expenses.
Reasonable Account Fees
It’s important to be aware of the fees associated with checking accounts, especially if you have bad credit. Be sure to compare the monthly maintenance fees, overdraft fees, and any other charges associated with the account.
Many online banks offer checking accounts with no monthly fees or waive them if certain conditions are met, such as maintaining a minimum account balance or setting up direct deposit.
Online and Mobile Banking Features
In today’s digital age, having access to online and mobile banking is essential. Look for a checking account that offers a user-friendly mobile app and website, enabling you to manage your money on-the-go. These features should include the ability to check your balance, transfer money, pay bills, and deposit checks remotely.
Account Alerts and Notifications
Opt for a checking account that offers customizable account alerts and notifications. These can help you stay on top of your account activity, track your spending habits, and avoid a potential overdraft fee. You can typically set up alerts for low balance, large transactions, or unusual activity.
Overdraft Protection
Overdraft fees can be a significant burden, especially for people with bad credit. Look for a checking account that offers overdraft protection, which can help you avoid costly overdraft fees. Some banks may offer linked accounts, lines of credit, or small-dollar loans to cover overdrafts.
FDIC or NCUA insurance
Ensure that your checking account is insured by the Federal Deposit Insurance Corporation (FDIC) or the National Credit Union Administration (NCUA). This insurance protects your cash deposits up to $250,000 per account holder in case the bank or credit union fails.
Opportunities for Financial Education
Finally, look for a financial institution that offers resources and tools to help you improve your financial literacy. This might include budgeting tools, educational articles, or workshops. The more you understand about managing your money, the better your chances of rebuilding your credit and maintaining a healthy financial future.
Bottom Line
Having poor credit doesn’t mean you can’t get a bank account. But, it does mean that your selection will be somewhat limited. We also show you how to clear your name and remove yourself from ChexSystems so that you can get a bank account anywhere.
It may take some time to get your name removed. Meanwhile, some of the banks we’ve listed above are just as good, if not better, than any account on the market right now. So, it’s a good idea to start with one of those.
Chime is a financial technology company, not a bank. Banking services and debit card provided by The Bancorp Bank N.A. or Stride Bank, N.A.; Members FDIC. Credit Builder card issued by Stride Bank, N.A.
1. Out-of-network ATM withdrawal fees may apply with Chime except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM.
2. Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. Chime generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.
7. To apply for Credit Builder, you must have received a single qualifying direct deposit of $200 or more to your Checking Account. The qualifying direct deposit must be from your employer, payroll provider, gig economy payer, or benefits payer by Automated Clearing House (ACH) deposit OR Original Credit Transaction (OCT). Bank ACH transfers, Pay Anyone transfers, verification or trial deposits from financial institutions, peer to peer transfers from services such as PayPal, Cash App, or Venmo, mobile check deposits, cash loads or deposits, one-time direct deposits, such as tax refunds and other similar transactions, and any deposit to which Chime deems to not be a qualifying direct deposit are not qualifying direct deposits.
You’ve been busting your butt, scraping by, trying to save as much as you can into your retirement accounts, but you never feel like it’s enough.
Money is such a taboo subject that most of your co-workers don’t feel like opening up about how much they have saved (or how much they wish they would have), so it’s tough trying to gauge if you’re even in the ballpark of actually retiring one day.
How do you know how you compare to the average retirement savings figure?
According to a recent survey, 51% of workers over the age of 55 have less than $50,000 saved for retirement. And 39% in that same age group have less than $25,000 in retirement savings. Those are frightening numbers if you consider that those people are very close to the typical age of retirement.
Guide to Retirement Savings
The Employee Benefit Research Institute regularly publishes the average retirement savings of different age groups. Recent findings look like this:
Workers under age 35 barely have $6,000 in savings.
Those between the ages of 35 and 44 have roughly $22,500.
Workers ages 45-54 have saved just under $44,000.
Baby boomers, those aged 55-64, have approximately $65,000 in savings.
Those 65 and over have saved $56,000.
If you actually do the calculations, you will discover that these are scary findings indeed.
Half of all Baby Boomers don’t have enough money saved for retirement just to cover basic needs.
What can you do? First, you need to figure out how much money you will need for your retirement. There are many variables that must be considered including:
At what age do you plan to retire? If you are thinking about leaving the workforce early, you will need more money for retirement as you will be retired longer. Consider how long you will be retired. Not a thrilling thing to ponder, but crucial nonetheless.
How much of your current income do you feel you will need on a yearly basis once you retire? A common percentage range is 65-75%. Be sure to think about whether you will want to travel or relocate. Some people would like to have money to leave to their children. If this is true in your case, you might want to work with a percentage closer to 100.
Don’t forget inflation. Figure about a 3% per year inflation rate. Say you make $100,000 yearly and have decided that you require 65% of that per year during retirement. It is not sufficient to multiply $100,000 by 65% and come up with a neat amount of $65,000. Adding in inflation means you need to multiply your yearly salary by 1.03 and then take 65% of that. Remember you’ll have to factor a 3% growth each year! Although, honestly, inflation could be so much more by the time as you get closer to retirement. A sobering thought.
How to Get Your Retirement Savings Above Average
Once you come up with a rough estimate of what you will probably need for retirement, you need to start saving more. Seriously. With the average savings figures what they are, chances are you are not saving enough. Here are a few simple tips to kick your savings into gear:
Save more. Add to whatever you are currently putting aside. Even a small amount, over a number of years, will add up. Put aside the most you possibly can.
Take advantage of any plans your employer may offer. If you haven’t already, find out if your place of work offers 401Ks. Many companies contribute matching funds up to a certain percentage of your salary. But make sure you know how your money is being invested. Just because Dave Ramsey says to “get your free money first” doesn’t always mean it’s a good idea, especially if your clueless in how it’s invested.
Open an Individual Retirement Account. Even if you have a 401K you can usually put aside extra funds into an IRA.
Remember, you may think you are prepared for retirement. But statistics show you probably aren’t.
Best Places to Kickstart Your Retirement Savings
It is never too late to kick your retirement savings into high gear. Getting started isn’t difficult.
All you need:
a brokerage account to hold your Traditional IRA or Roth IRA
the discipline to save each week or month
Here are some great places to open your Individual Retirement Account:
E*Trade
E*Trade is one of our favorite brokerage firms. With E*Trade, you get access to tools that can help both novices and seasoned investors reach their retirement goals. E*Trade is one of the best in the business, offering Traditional IRAs, Roth IRAs, and 401k rollovers.
When it comes to trades, E*Trade’s costs are extremely competitive at $0 on stocks, options, and ETFs.
Open an account with E*Trade to enjoy the perks of having an account with one of the best online brokers.
TD Ameritrade
TD Ameritrade makes the process of opening and funding your Roth IRA very easy. It can take you less than 15 minutes to open up a brand new IRA.
(That means you can’t say “I don’t have time to open a Roth IRA!”)
Even better, TD Ameritrade is willing to pay you to open an account with them. Bonuses range from simply being able to trade free for 60 days to up to $600 in cold hard cash deposited into your account.
Open an account with TD Ameritrade and get up to $600 just for opening an account.
Betterment
Betterment takes the issue of analysis by paralysis out of retirement accounts.
One of the common complaints people use as an excuse for not saving enough for retirement is that it is too difficult to choose investment options.
Deciding between ETFs and stock mutual funds, bond funds, and the like can be very confusing.
Not so with Betterment. The company uses a sliding scale of risk to balance your portfolio between two baskets of investments: a bond ETF basket and a stock ETF basket.
It’s incredibly simple and makes having to decide what to do a lot easier.
Plus, you get $25 if you open an account with at least $250.
Open an account with Betterment to kickstart your retirement savings.
Best Places to Open a Roth IRA (and Get Sign Up Bonuses, Too!)
Want to look at all of your options for brokerage firms? We’ve culled the list of major retirement account providers down to show you which ones are the best. We also want to make sure you are getting the most bang for your buck — brokerage firms offer big sign up bonuses for you to open an account with them.
If you’re going to open an account, you might as well get a bonus, right?
Here are the two resources we’ve created:
What are you waiting for? Stop putting off saving for retirement, get your saving into gear, and open a great account today to help you get there.