The time has come. You’ve found the perfect apartment, assembled all the necessary documents, filled out the completed rental application, paid the application fee and submitted everything. You meet all the qualifications and you’re certain you’re a shoo-in to get approved. But, then…nothing. Radio silence. You’re left in the dark, waiting to hear back from the landlord about whether they approved your rental application or not.
While it’s frustrating, there are valid reasons why your rental application may take longer to approve. Knowing what those factors or reasons are lets you prepare in advance to avoid them, thereby speeding up the process and getting you approved for an apartment faster.
Why is the property manager taking so long with the rental application process?
How long does it take to complete the application process? There are numerous factors that go into a rental application taking more or less time to approve. Primarily, it’s because your potential landlord needs to verify or confirm a lot of information. But, some of that information may take longer to verify.
If you’re waiting and waiting to hear back from a landlord about whether you’ve been approved for an apartment or not, these are the most likely reasons for the delay.
1. You didn’t fill out all the information or provide the necessary documents
If you didn’t completely fill out the rental application with all the necessary information, the landlord will need to reach out to you for the missing information. It slows the rental application process down, and it doesn’t leave the best impression on the landlord. When filling out the rental application, completely fill in all the different sections. Most important of all is to include identifying personal information like your name, current address, contact information and Social Security Number. After you’ve completed the rental application, read back through it to make sure you didn’t miss anything.
Similarly, not providing the right supporting documents slows the landlord down. They need the correct documents like your SSN and driver’s license number in order to run a background check on a potential tenant.
2. Running background and credit checks
Either working through an agency or independently, landlords need to run background checks on prospective tenants. It’s one of the fastest ways to verify all the key information like identity verification, monthly income and if you have a criminal record. If any essential information is missing from the initial application, the landlord, property management company or background check company will take longer to find and confirm that missing information.
If the property manager needs your credit report, make sure that you don’t have a freeze on your credit when they run a credit check. They’ll have to reach out to you to remove the freeze in order to check your credit score and credit history. While removing the freeze is relatively straightforward, it still wastes valuable time.
If you have bad credit, that also slows down the process. You’ll likely need to bring a co-signer or co-applicant on board in order to move forward.
3. They’re confirming your employment history and income
During the apartment rental application process, landlords reach out to your employers. In addition to verifying your employment status, place and length of employment and income, employers are great character references.
If landlords are held up at this step of the process, it’s likely because they’ve run into issues attempting to contact your place of current and previous employment. They may have a hard time getting in touch with your boss. If you’re in the process of applying for a new apartment, let your employer know. They can look for a call or email from the landlord and will know to answer in a timely manner.
4. It’s taking them time to confirm your rental history
Similar to digging into your employment history, landlords also explore your rental history report to ensure you’ll be a good tenant. Typically, they’ll reach out to your past landlords. They’ll ask your previous landlords to confirm your previous addresses and get a sense of how you are as a tenant, such as if you have any issues with paying rent on time. You’ll likely need to provide contact information for at least two prior landlords or a leasing office to contact. If you owned a home in the past, they may even want to contact the real estate agent.
Make sure your past landlord knows to expect a call regarding your rental history. That way, your potential landlord doesn’t have to chase down your landlord references. Keeping everyone informed about the process speeds up the approval process.
They’ll also look into whether you’ve had any evictions or dealings in landlord-tenant court.
5. They need to verify your income
In order to get approved for an apartment, the landlord needs to make sure you can comfortably afford to pay rent, as well as your other financial necessities. That’s why most landlords require a gross monthly income three times greater than the cost of monthly rent. In your initial application, you should have submitted several months’ worth of pay stubs, bank statements or proof of annual income like tax returns.
In some cases, the pay stubs or bank statements you provided aren’t enough proof of income. They’ll let you know that you need to provide additional income verification materials. If you have a non-traditional job like a freelancer, you’ll likely need to provide more background financial information.
6. They’re getting in touch with your references
Along with your ex-landlords and employers, some landlords like to hear from your friends and colleagues during the rental application process. It sheds light on you as an overall person, vouching for your reliability, stability and personality.
Before submitting the name of someone you know as a character reference, ask for that person’s permission first. Then, let them know approximately when they can expect to hear from the landlord.
7. They need additional documents or materials to move forward
A landlord will need to hit pause on your rental application if they need more verification. They’ll reach out to you to let you know exactly what else they need to move the approval process forward.
Try to get them the documents or materials they need as soon as possible to reduce the delay.
8. They’re approving your co-applicant or co-signer
If your credit report turned back a bad credit score or your monthly income isn’t high enough, you might not have everything it would take to get approved. But, the landlord can move forward if you have someone like a family member act as a co-signer. Your co-signer or co-applicant needs better financial standing than you, with a better credit score, income and assets.
Your co-signer will still need approval, as well, though. So, it may take anywhere from a few hours to an additional day or so to approve your co-signer.
9. Your payment didn’t clear
It’s embarrassing, but it happens. You could overdraw your account by paying the processing fee or trying to put down a security deposit.
Have all your money set to go to avoid this mishap, which may sour the landlords’ impressions of your finances.
How long does an application take for an apartment?
Typically, the apartment application approval process should take between 24 and 72 hours. But, if you’re dealing with any of the above delays in processing, the time to process rental applications could stretch longer.
If you submitted your application late in the day or on a Friday, the rental application won’t move forward until business hours start again. Submitting your application early in the week or the day sets you up for success and avoids delays.
However, if you’ve done your research and submitted all the right materials at the right time, getting approved for an apartment could take only a few hours.
How can I speed up my apartment application?
With rental properties being snapped up faster than ever, having your rental application held up puts you at risk of losing that dream apartment. Here’s how you can speed up the process of getting approved for an apartment and avoid delays.
1. Complete the rental application with all the necessary information
Make sure you’ve completely filled out all the sections of your rental application. Don’t leave any sections blank and ensure all vital information like your name and SSN are clearly listed.
2. Have all your documents ready
Have originals and copies of all supporting documents ready to go so the landlord doesn’t need to chase them down or contact you again and again.
3. Have proof of income
The more proof of income you can provide, the better. The further back it goes, the steady stream of income shows reliability and dependability. That’s why you should have at least two to three months’ worth of pay stubs ready to go.
If you’re a freelancer or work a less conventional job, have additional income documents going back several months, as well.
4. Have a co-signer ready, if necessary
If you suspect you may need a co-signer in order to get approved, ask someone in advance so they can quickly hop on board if the need arises.
How long does it take for an apartment application to get approved?
Having your application held up in processing puts you at risk of losing the apartment you wanted. The more prepared you are, the faster you could be in the dream rental property.
Zoe Baillargeon is an award-winning writer and journalist based in Portland, Oregon, where she covers a variety of beats including travel, food and drink, lifestyle and culture for outlets like Apartment Guide, Rent., AFAR.com, Fodor’s, The Manual, Matador Network and more. In her free time, she enjoys traveling, hiking, reading and spoiling her cat.
Government mortgage financier Fannie Mae is offering 3.5 percent in seller assistance if you purchase one of their previously foreclosed HomePath properties.
The offer is good for any owner-occupant who purchases an REO (Real estate owned) home listed on Homepath.com by May 1, 2010.
The 3.5 percent of the final sales price may be used toward either closing costs and/or choice of appliances; finally, you can get that shiny metallic Sub-Zero fridge you always wanted.
“Attracting qualified buyers to the market and reducing the inventory of vacant homes is critical to stabilizing neighborhoods and helping the market recover” said Terry Edwards, Executive Vice President of Credit Portfolio Management, in a press release.
“Many families are taking advantage of the federal homebuyer tax credit to buy a new home so this is a great time for Fannie Mae to offer some additional help.”
Many of the Fannie Mae-owned properties also offer special financing, allowing borrowers to purchase a home with as little as three percent down.
The down payment can be funded by your own savings, or via a gift, grant, or loan from a nonprofit organization, state or local government, or employer, so let’s hope this whole thing doesn’t get exploited (mortgages with no money down).
I did a quick search and found 757 eligible properties in Los Angeles County, with listing prices ranging from $41,000 in Lancaster, CA to $634,900 in Glendale, CA.
During the apartment application process, landlords ask potential renters to provide a lot of information about themselves. Some are simple like your name and phone number, while others are more personal like your income. But before accepting you as a tenant, landlords need to ensure that all the things you said about yourself are accurate and truthful. That’s where background checks come in.
With your permission, landlords can run background checks on you to verify all the information you provided. After all, landlords want trustworthy and reliable tenants, so they need to do their due diligence. A housing provider’s substantial examination of your past with an apartment background check looks for any red flags or anything they need to worry about. But what are they looking for exactly?
What shows up on a background check?
In a nutshell, a background check shows some or all of the details of your personal, financial and professional background. Taken all together, they help paint a more detailed, complete picture of you for the landlord.
The top reasons why landlords run a background check for apartment applicants
Having a stranger look into your personal history can feel invasive. But if you know what information they’re looking at, it helps ease worries. Here’s everything that a future landlord looks at while running a background check.
1. Confirming personal information and identity
Landlords want to protect their rental properties, and that calls for accepting honest tenants. They need to know that you are who you say you are, so the background check validates your name, address, age and other identifying facts.
2. Confirming past and present addresses
On your application form, you’ll usually need to list your previous address history. During the background check process, landlords verify that you indeed lived at those previous addresses.
3. Criminal history and criminal record
No one wants someone who is potentially dangerous or involved in illegal activity living in their apartment rental. Not only does it put other tenants living in the same place at risk, but it could open the landlord up to litigation if something happens.
That’s why many landlords and property managers conduct a criminal background check to screen for a felony record or prior arrests. These types of checks look through police records across the country, uncovering pending criminal cases, prior arrests and criminal convictions.
Having a conviction on your record is more serious than having an arrest because you weren’t or haven’t been charged with any crimes. Arrests are usually scrubbed from your record after seven years, but convictions stay on your record permanently. That being said, having a ton of arrests credited to you wouldn’t look great either.
4. Sex offense registry
As part of the criminal background screening, landlords in some states may check if you pop up on any sex offender lists. If you are a convicted sex offender, you could be denied on these grounds in some states according to state laws. But others don’t allow landlords to discriminate against potential applicants based on this type of offense.
5. Employment history
Along with your personal information and criminal background, your employment history is one of the most important parts of your background check. On your rental application, you’ll be asked to list your current and at least one previous employer, as well as your position and how long you’ve been with the company.
Landlords verify and confirm all this information while running background checks, often by calling or contacting your employer directly.
6. Income
When submitting your application, you’ll need to include pay stubs or other proof of steady income so the landlord knows you can comfortably afford the monthly rent. As part of the employment history check, landlords confirm that you make as much money as you stated on the application by checking with your employer.
It’s also not enough to make roughly the same amount of money each month as the cost of the rent. Landlords know that you have other expenses like utilities and food, so they need to ensure you make enough to comfortably afford all essentials. Having a monthly income three times the cost of rent is the norm.
7. Renter history
Landlords want a stable renter with good rental history. When they check your rental background, the key areas they’ll look into are your payment history and if you’ve had any issues with previous landlords. They can see if you pay rent on time and if you have any previous evictions.
Late rental payments or being evicted by a previous landlord are big red flags that could result in your application being thrown out.
8. Contact information for previous landlords
As part of the rental history report, contact information for past landlords or property managers may come up. Former landlords serve as great references for you as a tenant. As an extra precaution, you could get asked to list the name, phone number or email of your former landlords so the property manager can get in touch.
If you have no renter history and this is your first time trying to rent an apartment, you can still be considered based on other criteria.
9. Credit report
A standard background check will not include your credit score and credit report, as that is information the landlord needs to specifically request from one of the main credit-reporting agencies. But some details of your financial history can show up on a general background check.
If a landlord wants to know more specifics about your financial history such as what your credit score is or if you have any outstanding debts, they’ll need to request a separate credit check for that information.
How far back does the background check go?
An apartment background check typically looks back at the last seven years of your life, but some landlords may go back as far as 10 years.
The reason for this is that under the Fair Credit Reporting Act, you can access a criminal record for up to seven years. However, you can search for convictions indefinitely and they are a part of your permanent criminal history.
What information do I need to provide for the background check?
Landlords use your Social Security number to access your background information as it’s the one piece of personal data that remains constant your entire life. Addresses can come and go, and you get new phone numbers. Even names get changed. But your Social Security number stays with you for life. That’s why it’s the most critical piece of personal information a potential landlord needs to run accurate and comprehensive apartment background checks.
Do I need to pay for my rental background check?
Nearly all landlords and property managers include an application fee as part of their apartment application process. The application fee covers the background check cost, as well as the cost of running a credit report.
These fees typically run between $25 to $50, but they can go higher and be upwards of $100.
Can I refuse to authorize a background check?
All rental applications should include a section where you can authorize having a background check performed on you during the tenant screening process. You are within your right to not sign and refuse to authorize a background check.
But that also means landlords are within their right to reject your application. Renters with a criminal history aren’t protected under the Fair Housing Act. This leaves the door open for landlords to discriminate or reject your application since they can’t legally look into your background. However, a growing number of cities like Seattle and San Francisco are banning landlords from running a criminal background check. Staying well-versed in the local laws for tenants and landlords in your area helps you know your rights.
Is there anything I can do to improve my rental background check?
All potential tenants want to look as good as possible on their background and rental application to stand out from the crowd. But at the same time, no one is perfect. Everyone makes mistakes and there are hiccups on your background check reflecting that. You may have bad credit. Maybe you’re temporarily out of work due to an unexpected event or sudden job loss.
But having one or two less-than-stellar components of your background check doesn’t necessarily disqualify you from being considered. If you have bad credit or a felony record, be upfront about it with the landlord or answer truthfully if the landlord asks. This reflects well on you, showing that you’re honest and direct about past mistakes. Even if you do have a bad credit history, criminal convictions or are looking for a new job, landlords can still consider you for the rental property if they understand the extenuating circumstances.
Other than that, improving your background check is all about playing the long game. You want to show a property manager good patterns over time, like holding down jobs or raising your credit score through thoughtful spending. Being a good tenant, paying rent on time and maintaining a good relationship with your landlord or property manager will elevate a subpar rental history. Being a responsible person in all areas of life can help you land a great apartment.
Landlords cannot reject your application based on these factors
During this process, it can feel like landlords get pretty personal based on all the sensitive information they collect from you. But there are limits to what information they can gather. They need to have a nondiscriminatory interest in all potential applicants, meaning they can’t reject someone simply because of prejudice. Under both federal and state laws like the Fair Housing Act, landlords can’t deny or exclude persons based on any of the following:
Race or ethnicity
Gender
Skin color
Religion
National origin/Ethnic background
Disability
Background checks help landlords find the best tenants for their properties
Background checks are sometimes a frustrating part of the rental process, especially if yours isn’t perfect. But landlords need to protect their property and create a safe living environment for all their tenants.
The information contained in this article is for educational purposes only and does not, and is not intended to, constitute legal or financial advice. Readers are encouraged to seek professional legal or financial advice as they may deem it necessary.
Zoe Baillargeon is an award-winning writer and journalist based in Portland, Oregon, where she covers a variety of beats including travel, food and drink, lifestyle and culture for outlets like Apartment Guide, Rent., AFAR.com, Fodor’s, The Manual, Matador Network and more. In her free time, she enjoys traveling, hiking, reading and spoiling her cat.
Even investors who understand that the stock market is volatile did not feel good about the losses stocks posted during 2022. The Standard & Poor’s 500 Index dropped by nearly 20% and the average workplace retirement plan balance fell from $144,280 at the start of that year to $111,210 by year’s end. Here’s a breakdown of how much money retirement savers lost from these defined contribution plans.
A financial advisor can help you create a financial plan to protect your retirement nest egg.
Alight’s 2023 Universe Benchmarks Report looked at data from almost three million eligible participants spread across 100 retirement plans. The median plan balance fell to $23,818 — the lowest in a decade. The median annual return was -14.7% during 2022.
Other findings from the study were similarly downbeat: The average participation rate in workplace savings plans dropped slightly, from 84% in 2021 to 83% in 2022, while the average contribution rate slipped from 8.6% to 8.3%.
When considering former employees, the rate of those who kept their money invested in the workplace plan dropped from 61% in 2021 to 55% in 2022. Such withdrawals may indicate workers rolled money from their previous employer’s plan to that of a new employer, or into an individual retirement account; it also can include workers cashing out their accounts to keep money on the sidelines, or used it to meet financial obligations.
Despite Challenges, Workers Focused on Long-Term Savings
Still, most workers saving in 401(k)s and other employer-sponsored plans stayed the course, despite being hit by increased living expenses that resulted from high inflation.
“Most people did not make drastic, knee-jerk reactions to their investments,” Rob Austin, head of research at Alight Solutions, said in a statement. “Only 3% of people stopped contributing, and the number of people who increased contribution rates was more than twice the number who decreased their savings.”
And, the percentage of workers eligible for workplace plans with fewer than two years of service increased by 30% during 2022 – an indication that automatic enrollment plans seem to be getting more workers to save for retirement
So far for 2023, markets have been more encouraging, with the broad S&P 500 index up more than 14% by the end of June. Similarly, balances for defined contribution plans, such as 401(k)s, are up for the year, according to the Investment Company Institute, which reported that plan assets were $9.8 trillion at the end of the first quarter, up 5% percent from the end of 2022.
Bottom Line
A tough year for the stock market was difficult for participants in workplace retirement accounts such as 401(k)s, where they contribute money toward retirement. Because of the long time horizon most workers have before retirement, plan participants tend to invest much or all of their contributions in stocks to achieve long-term growth after inflation. But that means they also have to weather the inevitable downturns in the market.
Retirement Planning Tips
A financial advisor can help protect your retirement savings. SmartAsset’s free tool matches you with up to three vetted financial advisors who serve your area, and you can have a free introductory call with your advisor matches to decide which one you feel is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
Knowing how much you will need to pay for retirement is crucial to make your plan sustainable. Our retirement calculator can help you get an estimate for how much you will be able to save over time.
North Carolina is experiencing a boom these days, with record employment growth and an increasing population. If you live in the state, you already know there’s plenty to offer, including beautiful tourist attractions, breathtaking scenery, and a rich history that makes it unique.
But North Carolina also has plenty to offer when it comes to banks and credit unions. Whether you’re looking for an interest-bearing checking account or retirement accounts that offer the biggest bang for your buck, the best bank is the one that suits your needs.
15 Best Banks in North Carolina
If you’re on the hunt for a new bank or credit union, you’re in luck. North Carolina has a little of everything when it comes to bank accounts, from that small local bank with a focus on community service to large banks with branches in the state. This list of the best banks in North Carolina covers a variety of areas to ensure you find the best place to park your cash.
1. U.S. Bank
U.S. Bank offers customers the unique combination of local access with the extensive services of a nationwide bank. By opening a Bank Smartly® Checking account with U.S. Bank, clients can potentially earn up to $300. The qualification process involves two steps within the first 90 days of opening the account online:
Ensure at least two direct deposits totaling $6,000 or more
Register for online banking or download the U.S. Bank Mobile App
This promotional offer is subject to specific terms and restrictions and will remain valid until July 11, 2023. As a member of the FDIC, U.S. Bank ensures customer deposits are protected up to the FDIC’s established limits.
Fees:
$0 – $6.95
No-fee overdraft protection
Balance requirements:
$1,500 minimum balance or $1,000 direct deposit to qualify for free checking
$25 opening deposit
ATMs:
No ATM transaction fees at U.S. Bank ATMs
No surcharge fees at MoneyPass® Network ATMs
Interest rates:
Up to 4.50% APY on money market accounts
Up to 4.75% on fixed-rate CDs
Additional perks:
$300 bonus
Competitive rates on money market accounts & CDs
2. First Citizens Bank
Founded in North Carolina in 1898, First Citizens Bank has expanded over the years. You’ll find First Citizens Bank branches in 21 states, but the majority of its locations are in North Carolina and South Carolina.
If you frequently travel, though, check the service area. You’ll pay a $2.50 out-of-network ATM transaction fee if you can’t locate a First Citizens ATM while you’re away from home.
Fees:
No monthly fees
$10 overdraft fee
Balance requirements:
$50 minimum opening deposit
No minimum monthly balance
ATMs:
Fee-free at 500+ First Citizens Bank ATMs
$2.50 for out-of-network ATM transactions
Interest on balance:
0.03% APY on savings accounts
Up to 0.15% APY on CDs
Up to 0.15% APY on money market accounts
Additional perks:
Credit cards offer generous rewards
Robust mobile banking solutions
3. Chime
Chime is ideal for those who do most of their banking virtually. While you won’t find any brick-and-mortar locations, Chime does offer 24/7 phone support and access to cash through more than 60,000 ATMs nationwide. You can also deposit cash at more than 90,000 retail partners, including CVS and Walmart.
Fees:
No service fee
No overdraft fee
Balance requirements:
No deposit to open
No minimum balance required
ATMs:
Fee-free at 60,000+ ATMs nationwide
$2.50 for each out-of-network ATM transaction
Interest on balance:
2.00% APY on savings account balances
Additional perks:
Access to direct deposits up to 2 days early
SpotMe covers up to $200 in overdrafts
4. CIT Bank
North Carolina residents interested in online banks should take a look at CIT Bank, which is based in Raleigh, North Carolina. This national bank recently merged with First Citizens Bank, which means CIT Bank customers can enjoy brick-and-mortar banking at any CIT location.
You’ll get everything you need to manage your money in CIT’s mobile banking app, as well as refunds of up to $30 in out-of-network ATM fees each month.
Fees:
No monthly fees
No overdraft fees
Balance requirements:
$25 minimum deposit to open
No minimum daily balance required
ATMs:
No ATMs provided
Up to $30 in ATM fees reimbursed monthly
Interest on balance:
Up to 0.25% APY on checking
Up to 4.736% APY on savings accounts
Up to 5.00% APY on CDs
Up to 1.538% APY on money market accounts
Additional perks:
Competitive rates on business loans
Award-winning customer service
5. Coastal Federal Credit Union
Credit unions tend to offer perks you won’t find with banks, and Coastal Federal is no exception. You can qualify if you’re with one of the employers or associations approved for membership or if you live or work in one of the North Carolina cities CFCU services.
As with many credit unions, though, CFCU’s real value comes with its interest rates. Not only will you enjoy an interest checking account, but you can also find great rates on share certificates, which are the credit union version of CDs.
Fees:
No monthly service fees
$31 overdraft fee
Balance requirements:
No minimum opening deposit
No minimum daily balance required
ATMs:
Fee-free at CFCU ATMs
Fee-free at CO-OP ATMs nationwide
$2 out-of-network ATM fee (waived for first five per month)
Interest on balance:
Up to 3.00% APY on savings account balances
Up to 5.00% APY on share certificates
Up to 3.50% APY on money market accounts
Additional perks:
Competitive rates on loans
Financial planning assistance available
6. GO2bank
Another online-only bank is GO2bank, which stands out for its cash accessibility. Not only can you withdraw cash, fee-free, at any Allpoint ATM, but you can deposit cash at more than 90,000 retailers nationwide.
All you need to waive monthly maintenance fees is at least one direct deposit monthly, either from an employer or the government. Those looking to build credit should check out the secured credit card, which you can get with no credit check. Pay your bill on time each month and GO2bank will report your activity to the three credit bureaus, helping you boost your score.
Fees:
$5 monthly fee (waived with requirements)
$15 overdraft fee
Balance requirements:
No minimum deposit to open
No minimum daily balance required
ATMs:
Fee-free at Allpoint ATMs nationwide
$3 for each out-of-network ATM transaction
Interest on balance:
4.50% APY on savings accounts
Additional perks:
Deposit cash at 90,000+ retailers nationwide
Secured credit card helps you build credit with no credit check required
7. Ally Bank
Ally Bank is an online and mobile banking option that puts a priority on budgeting and wealth building. The fee-free checking account comes with no minimum requirements and gives you access to more than 53,000 ATMs nationwide. But one of the best features of Ally Bank is its annual percentage yield on savings and CDs. You’ll earn 4.00% APY on savings and up to 5.00% APY on CDs.
Fees:
No monthly fees
No overdraft fees
Balance requirements:
No minimum opening deposit
No minimum balance requirements
ATMs:
Fee-free at 53,000+ Allpoint ATMs nationwide
No out-of-network ATM fees
Up to $10 in ATM fee refunds monthly
Interest on balance:
Up to 0.25% APY on checking accounts
4.00% APY on savings accounts
Up to 5.00% APY on CDs
4.15% APY on money market accounts
Additional perks:
Spending buckets make it easy to save money
Robo Portfolios help automate investing
8. Chase
Like Bank of America, Chase Bank is one of the biggest banks in North Carolina, with more than 4,700 branches and 16,000 ATMs across the country. Currently, Chase is offering a $100 bonus for new checking account customers as long as you complete at least 10 qualifying transactions within the first 60 days.
Whether you go with Chase for your regular banking or not, though, take a look at Chase’s credit card offerings. Chase has multiple card options, with each offering perks like bonuses and cash back rewards.
Fees:
$12 monthly maintenance fee
$34 overdraft fee
Balance requirements:
No deposit to open
No minimum balance required
ATMs:
Fee-free at 16,000 Chase Bank ATMs nationwide
$3-$5 for each out-of-network ATM transaction
Interest on balance:
0.01% APY on savings account balances
Up to 3.75% APY on CDs
Additional perks:
$100 bonus for new checking accounts
Multiple credit card options with bonuses and generous rewards
9. First Horizon Bank
First Horizon Bank is a regional bank with branches in 11 states across the Southeast, including a heavy presence in North Carolina. One standout feature of First Horizon is its money market rates, which currently go as high as 5.38%. You’ll find ATMs throughout the Southeast, but you can also use your debit card at any Allpoint ATM nationwide without a fee.
Fees:
No monthly service fee
$37 overdraft fee
Balance requirements:
$50 minimum deposit to open
No minimum balance required
ATMs:
Fee-free at more than 600 First Horizon ATMs
Fee-free at Allpoint ATMs nationwide
$3 for each out-of-network ATM transaction
Interest on balance:
Up to 2.78% APY on savings accounts
0.10% APY on CDs
Up to 5.38% APY on money market account
Additional perks:
Business banking options available
Wealth management help available
10. Truist Bank
In 2019, BB&T and SunTrust Banks merged to become Truist Bank. Although Truist has a limited ATM footprint, the Truist One checking account makes it worth it. You’ll get a 10% loyalty bonus based on your monthly balance in addition to a 10% bonus if you choose a Truist credit card.
The interest rates also make Truist a suitable option, since you’ll earn 5.00% APY on 7-month CDs. To waive the $12 monthly service fee on your checking account, you’ll need at least $500 in direct deposit activity each month.
Other options include a combined daily balance of $500 across all your Truist accounts, a Truist credit card or qualifying loan, or a linked business checking account. Students 25 and younger also qualify for a fee-free checking account.
Fees:
$12 monthly service fee (waived with requirements)
No overdraft fees
Balance requirements:
$50 minimum deposit to open
No minimum balance required
ATMs:
Fee-free at Truist Bank ATMs
$1 for each out-of-network ATM transaction
Interest on balance:
0.01% APY on savings accounts
Up to 5.00% APY on CDs
Additional perks:
Generous cash rewards with Truist Bank credit card
Checking balances earn rewards
11. Mechanics & Farmers Banks
You may know it as M&F Bank, but it actually started under the name of Mechanics & Farmers Bank in 1907. Throughout the 1900s, it was known as one of the most influential Black-owned businesses in the state of North Carolina. Today, M&F has locations throughout North Carolina and access to 44,000 ATMs nationwide, thanks to partnerships with Bank of America, JPMorgan Chase, and Wells Fargo.
Fees:
No service fee
$35 overdraft fee
Balance requirements:
$50 deposit to open
No minimum balance required
ATMs:
Fee-free at M&F Bank ATMs
Fee-free at Bank of America, JPMorgan Chase, and Wells Fargo ATMs
$3 for each out-of-network ATM transaction
Interest on balance:
Rates not publicly disclosed
Additional perks:
Rewards on debit card transactions
Robust business banking options
12. First National Bank
First National Bank has branches throughout North Carolina, as well as in DC, Maryland, Ohio, Pennsylvania, South Carolina, Virginia, and West Virginia. The free checking account is Freestyle Checking, but it does come with overdraft fees, and the exact fee amount isn’t disclosed until you sign up for an account.
You’ll also only get fee-free transactions at First National Bank ATMs, and they’re limited to the First National Bank service area.
Fees:
No monthly fee
Balance requirements:
$50 minimum deposit to open
No minimum balance required
ATMs:
Fee-free at 1,500+ First National Bank ATMs
Interest on balance:
Up to 0.05% APY on savings accounts
Up to 5.00% APY on CDs
Up to 1.25% APY on money market account
Additional perks:
Cash and check deposit available at Smart Deposit ATMs
The site makes ordering banking products and scheduling branch appointments easy
13. PNC Bank
PNC Bank has branches in 29 states, including 107 branches in North Carolina. Currently, new customers are eligible for bonuses of up to $400. You’ll get a $50 bonus simply for opening a Virtual Wallet with a basic checking package, but that bonus bumps up to $200 if you add a Performance Spend checking account and $400 if you upgrade to a Performance Select account.
The PNC Bank basic account only requires $500 in monthly direct deposits or a combined $500 balance between accounts.
Fees:
$7 monthly fee (waived with requirements)
$36 overdraft fee
Balance requirements:
$25 minimum deposit to open
No minimum balance required
ATMs:
Fee-free at PNC Bank ATMs
Fee-free at 60,000+ partner ATMs nationwide
$3 for each out-of-network ATM transaction
Interest on balance:
Up to 0.03% APY on savings accounts
Up to 4.00% APY on CDs
Additional perks:
Up to $400 bonus for new virtual wallet customers
Financial planning tools built into the app
14. Fifth Third Bank
Fifth Third Bank focuses operations on the Midwest and Southeast U.S. regions, with 1,087 full-service locations in 11 states. You’ll find a variety of banking products, from savings and checking accounts to investment and retirement accounts. Fifth Third Bank offers competitive interest rates on CDs, with a 7-month CD currently offering 5.00% APY.
Fees:
No monthly maintenance fee
$37 overdraft fee
Balance requirements:
No minimum deposit to open
No minimum balance required
ATMs:
Fee-free at 2,100+ Fifth Third Bank ATMs
Fee-free at 40,000+ partner ATMs nationwide
$3 for each out-of-network ATM transaction
Interest on balance:
0.01% APY on savings account balances
Up to 5.00% APY on CDs
Additional perks:
Early Pay gives you access to direct deposit two days early
Grace period to resolve overdrafts
15. Bank of America
If you prefer what national banks have to offer, you can’t go wrong with Bank of America, which is one of the biggest banks in the country. You’ll find ATMs and branches across the country, as well as a wide variety of services. Although Bank of America does have competitive interest rates on CDs, the basic checking account comes with a $12 monthly fee and a $100 deposit to open.
Fees:
$12 monthly fee
$10 overdraft fee
Balance requirements:
$100 deposit to open
No minimum balance required
ATMs:
Fee-free at 15,000+ Bank of America ATMs nationwide
$5 for each out-of-network ATM transaction
Interest on balance:
Up to 0.04% APY on savings account balances
Up to 4.75% APY on CDs
Additional perks:
Generous bonus on new credit cards
Wealth planning services available
Our Methodology: How We Chose the Best Banks in North Carolina
North Carolina has a large selection of banks, some paying more in interest than the national average. In putting together this list, we kept in mind that each person has different criteria when choosing savings and checking accounts. Your choice of bank will largely depend on your own banking habits. If you tend to do all your banking online, a user-friendly app might be a top priority, while those who prefer the in-person experience might put nearby branches first.
Our top goal was to bring a variety of banking options to this list. We’ve combined local, regional, online, and national banks to help you choose. We also looked at fees and interest rates to help you protect and grow your earnings.
Frequently Asked Questions
You have questions, and we have answers. Here are some of the most frequently asked questions about banks in North Carolina.
What is the safest bank for your money?
Lately, financial security has been a top priority for account holders in search of a new bank. The top thing to look at is a bank’s Federal Deposit Insurance Corporation coverage. This insurance protects each deposit holder for up to $250,000 if a financial institution goes belly up.
Once you’ve verified a bank is FDIC insured, pay attention to any news of mergers or buyouts involving your bank. Selling can be a sign of financial distress.
See also: Safest Banks in the U.S. for 2023
What is the best bank in North Carolina?
That’s a tough question because the definition of “best bank” can vary from one person to another. If you think the best checking accounts come with an annual percentage yield and a mobile app to manage it all, you’ll be looking at different criteria from someone who wants a local bank with personalized customer service.
If you’re going for customer satisfaction ratings, J.D. Power gives high marks to both Capital One and Chase, which both have a heavy presence in North Carolina. But if you’re looking for that local banking experience, you can’t go wrong with First Citizens Bank or M&F Bank.
What is the best credit union in North Carolina?
There are several credit unions in North Carolina, but the one that impressed us most was Coastal Federal. CFCU’s fee-free checking and annual percentage yield on savings and share certificates makes it stand out. But it’s also important to take a look at the interest rates on personal loans and compare them to banks in the area to make sure you’re getting the best deal.
One issue with credit unions is that they tend to come with strict membership requirements. You may find you’re limited to only those that will accept your employer or city of residence, and those credit unions might not have financial accounts that meet your needs. However, there are also some credit unions that anyone can join.
Which bank has the most branches in North Carolina?
If you do most of your banking in North Carolina, you might not care if your debit card works at ATMs across the country. In that case, you’ll need a bank with plenty of branches and ATMs in the areas where you work and live.
When it comes to sheer branch numbers, take a look at Truist Bank and Wells Fargo. Both have a heavy branch presence throughout the state. For smaller banks, First Citizens and First Horizon both have substantial branch coverage in North Carolina.
However, you’ll also need to check your neighborhood. If you’re interested in that in-person bank experience, you’ll be disappointed if you have to drive a half hour or more to get to the closest branch.
What banks are in Charlotte, NC?
North Carolina isn’t just a thriving state filled with business opportunities. The state is a financial center in itself. Not only does Charlotte have smaller banks like M&F Bank and First Citizens Bank, but both Bank of America and Truist Bank are headquartered in North Carolina, as well.
This heavy financial presence has made North Carolina great for finding banking services. The many banks in the state are eager to win your business and offer competitive rates to ensure it happens. That means it’s more likely that checking accounts come with low fees and savings accounts earn top-dollar interest rates. When combined with the many online bank options, the biggest issue will be narrowing the list to just one.
From high-yield savings accounts to fee-free checking accounts, North Carolina has it all. Shopping around will help you choose from the best banks so that you can find the perfect banking partner for you.
The purchase of life insurance coverage is an important part of one’s overall financial planning process. Without it, loved ones, business partners, and / or other survivors can suffer some consequences. Because of that, you need to ensure that you not only have the right amount of life insurance protection, but also the right type.
Also, another key consideration is knowing that you have purchased your life insurance policy from a life insurance company that is strong and stable from a financial standpoint. This means that the insurer is in good financial standing and that it also has a positive reputation for paying its claims to policyholders. One such company that has a long such history is Aetna.
History of Aetna Life Insurance Company
Aetna has been in the business of offering wealth building and insurance protection products to its customers since the mid-1800s. This company began as Aetna Insurance Company as an annuity fund, with the purpose of selling life insurance back in 1850. It’s name was inspired by a large volcano – which is the most active in all of Europe.
Throughout the years, Aetna continued to grow and prosper – even during times of economic downturn. For example, at the time of the U.S. Civil War, there was a surge in the purchases of life insurance protection.
By the year 1865, the company’s annual income topped $1 million, and by 1864, Aetna had increased its business by 600% over its levels in 1861. Over time, the company moved into some new products – including mortgages, health insurance, disability coverage, and liability insurance coverage. It was also one of the very first insurance carriers to offer group insurance for businesses.
During World War l, Aetna also helped to fund the U.S. war effort by buying and selling millions of dollars of Liberty Bonds. The company has also participated in many “firsts,” such as being the first insurance company to advertise on television – which eventually morphed into its “Aetna, I’m Glad I Met Ya! Advertising campaign. The company also was the first to sell an employer group long-term care insurance plan, as well as the first full-service health insurer to announce a health savings account (HSA) option.
Throughout the years, the company continued its level of expansion, not just in the U.S., but also worldwide. In 1993, Aetna opened its first offices in China. It also expanded into financial services, combining its business units into Aetna Retirement Services in 1996.
Today, approximately 46 million people rely on Aetna for decisions on their health care and their health care spending. The company also continues to provide life insurance, health care insurance, and a broad range of other insurance and related financial products. Aetna is considered to be the fifth largest insurance company in the U.S., and it is headquartered in Hartford, Connecticut.
Reviewing Aetna Life Insurance Company
Aetna has been recognized for many years as an admired company in the life and health insurance industry. It has also been recognized as one of America’s most community-minded companies. The company currently employs roughly 49,500 people across the globe. In 2015, Aetna’s revenue was approximately $60.3 billion overall.
The company is known for its values, and it strives to promote this through its employees and its community involvement. Aetna promotes Integrity, Excellence, Caring, and Inspiration by listening to its customers, and acting with insight and compassion.
Aetna’s Ratings and Better Business Bureau Grade
Aetna is considered to be a strong and stable insurer from a financial standpoint. This is shown through the ratings that it has been given by the insurer ratings agencies. These include an A from A.M. Best and an AA- from Standard & Poor’s.
Although Aetna is not an accredited company through the Better Business Bureau (BBB), the company does have a grade of A (on an overall grade scale of A to F) from this entity. Also, over the past three years, Aetna has closed 567 total complaints through the Better Business Bureau.
Of these 567 total complaints, 340 of them have focused on problems with the company’s products and / or services, 191 have centered on issues with billing and / or collections, 18 had to do with advertising and / or sales issues, 15 centered on delivery issues, and 3 focused on guarantee / warranty issues.
Life Insurance Products Offered Through Aetna
Life insurance coverage through Aetna is available via employer-sponsored plans, and it is not available for individual sale. However, supplemental life insurance may be able to be purchased. This can help to boost the benefits that are available to loved ones and survivors in case of the unexpected. These plans include both basic life insurance coverage and supplemental life insurance.
Plan options include:
Accelerated Death Benefit – If, while covered under a program of life insurance, a person becomes terminally ill, they may request this plan so that additional benefits are paid out to loved ones.
Accidental Death and Personal Loss – This type of coverage offers benefits if an insured is injured in an accident or if they die due to injuries that are sustained. The amount of the benefit is determined by some criteria, which include the coverage amount, as well as the type of injury that is suffered.
Plans may include some or all of the following provisions:
Conversion – When an insured stops working and / or is no longer in an eligible insured class, or they are retired, then there may be an option to convert over to an individual plan from a group life insurance plan.
Premium Waiver – If a plan has a premium waiver, then coverage may be able to continue without the insured having to make any more premium payments.
Portability – This feature allows an individual to take their coverage with them when they leave their employer.
Child Care Benefit – This benefit will help in covering the cost that is associated with child care in a state licensed child care center in the event of the parent’s death.
Educational Benefit – This benefit can help to provide a dependent child with payment for higher education when an insured parent’s income has been lost. For spouses, this benefit can help to provide the opportunity for employment training in order to obtain income.
Repatriation of Remains Benefit – If an insured dies while he or she is more than 200 miles away from home, then this benefit will help to pay for the return of the deceased’s body to a mortuary.
Passenger Restraint and Airbag Benefit – If an insured is properly using a restraint device or if an airbag has been activated – but neither helps to save the person’s life – then this benefit will supplement the accidental death benefit amount.
Coma Benefit – If the insured or a dependent remains in a coma for more than 30 days after an accident has occurred, then they may be paid a percentage of their AD&PL benefit each month. This can occur for a pre-determined number of months.
Other Coverage Offered Through Aetna Insurance Company
Aetna offers a number of products in addition to life insurance. Just some of these include the following:
Where to Find the Best Life Insurance Premium Quotes
If you are looking to find the best life insurance premium quotes for a policy or trying to find a final expense insurance policy, then it is a good idea to work with either an agency or a company that has access to more than just one single life insurance carrier. This way, you will be better able to compare policies, benefits, and premiums – and from there, you will be able to determine which of the plans will be the best for you and your specific needs. Working with an agency who offers many quotes is not only a great idea for your purchase of life insurance but for other forms of insurance as well such as auto insurance coverage and health!
When you are ready to move forward with comparing life insurance policies and quotes, we can help. We work with many of the top life insurers in the marketplace, and we can assist you with getting the best quotes. To proceed, fill out the form on the side of this page.
We know that the purchase of life insurance can sometimes seem confusing. There are a lot of different types of policies out there to choose from – and many insurance carriers in the industry. You want to be sure that you are getting the right type and amount of coverage for your needs so that the people you love and care about can move on. Working with an expert can help you to ensure that this can happen. So, contact us today – we’re here to help.
Inside: Working mothers face many challenges when balancing work and family life. This guide offers the best jobs for moms. Find out how to maximize your career opportunities while raising children.
Moms often feel like they can’t have a successful career and be a good moms at the same time.
I completely feel that way too. I struggled to be a stay-at-home mom when my kids were little because I wanted to help out financially to help pay down debt. It took me a few years, but I soon realized there are great ways to make a mom and be a great mom!
I have uncovered plenty of jobs for moms with no degree that offers flexible hours, good pay, and satisfying work.
The best jobs for moms with no degree are ones that offer flexibility, good pay, and room for growth.
It can be tough to balance family and career, but it is possible to find a job that fits your lifestyle.
Here are the best jobs for moms with no degree or with a degree.
What jobs are good as a mom?
As a mom, finding a job that allows for flexibility and growth can be challenging, especially if you don’t have a college degree.
However, there are still plenty of opportunities out there that can help you balance your family and career.
Most importantly, you need to find a job that you LOVE! An environment that you thrive in!
With flexible schedules, remote work options, and potential for growth, these jobs can provide the stability and income moms need while still being able to prioritize their families.
Whether you’re looking for a part-time job or a full-time career, there are plenty of opportunities out there for moms.
This post may contain affiliate links, which helps us to continue providing relevant content and we receive a small commission at no cost to you. As an Amazon Associate, I earn from qualifying purchases. Please read the full disclosure here.
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What are the best careers for current stay-at-home moms?
Stay-at-home moms face the challenge of balancing their family responsibilities with the desire to pursue a career.
With the high cost of child care, you need to find a job that allows you to take your kids or one that offers flexibility to work around your kid’s schedules.
Hello- that is me! I am a blogger and day trader when I’m not taxing my kids around.
Your best bet is to check out how to make money online for beginners. That is where you will find the most job options that can be done from home or offer flexible schedules, making it possible to have the best of both worlds.
What are the best careers for former stay-at-home moms?
Returning to the workforce after being a stay-at-home mom can be a daunting task, but there are many careers that are best suited for moms.
You still want careers that offer flexibility, high earning potential, and a good work-life balance.
You need to consider your previous employment, any education or certificates you hold, or skills and/or interests.
As such, the answer will vary for each person reading this post. So, consider any one of these past ideas.
Best Jobs for Moms
There are plenty of great jobs for working moms.
The key is to find a position that offers the right mix of income, hours, and flexibility.
Preferably, you want a low-stress job that pays well without a degree.
Here are jobs to consider if you’re a working mom with no degree.
1. Web developer
Web development is a highly flexible and lucrative career option that is ideal for working moms who may not have a college degree. With the ability to work remotely or part-time, web development is a perfect fit for moms who need a flexible schedule.
This field is rapidly growing and in high demand, making it an excellent choice for those looking for a career change.
To become a successful web developer, proficiency in programming languages like HTML, CSS, and JavaScript is essential. Additionally, knowledge of website design and development tools is crucial to create visually appealing and functional websites.
The skills required for web development can be learned through online courses or boot camps, making it accessible to anyone with an interest in technology and design.
Benefits:
Many web developers work from home or have flexible schedules, making it easier for moms to balance work and family life.
The demand for web developers is expected to grow, making it a stable and secure career option.
Web development is a field that allows for creativity and self-expression.
Pay: The salary for a web developer varies greatly on experience, but it is possible to make six figures.
2. Customer Service Representative
Customer service representative is an excellent career option for working moms who do not hold a college degree.
As a customer service representative, you will be the primary point of contact between customers and the organization, providing information about products and services, taking orders, responding to customer complaints, and processing returns.
You can work from home part-time or full-time, and many times the work takes place remotely. To succeed in this role, you will need to have strong communication and negotiation skills, patience, and the ability to multitask.
Benefits:
The work environment is flexible, and you can work from the comfort of your home.
Job offers great work-life balance and schedule options, making it an ideal choice for working moms.
Pay: As a customer service representative, you can expect to make from minimum wage to $20 an hour.
3. Proofreader
Being a proofreader can be a rewarding and fulfilling career for individuals who have a way with words and a keen eye for grammar. As a proofreader, your primary responsibility would be to review and correct spelling, grammar, and punctuation errors in various types of written content, such as books, websites, and social media posts.
Moreover, the earning potential as a proofreader can be quite lucrative. For instance, Caitlin Pyle, a successful proofreader, made $43,000 in one year working part-time.
To get started as a proofreader, it is important to develop the necessary skills. You can start by attending a free introductory workshop or enrolling in a course that teaches the skills needed to become a freelance proofreader.
Benefits:
Great flexibility as you work on a project basis.
The significant earning potential in the field of proofreading, especially for those who are dedicated and skilled in their craft.
Rewarding career path for individuals with a passion for language and a meticulous eye for detail.
Pay: In terms of salary, the median pay for a proofreader ranges from $15.22 to $26 an hour, depending on experience and the project you are working on. Many other proofreaders earn between $1,000 to $4,000 per month.
4. Flight Attendant
A flight attendant is a career that does not require a college degree but extensive training and certification. It is an ideal job for working moms due to its non-traditional scheduling that allows them to work part-time, take extended periods off, and get out of the house.
Flight attendants can take on trips when they know they have child care covered, and stay at home for days at a time.
Benefits:
Enjoy the perks of travel.
Flexible schedules.
Great health benefits.
Pay: The pay ranges by airline, but the median salary is $65000 per year.
5. Blogger
For moms who are looking for a flexible work-from-home job that doesn’t require a degree, becoming a blogger could be the perfect fit.
With the rise of the internet, there is an increasing demand for content writers and bloggers. These jobs allow you to work from home, set your own schedule, and choose the topics you want to write about. Additionally, these jobs don’t require a degree, making them accessible to anyone who has a passion for writing and a way with words.
Blogging is another option for those who want to write about specific topics they are passionate about and share their insights with others.
Benefits:
Be your own boss.
Flexibility blogging offers – work as much or as little as you want.
Work from home.
Choose the topics you want to write about.
Pay: As a blogger, you are creating passive income through ads, affiliating marketing, and paid sponsorships.
6. Engineer
Returning to work as a mom can be a challenging transition, but leveraging your engineering degree can open up a range of opportunities for you. With your technical skills and problem-solving abilities, there are several career paths that can offer a healthy work-life balance and flexibility to accommodate your family responsibilities.
Here are ways to utilize your degree and still have the flexibility you crave:
Pursue freelance work in your field. As a freelance engineer, you have the freedom to determine your own schedule and take on projects that align with your interests and availability. Platforms like Upwork provide a space for engineers to connect with clients and offer their services on a project basis. This allows you to work on engineering projects from the comfort of your own home, giving you the flexibility to balance work and family life.
Explore part-time or remote positions with engineering firms or companies that value work-life balance. Many engineering firms recognize the importance of accommodating working parents and offer flexible work arrangements. With your engineering background, you can contribute to projects and collaborate with teams remotely, allowing you to work from home and adjust your schedule to meet the needs of your family.
Pursue a career in technical writing or content creation. Many companies and organizations require technical documentation, manuals, and instructional materials to accompany their products or services. With your engineering background, you can leverage your expertise to create clear and concise technical content.
Work as an engineering consultant. As a consultant, you can offer your specialized knowledge and expertise to clients on a project basis. Consulting also provides the opportunity to work remotely or have a flexible work arrangement, making it an ideal option for moms returning to work.
By expanding your knowledge and skill set, you can position yourself for more opportunities and increase your marketability in the engineering field.
Benefits:
This can be done on a freelance basis or as a remote employee, allowing you to work from home and have more control over your schedule.
Take on projects that align with your skills and interests.
Have a fulfilling career that allows you to balance work and motherhood successfully.
Pay: Additionally, engineering offers high earning potential, which can help support a family and provide financial stability. Most engineers earn over $100000 a year.
7. Virtual Assistant
For working moms with no degree, finding a job that balances well with their family life can be a challenge. However, virtual assistant jobs can be the perfect solution.
As a virtual assistant with no experience, you can work from home, set your own schedule, and earn a good income.
A virtual assistant provides administrative support remotely, handling tasks such as email and social media management, scheduling appointments, data collection, customer service, and event planning. The skills required for this job include strong multi-tasking, organizational, and time-management skills, as well as basic computer skills.
Here is a virtual assistant checklist to see if you would enjoy this job possibility.
Benefits:
Be the boss of your own schedule.
Build your own small business if you desire.
Earn significant income
Pay: Most virtual assistants can earn $21 an hour or more pending experience.
8. Teacher
Teaching can be an excellent option for moms who want to work in a field that values education and have the same schedule as their kids.
Plus you can take on one of these summer jobs for teachers to extra cash.
Another option is to become a teacher’s aide that assists teachers in the classroom, helping with tasks such as grading papers, supervising students, and preparing materials. To become a teacher’s aide, you need to have a high school diploma or GED.
Benefits:
Same work hours as your children.
Work in a field that values empathy and care for children, while also providing financial stability and work-life balance.
Most teacher retirement plans are well worth working your full 30 years for that ongoing income post-retirement.
Pay: Unfortunately, teachers are one of the lowest paid salaries for the fantastic work they do. Find out if teachers get paid in the summer.
9. Substitute teacher
Substitute teaching can be an excellent job option for working moms who don’t have a degree. It offers flexibility, a chance to get teaching experience, and a decent daily rate of pay.
A substitute teacher fills in for full-time teachers when they are absent.
This experience can be helpful if you decide to pursue a permanent teaching position in the future.
Benefits:
Allows you to work when your schedule permits. You can note your availability and work as much or as little as you like.
Gain teaching experience without committing to a full school year.
Rewarding job option for some.
Pay: As of right now, there is a shortage of teachers, so the pay for substitute teachers has increased immensely. Substitute teachers can earn a daily rate ranging from $60 to $200, depending on the school district and the region with most substitutes making $22 an hour or more.
10. Consultant
As a consultant, you can use your prior work or life experience to offer solutions and advice to clients in a wide range of areas, including sales, marketing, operations, and management.
Furthermore, consulting can be an ideal way to transition your prior work or life experience into a new career and shorten the time spent in school, making it a great option.
To become a successful consultant, you need to have strong communication skills, the ability to work independently, and experience in your field to run a successful business.
Benefits:
As a consultant, you can enjoy flexible work hours.
The potential to work from home.
Ability to control your schedule.
Pay: The hourly rate for consultants varies depending on the type of consultant and the industry, with some earning high salaries.
11. Day Trader
Swing or day trading is a popular option for individuals who want to work from home and make a living from the stock market. Day traders buy and sell securities within the same day, aiming to make a profit from small price movements.
This job requires a certain set of skills and investing knowledge, as well as specific equipment and software.
It is possible to make money with stocks fast.
Day trading can be a good option for working moms with no degree because it offers flexibility and the potential for high earnings. Personally, I love trading stocks and options. I learned from Teri Ijeoma.
Benefits:
Unlike traditional jobs, day trading allows individuals to work from home and set their own schedules.
Successful traders can make a significant amount of money, with some earning six-figure or seven-figure incomes.
While a degree is not required for day trading, I highly recommend taking this investing course to jumpstart your learning.
Pay: Widely variable as it depends on your risk. You can lose money or make $1000 a day.
12. Claims adjuster
As a claims adjuster, you will be responsible for investigating insurance claims, negotiating settlements, and collaborating with other professionals such as lawyers and medical experts. To become a claims adjuster, you will need to possess relevant experience, strong communication abilities, and proficiency in data analysis.
The work environment can be fast-paced and stressful, but the potential for career growth and the flexibility to work remotely make this an attractive option for many working moms.
Claims adjusters must also maintain accurate records and documentation of all claims activities.
Benefits:
While the work environment can be fast-paced and stressful, the potential for career growth is likely.
Flexibility to work remotely make this an attractive option for many working moms.
Pay: Claims adjusters can advance to higher positions within the insurance industry, such as senior claims adjuster or claims manager. Additionally, many claims adjusters work as independent contractors or consultants, providing even more flexibility and potential for career growth.
13. Bookkeeper
As a bookkeeper, one is responsible for monitoring a company’s cash flow by keeping track of transactions and preserving copies of receipts. The job requires great attention to detail, excellent organizational skills, and an ability to analyze and interpret financial data.
This job can be done virtually, making it an excellent position for moms who want to improve their work-life balance.
Bookkeeping does not require a degree and one can earn a decent hourly pay or salary. To become a bookkeeper, one must have bookkeeping skills, which can be learned from online courses.
Benefits:
Flexible working hours, allowing them to work whenever suits them.
Great for someone who loves analytics.
Pay: Most bookkeepers enjoy relatively high hourly salaries. They can work as independent contractors or be paid as a salaried employee.
14. Nanny
Being a nanny is an excellent option for moms who want to balance work and family life.
As a nanny, you would be responsible for taking care of children, cooking, cleaning, and running errands. The best part about being a nanny is the flexible hours, which allow you to work part-time or full-time while still being present for your family.
Finding a job that allows moms to work while still being present for their families is crucial, and being a nanny provides the perfect solution.
Benefits:
Be able to care for your own children at the same time.
Find a nanny job that works for your circumstances.
Stay young and playful while working with kids!
Pay: The pay varies widely for a nanny, but once you have experience and great references, you can earn good money.
15. Marketing Specialist
Marketing can be an excellent job choice for moms looking for flexibility, potential job growth, and the opportunity to work remotely. With the advancement of digital marketing, moms can now pursue a career in marketing without having to leave their homes or work in a traditional office setting.
As a digital marketer, there are various specializations and skills that can be honed to advance in the field. These include SEO (search engine optimization), web development, content creation, and marketing strategies.
By continuously learning and improving these skills, moms can enhance their professional reputation and open doors to new opportunities within the marketing industry.
Benefits:
Ability to work from home.
Work flexible work hours that can be adjusted to fit their family’s needs.
Digital marketing also offers potential job growth and career development.
Pay: As a marketing specialist, the pay can vary greatly if you work as a freelancer or a bigger corporation.
16. Financial Advisor
Financial advising can be an excellent career path for working moms without a degree, offering flexibility and opportunities for growth.
Honestly, I know many people who have successfully entered the workforce as financial advisors.
The first step towards becoming a financial advisor is to obtain relevant certifications and licenses, such as the Certified Financial Planner (CFP) designation. Once certified, financial advisors can work for a firm or start their own business, providing financial advice to clients.
Pursuing a career as a financial advisor can offer a good salary and work-life balance, making it a great option for working moms.
Benefits:
Help others pursue a life of financial independence.
Perfect for someone who loves numbers!
Pay: The pay for a financial advisor varies greatly, but the median salary is $75000 a year.
17. Writer
Becoming a writer can be a great career choice for moms who want to work from home and have a passion for writing. With flexibility, the potential for a decent income, and no degree required, it’s an accessible and rewarding career path.
Highly recommended to take this writing course to jumpstart your networking opportunities.
As a writer, you can work as a content writer, staff writer, or freelance writer.
Content writers produce content for websites, such as blogs, news aggregators, and e-commerce sites.
Staff writers write articles for publications, such as magazines or newspapers.
Freelance writers write for clients without being permanent employees.
What’s more important is having a way with words, strong research skills, and a passion for writing.
Benefits:
Flexibility to work on a story when you are able to.
For those with a love of English, this is a great way to express yourself.
Pay: While the average hourly rate for writers and bloggers varies, it’s possible to earn a decent income in these fields.
17. Social Media Specialist
As a social media specialist, you will manage social media accounts, create and post content, increase engagement, analyze data, and monitor social media. This role requires skills such as graphic design, writing appealing content, an eye for design, and flexibility.
Moms possess many of these skills naturally, such as multitasking, creativity, and communication. These skills can be applied to social media management, including content creation, scheduling, and community management.
Social media management is also a growing field. As a result, this job can provide moms with a stable income and career growth opportunities while allowing them to prioritize their family life.
Benefits:
Great for those who personally love social media.
Easy to work anywhere.
Pay: With an average salary of $52000 a year, this job can be done from home, making it a perfect fit for moms.
18. Human resources manager
Work-life balance is crucial for working moms, and a career as a human resources manager can provide just that.
Human resources managers are responsible for managing employee benefits, overseeing hiring processes, and handling employee relations. This job offers flexibility, including the ability to work remotely or part-time.
A career in human resources management can positively impact a working mom’s family life by providing a consistent schedule that doesn’t involve weekends or holidays.
Benefits:
HR managers are in high demand in many industries, as every organization requires HR expertise to manage its workforce effectively.
Opportunities for personal and professional growth.
Make a positive impact on employees’ lives.
Ample networking opportunities with employees, upper management, and external stakeholders.
Pay: Human resource managers often receive competitive salaries, with average annual earnings exceeding $120,000.
19. Sell on Printables on Etsy
In recent years, the demand for printable products has grown tremendously, making Etsy a great platform for working moms without a degree to earn a steady income from home.
Printables are digital files that customers can download and print at home, such as wall art, planners, calendars, and invitations.
The best part is that once you create a printable, you can sell it repeatedly without having to invest more time or money.
Check out the list of the most popular printables you can create.
Benefits:
A flexible job that allows you to work from home and set your own hours.
Earn a steady income from a single printable, which means you can focus on creating new products and growing your business.
Able to start s small business.
Pay: This is a passive income. Learn how much these sellers have made.
20. Retail associate
Many moms become retail associates to get a discount from the retailer!
Working in retail can be a rewarding and dynamic career choice. Retail jobs are generally physically demanding, as employees are often on their feet for long periods and may need to lift and move heavy items.
The nature of retail work can also be stressful, especially during busy periods such as holidays or sales events. However, it can also be an opportunity to develop and utilize various skills, particularly when interacting with customers.
Benefits:
Working part-time hours while your children are at school.
Discounts to the retailer you work.
Flexible scheduling hours.
Pay: This is a minimum wage job earning $13 an hour to $18 an hour.
21. Nursing
Nursing is a fulfilling career for moms who enjoy taking care of others.
While most nursing positions require a degree, there are also entry-level jobs available for those without a degree. Certified nursing assistant (CNA) and licensed practical nurse (LPN) are two such positions.
Both positions require certification and training, which can be completed in a matter of months. Pursuing a career in nursing as a working mom without a degree offers the flexibility to balance work and family while also providing the opportunity for career advancement.
Benefits:
Flexible scheduling around what works best for your family.
Ability to work part-time or full-time.
Great career option to take fewer hours while your children are little and more hours when they are in school.
Pay: The average hourly rate for nursing varies depending on where you work. Most certified nurses make between $32 an hour to $50 an hour.
22. Transcriber
As a transcriber, you will listen to audio files and create a document that contains an accurate record of what was said. This is one of the best jobs for moms with no degree, as most transcription companies just require you to pass their test before they give you work.
To become a successful transcriber, you will need fast typing skills, attention to detail, and the ability to sit for long periods of time. You may also need to purchase special transcribing equipment, depending on the company you work for. Most transcription jobs will require the ability to type 75 WPM or more.
This is a great non phone work from home job.
With the right skills and tools, you can become a successful transcriber and earn a decent income. So if you are a fast typer with an eye for detail, consider taking a free mini-course to find out if this is the right job for you.
Benefits:
Transcription jobs from home are available remotely and work as many hours as you want.
Set your own schedule.
Make money by meeting deadlines.
Pay: Generally, transcriptionists earn around $19 per hour in the US, but this can be more depending on your employer.
23. Graphic Designer
Graphic design is an excellent job for working moms with no degree, as it allows for significant flexibility in working hours and can be done from home.
As a graphic designer, you will be responsible for creating logos, designing websites, and developing marketing materials such as brochures and flyers. To succeed in this field, you’ll need to be creative, detail-oriented, and able to work with clients to meet their specific needs.
Benefits:
Balance their family responsibilities with a fulfilling and rewarding career.
Perfect to showcase your creative side.
Pay: With a median annual wage of $48000 per year, graphic design is a lucrative career that offers plenty of room for growth and advancement.
24. Online Coach
Being an online coach is a great job for individuals who are looking to earn money online without a degree. While some online coaches do gain certifications, it is not always necessary.
There are several types of coaching fields to enter, including career coaching, life coaching, health coaching, family coaching, and fitness coaching. It is advisable to choose a field that you have experience in or feel comfortable handling.
As a life coach, for example, you can assist clients in achieving their goals, dealing with self-esteem issues, or working on relationships.
Benefits:
Freedom to set your own schedule and work from home, which allows you to balance work and family responsibilities.
Potential to earn a good income, especially if you specialize in a high-demand niche and build a strong client base.
Viable career option for working moms without a degree.
Work remotely from their computers and communicate with clients online.
Pay: Most coaches make between $30 an hour – 100 an hour pending experience.
25. Counselor
Counseling is indeed a vital service that plays a crucial role in helping individuals and families overcome difficult challenges.
As a counselor, you work closely with clients to address various issues and support them in achieving their personal and professional goals.
Counselors can work in diverse settings, including private practices, mental health centers, schools, substance abuse centers, or government institutions. This allows for a wide range of opportunities and flexibility in terms of work environment and schedule. Additionally, advancements in technology have made it possible for counselors to provide their services online, further expanding the accessibility and convenience of counseling.
Benefits:
Flexibility to work part-time or full-time.
Making a positive impact on the lives of others and contributing to their well-being is a significant aspect of counseling that attracts many individuals, including moms, to pursue this profession.
Offers a fulfilling and financially rewarding career path.
Pay: The average hourly rate for counselors is $39 an hour.
Other Jobs Options to Consider:
Home Health Aide: Care for patients in their own homes. Many opportunities for part-time work.
Personal Care Aide: Assist clients with daily tasks such as bathing, dressing, and grooming. Flexible schedules are available.
Event Planner: Plan and organize events such as weddings, conferences, and parties. Can often work on a freelance or contract basis.
Photographer: Take photographs for a variety of purposes such as weddings, events, or marketing materials. Can often work on a freelance basis.
Personal Trainer: Help clients achieve fitness goals through exercise and nutrition coaching. Can often work on a freelance or contract basis.
House Cleaner: Clean homes or businesses on a regular basis. Offers flexibility in terms of schedule and workload.
Online Tutor: This job involves teaching students online in various subjects. Skills required include teaching ability, subject expertise, and communication. To balance work and family life, set a schedule and prioritize family time.
Translator: This job involves translating written or spoken content from one language to another. Skills required include fluency in multiple languages, attention to detail, and communication. To balance work and family life, set a schedule and prioritize family time.
Pet Sitter/Dog Walker: This job involves caring for pets while their owners are away. Skills required include love for animals, responsibility, and time management. To balance work and family life, set a schedule and communicate with clients to ensure availability.
Personal Shopper: This job involves shopping for clients and delivering their purchases. Skills required include organization, communication, and time management. To balance work and family life, set a schedule and communicate with clients to ensure availability.
What to consider when choosing a job for working moms without a degree?
Working mothers without a degree face many challenges when it comes to finding a job.
They need to find a balance between their family and career commitments, and they also need to find a job that is flexible enough to accommodate their schedule. Here are the things to consider when looking for a new job.
1. Hours and Shiftwork
For working moms being able to control their own schedules allows them to be present for their children’s needs while also earning an income is extremely important. It is important to consider the hours you have available to dedicate to a job along with the shiftwork necessary when choosing a job.
Think about whether you want to go part-time or full-time.
Also, weekend shifts are also an option for those who need to work around their family’s schedule. Even better, remote work has become increasingly popular and offers even more flexibility.
2. Salary
Salary considerations play a significant role in achieving this stability a mom desires.
It is essential to explore different salary options and negotiate to ensure that you are being fairly compensated for your skills and experience.
Consider starting salary, the potential for growth, benefits packages, and negotiation when exploring job options.
3. Responsibility and Stress
As any working mom can tell you, being a working mom can be an incredibly stressful experience. Mothers often have to balance their work responsibilities with household chores and childcare, which can be overwhelming.
Finding a job that balances responsibility and stress is crucial for working moms to maintain their mental and physical health, and to be able to provide for their families.
4. Level of Education Required
As a working mom, it is important to consider the level of education required when choosing a job.
Plus, it is crucial to research job requirements and considers personal interests and skills when selecting a job. By doing so, working moms can find a job that offers flexibility, decent pay, and job satisfaction.
5. Professional Licenses and Certifications
Obtaining, professional licenses and certifications is an excellent way for working moms without a degree to increase their job opportunities, earn higher salaries, and improve job security.
These certifications and licenses are often required for specific industries, such as healthcare, education, and law enforcement.
With so many options available, it’s important for working moms to explore the various certifications and licenses that are relevant to their industry and career goals.
6. Work-Life Balance
Balancing work and family life is a challenge for anyone, but it can be particularly daunting for working moms.
However, there are several factors to consider when choosing a job that can help achieve a work-life balance:
Flexible Work Hours: A job with flexible work hours can help working moms without a degree balance their work and family responsibilities. This can include part-time work, remote work, or jobs that allow for flexible scheduling.
Remote Work Options: Remote work can be an excellent option for working moms without a degree who need to work from home.
Company Culture: A supportive company culture can make all the difference for working moms. Look for companies that offer family-friendly policies such as paid time off, flexible work schedules, and on-site childcare.
By prioritizing work-life balance, working moms can achieve success in both their personal and professional lives.
7. Vacation and Time Off
For working moms without a degree, vacation and time off are crucial benefits to consider when evaluating a potential job offer.
Here are three factors to consider when reviewing a company’s vacation and time off policy:
The number of vacation days offered, including paid time off for sick days and personal days.
The flexibility of the policy, such as the ability to take time off for family emergencies or unexpected events.
The potential for extended leave, such as maternity or paternity leave.
8. Career Advancement
When considering a job as a mom, career advancement is an important consideration. It is essential to choose an employer and a job that offers opportunities for growth and progression in your chosen field.
Advancing in your career not only allows you to achieve personal and professional goals but also provides financial stability and job satisfaction.
Don’t underestimate the power of setting clear career goals and actively working towards them.
By investing in your skills, building a strong network, and setting clear career goals, you can pave the way for a successful and fulfilling career as a mom.
9. Job Security
Job security is especially significant for working moms, who may face more challenges in finding and keeping a job.
Typically, working moms are limited in their job options.
So, look for careers that provide financial security as well as companies with a solid track history.
This is the perfect side hustle if you don’t have much time, experience, or money.
Many earn over $10,000 in a year selling printables on Etsy. Learn how to get started by watching this free workshop.
If you’ve ever wanted to make a full-time income while working from home, you’re in the right place!
This intensive training combines thousands of hours of research, years of experience in growing a virtual assistant business, and the power of a coach who has helped thousands of students launch and grow their own business from scratch.
FAQ
You can search for remote jobs, part-time jobs, or freelance gigs.
You can also look for companies that have flexible policies in place. Also, reach out to your network and ask if anyone knows of any openings that are flexible.
Stay-at-home moms can find a variety of jobs that can be done from home and offer flexibility to work around their schedule. Here are some of the options available:
Working from home offers the benefit of having a better work-life balance and the ability to be present for their families while still earning an income.
Which Job for Moms will You Choose?
For moms who want to balance family and career, finding a job that offers work-life balance and career growth is crucial.
Not only can working increase income, but it can also lead to career advancement and personal fulfillment.
Above, we listed many great jobs for moms. You can choose a job that allows you to work from home, or one that provides flexible hours. Also, many moms like me prefer one of these early morning jobs.
Whatever you choose, make sure you find a job that you enjoy and that allows you to spend time with your family.
Know someone else that needs this, too? Then, please share!!
It can be satisfying to watch your 401(k) plan balance grow over time as you contribute to it. But what happens when those contributions stop? The amount your account will grow depends on how much money you have in it and how the market performs. Here is how you can estimate the future performance of your 401(k). If you’d like personalized advice about planning for retirement, consider working with a financial advisor.
What Is a 401(k)?
A 401(k) is an employer-sponsored retirement account that offers tax benefits. A traditional 401(k) will be withdrawn from your paycheck pretax and will only be taxed when you withdraw from it in retirement. A Roth 401(k) is similar but reversed, in that the money that goes into it is already taxed, so it won’t be taxed when you withdraw from it in retirement. You can withdraw from either type of 401(k) penalty-free beginning at age 59 ½.
When you sign up for a 401(k) plan, you’ll be presented with investment options when you complete the paperwork. Once you deposit money, it will be invested according to your selections.
401(k) plans were specifically created to incentivize workers to save for retirement. If you contribute to a traditional 401(k), your taxable income is reduced due to the 401(k) withholdings. If you’re contributing 6% of your income to a 401(k), you won’t owe taxes on that percentage of your income. With a Roth 401(k), instead of saving on taxes in the year you contribute money to your 401(k), you’ll enjoy the savings when you withdraw it in retirement.
How Does a 401(k) Work?
You may be asking yourself, how does a 401(k) plan make money? The main way you will see your 401(k) grow is from your contributions (and your employer’s, if they offer a match). Once you stop contributing, what happens next?
So, remember the investment options you were given when you signed up for the plan? Your choices told your 401(k) provider how to allocate the money in your 401(k). A common investment option is a target-date mutual fund. This type of fund will contain a mixture of investments, including stocks and bonds, managed to maximize returns while minimizing your risk as you near retirement age. Generally, you’ll be advised to invest in riskier funds when you’re younger and move towards more stable investments as you age.
The money you see in your 401(k) and what you’ll be able to withdraw in retirement are made up of contributions, plus earnings from your investments, plus interest.
How Does It Grow When You Stop Contributing to It?
When you stop contributing to your 401(k) plan, don’t expect to see your balance grow at the same rate. But how much your balance will grow will depend on a few factors.
Interest is one of the big factors in the continuing growth of your 401(k) plan’s balance. When you select a fund to invest in, that fund may include CDs, bonds and/or money market funds—all investments that generate interest. And the larger your balance, the larger those interest payments will be. Simply put, 5% of $10,000 is more than 5% of 100,000.
Other investments might generate earnings based on the market, such as stocks and ETFs. You may see greater volatility in these investments, with earnings either being very good or very bad. When you choose what to invest in, you set your risk profile—riskier investments have the promise of a higher payout but also can suffer markedly when the market turns.
One of the most important things to consider when thinking about how much your 401(k) balance will grow once you stop contributing is compounded growth. When you earn money, either from interest or earnings, that amount is put back into your 401(k) and invested. For a very simple example, let’s say you have $1,000 that you invest for one year and it earns $100. Your 401(k) will add that $100 to the pot and invest $1,100 the next year for a return of $110.
On a small scale like that, it might not seem impressive. But compounding interest and earnings is the most meaningful way that a 401(k) plan will continue to generate growth after you stop contributing. If you add a couple zeroes to the end of those example figures, you’ll soon see the point.
The Bottom Line
While your 401(k) account will likely continue to grow after you stop contributing to it, that growth will be limited by the market, your plan’s balance and other factors. The growth can vary over time as any one of those things changes. In order to get a good idea of what yours could look like you may need to work directly with a professional financial advisor to help you calculate the estimation for your account.
Retirement Tips
Finding a financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three vetted financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
Use SmartAsset’s free retirement calculator to see if you’re on track to meet your retirement goals.
You may find your company’s 401(k) plan may not be the best option for you. And you may get better investment choices and tax breaks if you open an IRA or a Roth IRA. To help you decide, we published articles on the best IRAs and the best Roth IRAs.
The investing information provided on this page is for educational purposes only. NerdWallet, Inc. does not offer advisory or brokerage services, nor does it recommend or advise investors to buy or sell particular stocks, securities or other investments.
Raiding your retirement accounts can be expensive. Withdrawing money before age 59½ typically triggers income taxes, a 10% federal penalty and — worst of all — the loss of future tax-deferred compounded returns. A 30-year-old who withdraws $1,000 from an individual retirement account or 401(k) could lose more than $11,000 in future retirement money, assuming 7% average annual returns.
In the past, there were a few ways you could avoid the penalty. Congress recently added several more, and some of those exceptions allow you to repay the money within three years. That would allow you to get a refund of the taxes you paid and — best of all — allow the money to start growing again, tax deferred, for your future.
You’re still better off leaving retirement funds alone for retirement, says Erin Itkoe, director of financial planning at Tarbox Family Office, a wealth management firm in Scottsdale, Arizona. If you can’t, though, you could at least limit the damage from taking the money out early, she says.
What you need to know about SECURE 2.0
The new penalty exceptions are part of Secure 2.0, a package of retirement plan changes that Congress passed late last year. Some exceptions are available for your IRA right now, while others take effect in coming years, says David Certner, legislative counsel for AARP. The exceptions also can apply to workplace plans, such as 401(k)s or 403(b)s, but it may require your employer to opt in, so check with your human resources department, Certner says.
However, the repayment option still isn’t available for most penalty exceptions. For example, you can avoid the penalty if you withdraw $10,000 from an IRA for a first-time home purchase or to pay higher education expenses, but you won’t be able to repay the money later and get the taxes refunded.
Disasters, terminal illness and family expansion
One new penalty exception that allows for repayment is for disasters. People who live in a federally declared disaster area and suffer an economic loss can withdraw up to $22,000 penalty-free. Income taxes still have to be paid on the withdrawal but the income can be spread over three years to reduce the potential tax impact. This exemption was made retroactive to Jan. 26, 2021.
Another potentially large exemption with the repayment option is one for terminal illness. Effective this year, the 10% penalty is waived for people whose doctor certifies that they are expected to die within seven years, says Itkoe, who’s also a certified public accountant serving on the American Institute of CPAs’ personal financial planning executive committee. There’s no limit on how much can be withdrawn.
A three-year repayment period also now applies to the penalty exception when you have or adopt a child. This exception allows each parent a $5,000 withdrawal within the 12 months after a child is born or adopted.
Exceptions for domestic abuse and financial emergencies to come
Next year, the 10% penalty is waived for victims of domestic abuse. The penalty-free withdrawal is limited to the lesser of $10,000 or 50% of the account’s value and can be repaid over three years.
Also effective next year is a penalty-free distribution of up to $1,000 for some emergency expenses. People can take one such withdrawal per year if the money is repaid. Otherwise, only one distribution is allowed every three years.
Note that both of these exceptions are “self-certified.” That means you provide a written statement asserting that you meet the requirements without having to supply other documents or proof, says Itkoe.
Other SECURE 2.0 penalty exceptions
A penalty exception to pay for long-term care insurance kicks in for 2026, but it only applies to workplace plans, not IRAs. Note that the withdrawal — which is limited to the lesser of $2,500 or 10% of the account balance — can only be used to pay insurance premiums, not to pay for the actual care, Certner notes.
Secure 2.0 also expanded the “public safety employee” exception for early withdrawals from workplace plans.
In the past, the 10% penalty didn’t apply for withdrawals from workplace plans if the worker left a job in the year they turn 55 or older, or age 50 for public safety employees. Now, private-sector firefighters and state and local corrections officers also can qualify for the public safety exception after they turn 50. In addition, public safety employees with at least 25 years of service with the employer sponsoring the plan can now avoid the penalty regardless of their age.
This is just a summary of the new penalty exceptions. The rules are complex enough that people should consult a tax professional before taking a withdrawal, Itkoe says. The pro also can help file an amended tax return if the withdrawal is repaid.
But no one should assume that the exceptions make retirement plan withdrawals a good idea since most people won’t pay the money back even if they have the option to do so, she says.
“Drawing from a retirement account should always be a last resort,” she says.
Choosing to adopt a child is an exciting milestone in life, but it’s also one that takes a lot of planning and effort. Future adoptive parents can opt for either a domestic adoption or international adoption, but there are a lot of differentiating factors that may influence the decision.
If you’re considering adoption, you’ll want to understand the distinctions between domestic and international adoptions, from the process and timeline to the costs involved, so you can decide what’s best for you.
The Domestic Adoption Process
One of the major advantages of choosing a domestic adoption is that you have the potential to adopt a newborn. However, the timeline is not set in stone and may depend on whether you opt for an open, semi-open, or closed adoption. Most domestic adoptions are considered at least “semi-open.”
Depending on the agency you work with, you may need to be chosen by a birth mother based on your profile. Once you’re selected, the timing depends on the expected (and actual) due date. The process usually takes a few months. Typically, you get access to the child’s medical records as well as the birth mother’s family history.
An open adoption also allows some contact and conversations with the birth mother before the baby is born. In a semi-open adoption, personally revealing information is withheld between the adoptive parents and the birth mother.
Once the baby is born and you officially adopt the child, the adoption agency may facilitate sending updates to the birth mother, as well as pictures so she can see the baby is well taken care of.
Domestic Adoption Eligibility Requirements
American adoption requirements vary by state and by the adoption agency you choose to work with. Generally, you must be at least 18 years old, and there’s often a minimum age difference required between you and the child.
Most states allow domestic adoptions regardless of marital status; parents can be married, single, divorced, or widowed and still qualify.
Explore your state and city adoption websites for more details on additional requirements unique to your area.
The International Adoption Process
International adoption, thanks to rules and clearances, typically will not involve a newborn, so you’ll need to be open to welcoming an older baby or toddler to your home.
With international adoption, there are issues that could affect your ability to adopt, even in the middle of the process. New international laws and relations between the United States and other countries have the potential to derail families who are in the middle of an adoption. The process varies by country but typically takes between 1.5 and 2.5 years.
While you can find out about the child’s medical history, you likely won’t know anything about the family history. Once you adopt a child from abroad, you won’t have any contact with the birth family.
International Adoption Eligibility Requirements
Each country has its own eligibility requirements for adoptive parents, which are typically much stricter than domestic requirements. Often you’ll need to meet income requirements, which may include a higher amount if you already have children. Some countries also have net worth requirements.
In addition, you may discover that some countries restrict the type of families that are allowed to adopt from there. For example, some only offer adoption to married couples or single women.
These rules vary by country, and there are some countries, such as Colombia, that allow single men and same-sex partners to adopt.
International vs Domestic Adoption Costs
The costs vary greatly with both international and domestic adoptions, but the common thread is that it can be expensive if you’re not adopting a foster child.
For international adoptions, expect to pay anywhere from $20,000 to $50,000, depending on the country.
In South Korea, for example, adoptions may cost between $32,000 – $38,000. In China, the range is $35,000 to $40,000. Adoptions from India may span $21,000 to $25,000.
Choosing an international adoption also requires you to travel to the country (often more than once) in advance of actually adopting your child.
Domestic adoptions through a private agency may cost between $30,000 and $60,000.
It is much less expensive, and potentially even free, to adopt through foster care. However, as a foster parent, your goal is to help reunite the child with the existing family. Adoption may become an option, but it is not the primary objective.
Recommended: Common Financial Mistakes First-Time Parents Make
Funding Options for Adoptions
Adoption costs are often out of reach for many U.S. families. But even if you can’t tap into your savings (or don’t want to), you can explore other options for funding your adoption.
Recommended: 5 Tips for Saving for a Baby
Employer Benefits
Some companies offer adoption assistance funds as part of their employee benefits packages. In addition, about 34% of employers offer paid adoption leave and 25% provide paid foster child leave. This provides flexibility to transition when a new family member arrives.
You may want to check with your HR department to make sure you don’t miss out any adoption benefits offered by your company.
Adoption Federal Tax Credit
The federal government provides some tax benefits for adoptions. First, if you use employer benefit funds to pay for the adoption, that money is excluded from your income so you don’t have to pay federal taxes on it.
The tax code also offers an adoption tax credit that can help offset some of the costs involved in adoption, whether you adopt for a domestic or international adoption. Qualified adoption expenses include things like adoption fees, legal costs, and travel expenses.
The tax credit amount changes every year, so it’s a good idea to talk to an accountant for more specifics.
There are income limits for qualifying for both the tax exclusion and credit.
Friends and Family
Many adoptive parents ask friends and family members for financial support when starting the adoption process. You could even start a crowdfunding campaign as a way for your broader community to donate to your adoption fund.
Hopeful parents may want to include a compelling personal story about the path to adoption to help draw in potential donors from their community.
Just remember that if you use a crowdfunding platform, you generally have to pay fees taken out of the money you’ve raised. This usually ranges from 3% to 8% when including both fundraising fees and processing fees.
Recommended: New Parent’s Guide to Setting Up a Will
Personal Loan
Another option for financing your domestic or international adoption is with an unsecured personal loan.
This type of loan typically comes with a fixed interest rate and repayment period, which allows you to make a set monthly payment over a set number of years.
You’ll need good credit to qualify for the best interest rates. Lenders may also take your debt-to-income ratio into consideration. You may qualify for a larger loan amount if your existing debt is low compared to your monthly income.
Sometimes referred to as an adoption loan, the proceeds from this type of loan can be used for just about anything. That means not just the agency and legal fees but also soft costs like travel and meals, which can get expensive if you’re adopting from abroad.
The Takeaway
Choosing to adopt a child can be life-changing, but an international or domestic adoption usually carries a high price tag. Fortunately, with tax benefits and funding options available, you can worry less about how to pay for all of the costs associated with the process and focus more on the joy of growing your family.
Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. Checking your rate takes just a minute.
SoFi’s Personal Loan was named NerdWallet’s 2023 winner for Best Online Personal Loan overall.
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