The peer-to-peer payment network Zelle offers free and almost instant transfers between bank accounts at different U.S. banking institutions. Launched in 2017, Zelle’s network has grown to include more than 2,000 participating banks and credit unions. Many, but not all, bank customers can find Zelle featured in their bank’s mobile app.
Using a bank that offers Zelle in its app has perks: There’s no extra app to download, and your bank may have higher transfer amount limits than what Zelle’s app allows.
Skip down to our lists to see if your bank uses Zelle.
Quick facts about Zelle
Zelle is primarily used to send, request or receive funds with friends and others you trust.
Zelle transfers can be delivered within minutes and generally are free.
Customers at banks, credit unions or neobanks that don’t offer Zelle can access Zelle’s standalone app, though transfer amount limits may differ.
SoFi Checking and Savings
Min. balance for APY
$0
CIT Bank Platinum Savings
Min. balance for APY
$5,000
BMO Alto Online Savings Account
Min. balance for APY
$0
Frequently asked questions
Are Zelle transfers free to send and receive?
Typically, yes. More than 99% of checking accounts linked to Zelle don’t charge a fee, according to a 2023 Zelle survey of financial institutions that offer Zelle.
How much can I send or receive through Zelle at a non-participating bank?
If your bank doesn’t offer Zelle, you can send up to $500 weekly and receive up to $5,000 in Zelle’s app. There’s no ability to request different limits. You can have higher limits at a bank in Zelle’s network, though it’s up to the bank.
What are some notable banks and credit unions that don’t use Zelle directly?
Some notable financial institutions that NerdWallet has reviewed and that don’t participate directly in the Zelle network include Alliant Credit Union, American Express, Barclays, Connexus Credit Union, LendingClub Bank, Marcus by Goldman Sachs, Pentagon Federal Credit Union, SoFi and Synchrony Bank. In addition, nonbank fintech apps (or neobanks) such as Chime, Current and Greenwood aren’t in Zelle’s network.
Can the sender and recipient be at banks where neither offers Zelle?
No. Unfortunately, either the sender or recipient must belong to a bank or credit union that offers Zelle for a transfer to work. The person who doesn’t have Zelle directly can download the Zelle app and enroll with a Visa or Mastercard debit card.
What are transfer services like Zelle?
Peer-to-peer transfer apps such as Venmo and Cash App have the same ability as Zelle to transfer money fast to friends and family for free. However, unlike Zelle, they put any money you receive into an in-app balance. The process to withdraw money to a linked bank account is free but usually takes several days, or you can withdraw within minutes for a fee. Learn more about peer-to-peer payment services.
In addition, banks and credit unions are gradually adopting FedNow, a new real-time transfer service run by the Federal Reserve.
Who owns Zelle?
Zelle is owned by Early Warning Services, a financial tech firm and consumer reporting agency that is co-owned by seven of the largest U.S. banks: Bank of America, Capital One, Chase, PNC, Truist, U.S. Bank and Wells Fargo.
Is Zelle safe?
Zelle’s parent company has said that more than 99.9% of payments sent don’t have reports of fraud or scam, according to a 2022 press release. However, there is still a chance you can be contacted by fraudsters who ask you to send money via Zelle.
Unlike credit card and debit card purchases, a Zelle transfer can’t be canceled or reversed once someone receives it, which is also the standard practice for wire transfers and transfers on a real-time network such as FedNow and RTP. Zelle provides customer support and potential reimbursement in cases when people get scammed.
🤓Nerdy Tip
Nearly instant transfers between your accounts: When you enroll two accounts at two different banks with Zelle, you can transfer money between banks faster than typical ACH transfers. Standard bank-to-bank transfers can still take multiple days.
12 online banks that use Zelle
We considered online banks with strong account offerings that participate in Zelle’s network. Click each bank name to read our review:
17 traditional banks that use Zelle
We considered the largest U.S. banks as well as various regional banks that we’ve reviewed. Click each bank name to read our review.
12 credit unions that use Zelle
We considered credit unions we’ve reviewed and that stand out due to their size or services. Some credit unions have geographic or other membership restrictions. Click each credit union name to read our review:
Don’t see your bank or credit union? See the full list of financial institutions in Zelle’s network on Zelle’s website.
Did you know…
Zelle transfers are not wire transfers, which use a separate network. Both can provide funds delivery within minutes, but wires tend to have high fees and are intended for large amounts, such as a home purchase. Zelle transfers are typically free and can be for various reasons and amounts (up to a limit).
Due to a robust economy, a vibrant music scene, plenty of corporate headquarters, cutting-edge medical centers and lots of higher education institutions, Nashville is a popular place for transplants.
Nashville offers cosmopolitan sophistication paired with southern charm. A diverse city, this is a place of great community spirit, where newcomers can expect to be welcomed with open arms. Whether you’re looking for a suburban, family-forward vibe or a hip, professional singles playground, Nashville’s got it all in spades with panache and charm to boot.
Here are the 10 best neighborhoods in Nashville for you to call home.
In the summertime, the sidewalks in the quaint area labeled 12 South are full of single hipsters and young families with strollers. Bar hopping is big here, but so is playing at the playground in Sevier Park. Regardless of your preferred recreational activities, everyone eventually ends up at Jeni’s Splendid Ice Creams to close out the evening.
Bellevue is booming these days, going from a sleepy suburb to a trendy hub for shopping and dining. It’s a place where recently relocated single professionals and established families with kids mingle happily. You’ll find a ton of community-based activities, festivals and markets, as well as lots of support for local businesses.
More than 60 percent of Bellevue is green space protected by the Land Trust for Tennessee and Nature Conservancy. As a result, the areas’ lucky residents enjoy beautiful spaces for hiking, canoeing, trail riding and communing with the great outdoors.
Source: Rent. / The Sylvan
With Sylvan Park on one side and The Nations neighborhood on the other, Charlotte Pike is sitting pretty as one of Nashville’s up-and-coming places to settle in. It’s a walkable area with residential streets surrounding the main drag, where you’ll find awesome breweries, cool coffee joints and fun shopping.
Source: Grand Ole Opry
The beautiful, green community of Donelson – Hermitage – Old Hickory is one of Nashville’s rising hipster meccas. The Hip Donelson Farmers Market has become a popular draw for the area, as has the “hip eats” initiative, showcasing some unique, locally-owned institutions like Homegrown Tap Room and Marketplace, McNamara’s Irish Pub and Phat Bites.
Its affordability, abundant green spaces, active city centers and quiet neighborhoods make this place an area on the rise for families and singles alike.
The neighborhood is also home to Nashville’s famous Grand Ole Opry.
Just a few blocks north of Downtown, Germantown is a great mix of family-friendly and urban chic. With award-winning restaurants and bars, it’s perfect for a night out. With the Nashville Farmers’ Market a short walk away, it’s also ideal for a day spent shopping and picnicking at the beautiful Bicentennial Capitol Mall State Park.
Source: Rent. / 4000 Hillsboro Pike
If you’re looking for an affluent neighborhood with upscale shopping galore, Green Hills is the place for you. Posh shops like Tiffany & Co., Louis Vuitton and Jimmy Choo inhabit the Mall at Green Hills. World-class dining is within walking distance of its luxury high-rise apartment buildings.
You’ll pay a pretty penny for all that glamour. It’s seen steadily increasing rent prices for years. But you’ll also see plenty of celebs mingling in its gorgeous bars and restaurants.
Midtown is practically a part of the Vanderbilt University campus and medical center. On any given day, the sidewalks see a diverse rush of students, visiting academics, business executives and lots of healthcare professionals.
You’ll see plenty of Vandy students letting off some steam at some of the many bars crowding the city blocks, but Midtown has its share of family-friendly side streets, as well. Because it’s so walkable to Downtown and Music Row, there’s an abundant selection of hotels and fine dining in the area for tourists to enjoy.
On the other side of Vanderbilt, you’ll find Music Row. If music is what draws you to Nashville then you may seriously want to consider moving to this beautiful neighborhood. You’ll have to look closely to spot the most historic recording studios here. Most are tucked in unassumingly between the residential homes along the tree-lined streets.
Some of the world’s most famous feet have walked the shady sidewalks of Music Row, including (but not limited to) Elvis Presley, Taylor Swift, Beyoncé, Jerry Lee Lewis, Bob Dylan … we could really go on and on.
The sidewalks in SoBro are packed with locals coming and going to work and with tourists taking in the sights and sounds of Downtown Nashville (SoBro literally begins on Broadway, Downtown’s main drag.). There are a ton of gorgeous restaurants to visit, and the Nashville Symphony at the Schermerhorn Center is just a short block or two from it all.
Source: Rent. / The Blackstone
Sylvan Park is a tight-knit community that’s family-friendly and full of charming locally-owned shops and restaurants. Spend a sunny afternoon at Richland Park or the McCabe Golf Course, then catch dinner and an adult beverage at Chaatable or M.L. Rose.
Find the best Nashville neighborhood for you
If you’re having a tough time deciding which Nashville neighborhood is right for you, take heart. Any native Nashvillian will be more than happy to give you the rundown on our great communities. We’ll also be glad to answer any questions you might have.
(For example, “Why is there a full-scale replica of the Parthenon in Centennial Park?” The answer: It’s because Nashville’s the Athens of the South, complete with a Greek-revival-style state capitol building.)
Interested? There’s tons more neat stuff where that came from, so come for a visit to Nashville and see for yourself. We’ll keep the music live, the craft beer cold and the biscuits warm for you.
Laura Crowley has done her fair share of exploring lots of cities, but the nightlife, live music, festivals, metro parks and wonderful people of Nashvegas convinced her and her husband to make Nashville their home-base for freelance writing and raising offspring. When she’s not writing, she enjoys reading, fine dining and philosophical conversations with her children.
Nestled in the heart of wine country, Santa Rosa, CA is a charming city with a unique blend of natural beauty and urban amenities. From exploring the stunning vineyards and wineries to hiking in the nearby redwood forests, there’s no shortage of outdoor activities to enjoy. The vibrant downtown area offers a diverse culinary scene, art galleries, and boutique shops, making it a perfect place for foodies and art enthusiasts.
Whether you’re searching for apartments in Santa Rosa, homes for sale, or are already a local, this Redfin article will be your guide. Here is Redfin’s list of the top 10 things to do in Santa Rosa, for both newcomers and long-time locals alike.
1. Visit Safari West
Safari West is a 400-acre wildlife preserve located in Santa Rosa. Visitors can embark on a safari adventure and see over 900 animals from 90 different species, including giraffes, rhinos, and cheetahs. It’s a unique opportunity to experience an African safari right in the heart of California.
2. Explore the Charles M. Schulz Museum and Research Center
The Charles M. Schulz Museum and Research Center is dedicated to the life and work of the creator of the Peanuts comic strip. Visitors can view original Peanuts artwork, learn about the history of the comic strip, and even try their hand at drawing their favorite characters. It’s a must-visit for fans of Charlie Brown and the gang.
3. Enjoy a day at Spring Lake Regional Park
Spring Lake Regional Park offers a variety of outdoor activities, including hiking, fishing, and picnicking. Visitors can also rent kayaks, canoes, and paddleboards to explore the lake. With beautiful scenery and plenty of recreational opportunities, it’s a great place to spend a day outdoors.
4. Visit the Luther Burbank Home and Gardens
Luther Burbank was a renowned horticulturist, and his former home and gardens are now a historic landmark. Visitors can tour the house and explore the beautifully landscaped gardens, which feature a wide variety of plant species. It’s a peaceful and educational attraction for nature lovers.
5. Sample local wines at Russian River Valley Vineyards
Santa Rosa is located in the heart of the Russian River Valley wine region, known for its world-class wineries. Visitors can take a wine tasting tour and sample a variety of local wines, including pinot noir and chardonnay. It’s a great way to experience the region’s wine culture.
6. Explore the Railroad Square Historic District
The Railroad Square Historic District is a charming area filled with shops, restaurants, and historic buildings. Visitors can stroll through the streets and admire the architecture, or stop in at one of the many unique boutiques and eateries. It’s a great place to soak up the city’s history and culture.
7. Take a hot air balloon ride over wine country
Santa Rosa’s proximity to wine country makes it the perfect place to take a hot air balloon ride. Visitors can soar above the vineyards and enjoy breathtaking views of the rolling hills and valleys. It’s a memorable way to experience the beauty of the region.
8. Visit the Pacific Coast Air Museum
The Pacific Coast Air Museum is dedicated to preserving and showcasing vintage aircraft. Visitors can explore the museum’s collection of planes and learn about the history of aviation in the region. It’s a fascinating attraction for aviation enthusiasts of all ages.
9. Attend the Luther Burbank Rose Parade and Festival
The Luther Burbank Rose Parade and Festival is an annual event that celebrates the city’s horticultural heritage. Visitors can enjoy a colorful parade featuring floats adorned with beautiful roses, as well as live music, food vendors, and activities. It’s a fun and festive experience for the whole community.
10. Explore the Sonoma County Museum
The Sonoma County Museum showcases the art, history, and culture of the region. Visitors can view a variety of exhibits, including contemporary art, historical artifacts, and interactive displays. It’s a great way to learn about the diverse heritage of Santa Rosa and its surrounding areas.
[Editor’s Note: This is the introduction to our 277th Weekly Transmission, originally delivered direct to the inbox of the GEM Crystal on January 4th, 2024. Below, a selection of members from the GEM Diamond community attempt to look into the crystal ball and offer proptech predictions for 2024. Many links included are to members-only articles, so won’t be accessible without an account already setup. You can read the full full article on our Crystal Platform.]
This year will be the wild wild west.
According to Sam Westelman:
In 2024, we should expect at least one big surprise. A top 10 prop tech goes bust. A three-way mega merger no one saw coming. The indictment of a major exec for white collar improprieties. A deep pocketed European or Chinese player makes an unimaginable acquisition. A music or entertainment mogul makes a strong real estate brand-play.
I’ll add on to that. A bombshell settlement of a yet-to-even-be-announced follow-on lawsuit resulting from the Stizer/Burnett hammer that dropped. Brokerages forgoing the age-old IDX practice–and sellers not calling bullsh*t. Office buildings being sold for pennies on the dollar. STR portfolios being banned entirely by Washington. Nothing will surprise me.
And, honestly, who knows what will happen in the public markets. There’s a glut of expected liquidity events, though ServiceTitan is gearing up for a 2024 IPO. The big mergers, such as the ❇️Lessen acquisition of SMS Assist❇️, will no doubt be hurt by the regulatory hurdles that are only getting worse with the scrapped Adobe-Figma merger. While deals will still happen, the “big” deals are going to face pressure … and significant risk. All of that will trickle down to venture. Lack of outcomes/returns means fewer investments made.
Below, GEM members circle the wagons and ready themselves for a quick-draw as they look ahead, sharing trends and predictions any real estate cowboy should consider in 2024.
SURGING ON OFFERS Drew Meyers, Founder, Geek Estate
If you believe ❇️the endgame is an offers platform across every home in the country❇️, then you must believe that an offers platform will eventually gain steam on the adoption front. It’s going to be a banner year for those who have survived the carnage. I’m looking at you, Final Offer, Openn, Offer1, DecentRE Property Exchange (DPX), and Homwel.
THE DATA CRE COMPANIES WILL BUY Kevin Shtofman, Head of Innovation, Cherre
As the world of sales and lease comps gets murkier, enterprising developers and acquirers will look to other data sources to augment their decision-making—permitting data, incentives data, and consumer spending data will be high-ROI subscriptions. I’ll be watching companies like BCI, Builty, and Incentifind in this arena, in addition to established players like Mastercard.
DEEP POCKETED EUROPEAN OR CHINESE PLAYER MAKES AN UNIMAGINABLE ACQUISITION Sam Westelman
Let’s just throw a dart at this provocative headline. Here’s your appetizer. Australian powerhouse Raine & Horne sets its sights on the US market. They make a cash and stock offer for United or HomeSmart to get a piece of those juicy nationwide footprints. Boom! That puts them at 1%-ish of the US residential market, and primes them to add some global flair on these shores. And for the main course, Singaporean state sovereign fund Temasek Holdings thinks Place & Brivity look like tasty snacks. They leave the very capable management in place, but task them with dominating the retail brokerage space and being the next incarnation of NAR.
MAJOR M&A SHAKES AEC INDUSTRY Stephen Del Percio, VP & Assistant General Counsel, AECOM
As federal infrastructure dollars continue to swell design and construction backlogs, publicly traded firms will realize the only way to convert them into actual revenue will be through leveraging each other’s resources. I’ve been predicting this for several years now (and that I swore I was done making this prediction after 2023), but the conditions seem so ripe in 2024 that I’m doubling down once again.
There are 23 more entries included, click the link below to get to them…
Read the full list for free
Image generator: Dall-E 3 Prompt: Realistic modern buildings, such as a home, office, strip mall, with a stagecoach and longer exposure on a Toyo 45AII and Nikkor-w 150mm f/5.6 w/ Copal #0 and add a single family home
When you’re buying a house, you have more to consider than just which property to purchase. You’ll need to understand the mortgage process, including if and when you should apply for a rate lock.
Let’s explore what a mortgage rate lock is, how it can protect you from fluctuating interest rates and how Pennymac’s mortgage rate lock program offers added benefits to homebuyers.
What Is a Mortgage Rate Lock?
A rate lock, also called a locked-in rate and rate protection, is a guarantee from a mortgage lender to give you a set interest rate (often the current market rate) when you apply for a mortgage. It guarantees a specific interest rate for a period of time, allowing you to close on a property without worrying about the mortgage rate changing.
When you lock in an interest rate, you are locking in pricing for that day. For example, if you lock in a 30-year fixed rate but then decide you want to do a 20-year term instead, you would still be able to take advantage of the interest for the day you locked.
If you don’t secure your interest rate through a rate lock, increasing rates might necessitate a larger down payment or require you to pay points at closing to stay within your desired monthly mortgage payment budget.
What Is a Float-Down Loan Option?
While locking a rate can protect you from future rate increases during the underwriting and loan processing period, there is a chance the rate could also drop. A mortgage rate lock float-down enables you to lock in a rate during the underwriting period and have it reduced if market interest rates fall.
To protect yourself, whether rates go up or down, consider a lender that offers a rate lock with a float-down option. For example, Pennymac’s Lock & Shop program allows Pennymac customers to lock their rate for up to 90 days. It differs from a typical rate lock since you lock in the rate while shopping for a house—with the intention that you’ll find one in the next 60 days or so—and lock the rate once you go under contract.
A BuyerReady Certification is Pennymac’s unique loan certification process that can tell you the mortgage amount you could qualify for. It’s a great first step in your home-buying journey. Not only will you get as close to a mortgage as possible without actually finalizing it, but it qualifies you for Lock & Shop, which provides additional security and flexibility as you go through the underwriting process. You can lock in your rate before you get into contract with a seller, potentially saving you thousands of dollars in the lifetime cost of your new mortgage.
When Should You Lock Your Mortgage Rate?
Most people lock their mortgage rate after they’ve signed a purchase agreement for their home or when they begin the refinance process. But ultimately, it’s difficult to advise when you should lock your mortgage rate as rates can fluctuate on an hourly and daily basis, and the mortgage rate you’ll receive depends on your credit score and other factors.
Nobody can predict when mortgage rates will rise or fall. The best you can do to ensure a competitive rate is to research the recent history of mortgage rates in your area, determine if mortgage rates are rising or falling and lock in the rate as soon as you feel ready.
Don’t hesitate to ask a Loan Expert for advice — they are a great information resource.
Why Mortgage Rates Fluctuate
Numerous economic factors contribute to mortgage rate fluctuation, such as inflation, the rate of economic growth, housing market conditions and the Federal Reserve monetary policy. The Federal Reserve is responsible for determining federal funds rates. This target interest rate helps determine how expensive it is for banks to borrow money from other banks. The higher the federal funds rate, the more banks must charge in mortgage rates to recoup their expenses.
How Long Is a Mortgage Rate Lock Good For?
Rate locks last for a set period of time. Generally, you have the option of a 30-, 45- or 60-day period. Extended periods are possible — with Pennymac Lock & Shop, you have up to 90 days.* Once your rate lock period expires, the originally agreed-upon interest rate is no longer guaranteed. You’ll need a rate lock extension to maintain it, but this comes at an additional cost that increases with the length of the extension. However, Pennymac will cover the extension cost if the lock expires due to a delay on our end.
Considerations on Selecting the Right Rate Lock Time Period
When deciding how long to lock your rate, it is important to select a duration long enough to cover your close of escrow date. It might be a good idea to ask your lender about their average times to help ensure you’ve picked a period of adequate length.
The Benefits of a Mortgage Rate Lock
The paperwork and processing involved when buying or refinancing a house often takes several weeks. Because interest rates can fluctuate daily, the rate available when you start the mortgage process will probably be a little different than the rate available when your mortgage is finalized.
Since mortgages involve large amounts of money and are paid over extended periods of time, even slight fluctuations can quickly amount to thousands of dollars. By locking in your mortgage rate, you protect yourself from the possibility of paying higher amounts should mortgage rates rise.
The Downsides of a Mortgage Rate Lock
While a rate lock has many advantages, it also comes with a risk. The most significant is that if interest rates fall during the lock period, you can’t take advantage of the lower rate. On the flip side, if interest rates rise, they are shielded from a higher rate environment.
To ensure that you’ll continue to benefit from favorable market conditions even after committing to a rate, consider using a lender that offers a float-down option on purchase loans, such as Pennymac’s Lock and Shop.
The Process of Locking in Your Mortgage Rate
The actual rate-locking method will vary by lender, so make sure you talk to your loan officer about how to do a lock. If your loan officer doesn’t mention a rate lock, you should ask for one when you’re ready to lock. While you have hopefully already done your homework when selecting your lender and locking in your rate, now is a good time to check about available rate lock periods and whether there is a rate lock fee. At Pennymac, you can start the Lock & Shop rate lock process with float-down provision after becoming BuyerReady Certified.
It’s also important to know that rate lock terms can be impacted if the information provided on your application changes, such as the property appraisal, your credit score, income or employment or if there is a revision to the loan itself, such as length or type of mortgage.
Is a Rate Lock Right for Me?
Rates are constantly fluctuating, similar to how the stock market moves up and down. The rate fluctuations that can happen during the loan underwriting and processing time period may seem small, but those changes can be enough to cost you or save you thousands of dollars over the life of your mortgage. Obtaining a mortgage rate lock with a float-down option provides peace of mind. If rates increase, you’ll be protected; if they decrease, you can take advantage of the lower rate.
Pennymac can help you prepare for your home-buying journey with confidence. Get BuyerReady Certified to understand how much you can borrow, then protect yourself from future rate increases before you get into contract with Lock & Shop. Have more questions about rate locks or mortgages? Contact a Pennymac Loan Expert today.
*Lock & Shop Program allows consumers who have a Pennymac BuyerReady Certification for a purchase loan with Pennymac to lock a rate prior to locating a property. The program requires a non-refundable fee of $595 due at the time of the rate lock. Consumers with a Pennymac BuyerReady Certification for a purchase loan with Pennymac must meet appropriate underwriting conditions to obtain a mortgage loan. Consumers may choose between a 60-day, 75-day or 90-day lock period. Consumers must initiate a mortgage loan application for a specific property and be under purchase contract for the property at least 30 days prior to lock expiration in order to extend the locked rate. All rate lock extensions are subject to Pennymac’s standard rate lock extension fees. After the rate lock and subject to favorable market conditions, consumers may be eligible for a one-time reduction in rate once the loan application for a specific property has been initiated (0.50 % maximum reduction in interest rate allowed). Eligible loan products are Conventional Fixed, Conventional ARM, FHA Fixed and VA Fixed. Program excludes Jumbo, refinance, third-party and in-process loans. Program subject to termination in Pennymac’s sole discretion and without notice.
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Inside: Explore the right ways to quit a job without notice. Learn the best excuses, how to resign gracefully with a sample resignation letter, and tactics for maintaining professionalism when quitting.
Resigning from a job without notice can be a highly discomforting experience, as it breaks the standard professional protocol and can leave an employer in a difficult position.
Such an abrupt departure might lead to awkward conversations with superiors or colleagues who may be blindsided by the sudden lack of manpower and the hastiness of the exit.
This is something you know must be done.
I know the embarrassment stems from the awareness that this action could tarnish my professional reputation and relationships within the industry. Moreover, exiting without notice may invoke anxiety about the possibility of negative references or the implications it could have on future job prospects.
Yes indeed, this uncomfortable decision carries with it a heavy weight of potential judgment and professional repercussions.
So, what do you need to do when it’s time to quit?
How do you politely resign without notice?
To resign without notice politely, it’s essential to write a succinct and professional letter to your direct supervisor or HR manager, stating your immediate departure.
Express regret for any inconvenience caused and, if feasible, offer to assist in transitioning your duties. Deliver the letter personally if possible, or via email if necessary, maintaining a courteous and composed demeanor throughout the process.
It’s crucial to keep communications respectful and to retain professionalism to ensure a positive lasting impression.
Quitting Without Burning Bridges
Resigning from a job is a significant decision, and it’s generally expected that employees provide notice, traditionally two weeks, when they decide to leave.
However, in certain situations, giving notice may not be feasible, and you may need to resign immediately. Even so, it is possible to part ways amicably and without causing undue tension.
Make sure you do the following items:
1. Formalize the Resignation
Submit a formal resignation letter and discuss with HR any final procedures you may need to follow, such as filling out exit paperwork or partaking in an exit interview.
This is the first step that must be taken care of with kindness.
2. Making Sure to Tie up Loose Ends
Leaving a job without notice certainly poses challenges, but it’s critical to make sure you tie up as many loose ends as possible. Doing so demonstrates your professionalism and reduces the potential for negative repercussions.
It is super helpful if you can document your work to show your current responsibilities and projects. Include deadlines, key contacts, and any necessary instructions to help the next person take over your tasks.
3. Offer Assistance with Transition
Be willing to help the company prepare for your departure. This can involve creating thorough handover notes, compiling a list of important contacts, or outlining the status of ongoing projects.
If possible, offer to train a replacement or the person taking over your responsibilities. This may not be feasible if you’re leaving immediately, but you could suggest remaining available for a set period to answer questions via phone or email.
4. Return Company Property
Ensure you return any company property, such as laptops, mobile devices, keycards, or other equipment or materials. Do this before your departure to avoid any misunderstandings or trust issues.
Best Excuse to Quit a Job without Notice
As you know, multiple factors may prompt a professional to resign abruptly and it is never easy. It is rarely taken lightly and often stems from compelling, unavoidable circumstances.
Here are some of the most common reasons.
#1 – Personal or Family Emergency as a Valid Excuse
Personal or family emergencies stand as one of the most understandable and widely accepted reasons for quitting a job without notice. When hardship strikes, employers often recognize the need for immediate attention and the impossibility of predicting these crises.
Here’s why a family emergency can be a valid family emergency excuse:
Unpredictable Nature: Emergencies, almost by definition, are sudden and unexpected, leaving little room for the luxury of planning.
Moral and Social Norms: There’s a broad acknowledgment in society of the priority of family and personal well-being over occupational obligations.
Legal Considerations: Some jurisdictions have laws that protect employees who must leave work due to family emergencies.
Human Understanding: Colleagues and superiors are often sympathetic to family emergencies since such situations can happen to anyone, at any time, fostering an environment of understanding.
The gravity of a family emergency that might compel one to quit abruptly could range from a serious illness or accident to a sudden need for care for a family member.
#2 – Sudden Health Issues that Require Immediate Attention
When an individual’s health or life is at stake, it invariably takes precedence over job responsibilities. However, many people should opt for short-term disability to keep their health coverage as well as a smaller paycheck.
Recovery from a health crisis isn’t always quick and can necessitate an extended period away from work that cannot be predicted at the outset.
Physical and Mental Limitations: Health issues might limit the physical or mental capacity to perform job duties effectively or safely.
Quality of Life: Severe health problems can drastically alter one’s quality of life, making job concerns secondary to finding a path to wellness.
Workplace Accommodations: Sometimes, current workplace accommodations may not be sufficient to support an employee’s health needs.
Legal Protections: In many regions, employment law provides protections for workers who must leave their jobs due to health concerns.
It’s worth noting that particulars around personal health are private, and sharing details is at the discretion of the individual. Moreover, a discussion with human resources may provide options such as a leave of absence or disability leave, which could offer an alternative to resigning.
#3 – An Irresistible Job Offer That Can’t Be Delayed
At times, a career opportunity arises that is so compelling it warrants immediate action, with a start date that doesn’t accommodate a notice period.
In such cases, the opportunity cost of staying may be too high to ignore. Especially if you can make over $10k a month.
Unique Opportunities: The offer might represent a unique or rare advancement in one’s career that is unlikely to come around again, making it a now-or-never decision.
Significant Benefits: An offer that significantly improves financial standing, work-life balance, benefits, or professional growth can merit a swift transition.
While quitting a job without notice is far from ideal, certain career moves justify this approach. In these situations, one must weigh the professional norms against the career-defining potential of the new opportunity.
#4 – Immediate Relocation Due to Spouse or Partner’s Job
Unfortunately, relocations are often dictated by the partner’s employer or business needs, leaving little choice or room for negotiation regarding timelines.
Tackling this conversation as soon as possible allows your employer to start considering replacements and preparing for the transition, while also demonstrating your goodwill and integrity despite the abrupt notice.
If possible, see if you can transition to a remote position and keep your job.
#5 – Encountering a Toxic Work Environment for Mental Health
A toxic work environment can significantly impact an employee’s mental health.
When these negative aspects of the workplace become overwhelming, resigning without notice can be a necessary step to preserve well-being. This could be from unreasonable pressure, harassment or bullying, excessive workload, or a persistently high-stress environment that can all contribute to an unhealthy workplace.
Document the Environment: Keep records of incidents that contribute to the toxic environment, especially if they are egregious or repetitive, as these may be necessary for explaining your abrupt departure if questioned by future employers or legal entities.
Consult with HR: Ideally, concerns should be reported to human resources or appropriate management before deciding to leave, but if the situation does not improve or worsens, this may reinforce your decision to resign.
In such environments, taking immediate steps to leave may be the best course of action for personal health.
#6 – Safety Concerns in the Workplace Demanding Prompt Exit
When an employee feels that their physical well-being is at risk, it becomes necessary to prioritize personal safety over professional obligations.
Here’s why safety concerns justify a prompt exit:
Legitimate Fear: If the work environment poses a genuine risk to physical health or life — due to hazardous conditions or failing to meet safety regulations — immediate resignation is warranted.
Unresolved Issues: Continued employment might not be tenable if you’ve reported safety concerns and they have not been addressed in a timely or effective manner by management.
Legal Compliance: Employers are legally obliged to provide a safe working environment. Non-compliance with this fundamental requirement creates a justifiable reason for employees to leave without notice.
When resigning due to safety concerns, clearly explain that your primary reason for leaving is the need to ensure personal safety. It’s important to have a record of safety concerns reported to the appropriate parties within the organization, even if those concerns were not adequately addressed.
#7 – Legal Issues That Hinder Continuation of Employment
Legal issues can be sensitive and complex, thus it is important to maintain confidentiality and professionalism throughout the resignation process. When legal constraints interfere with employment, here’s why they necessitate an urgent departure:
Binding Legal Obligations: Court orders, such as those related to family or criminal law matters, may impose restrictions on an individual’s movements or activities that are incompatible with their current employment.
Visa or Work Authorization Changes: For employees working in a country under specific visas or work authorizations, any changes or revocations in legal status can demand an immediate resignation.
Conflict of Interest: Discoveries of conflict of interest that might have legal repercussions for the employee or employer can justify instant resignation to prevent further complications.
Mandated Reporting: Certain legal issues could force an employee to stop working immediately, such as those involving mandated reporting of unethical or illegal activities.
Ensuring clarity and integrity in communication can help in maintaining a positive relationship with former employers and colleagues.
#8 – Ethical Conflicts
Ethical conflicts at work, such as being asked to engage in dishonesty or illegal activities, justify resigning immediately to preserve one’s integrity and avoid potential personal and professional repercussions.
Professionals who feel their personal values strongly clash with the practices or culture of the company may decide that an immediate exit is the only course of action that aligns with their integrity.
For many, this is a valid excuse to leave a job. One of the main reasons for working hard to become financially independent is important.
#9 – Significant Lifestyle Changes
Major life changes, such as getting married, having a child, or needing to care for a loved one, can result in the need for immediate resignation.
Also, choosing to further one’s education is a compelling reason to quit a job without notice, as enrollment opportunities and class schedules often necessitate quick transitions that may not align with traditional notice periods.
Regardless of the significant change happening in your life, you do not have to share all of the details with your employer. You just have to state the bare minimum information.
#10 – Lack of Job Security
Rumors of downsizing or concerns about job stability might provoke an employee to preemptively quit and seek a more secure position elsewhere.
This is not something that should be overlooked. Having a stable job is one of the foundations of being financially sound.
This can serve as a solid justification for resigning without notice. This decision underscores the importance of ensuring your financial and professional security in an unpredictable job market.
What are the best excuses to quit a job you just started without notice?
Quitting a job shortly after starting can be challenging, but certain circumstances can serve as valid reasons for making such a decision.
Here are some of the best excuses for leaving a new job without notice:
Misrepresented Job Role: Discovering that the actual job significantly differs from what was described during the interview process can be grounds for immediate resignation.
Unexpected Life Changes: Sudden personal changes, such as a family emergency or a significant other’s job relocation, may necessitate a quick move that isn’t conducive to employment continuation.
Health Concerns: Onset or discovery of a health condition that precludes one from fulfilling job duties is a compelling reason to leave abruptly.
Hostile Work Environment: Encountering a toxic or hostile work culture, if intense enough, is reason enough to depart without protracted notice.
Superseding Job Offers: Sometimes, a more fitting job offer with immediate start requirements might present itself unexpectedly after beginning a new position.
Ethical or Moral Discomfort: If the organization’s practices conflict with your personal ethics or beliefs to an unresolvable degree, this may justify the quick termination of the employment.
Choosing to quit a job without notice is significant, but when necessary, the above reasons coupled with a tactful approach can mitigate the potential negative impact on your career.
This is something my husband had to decide when a second offer came in after he accepted another position.
Template and Guidelines for Your no Notice Resignation Letter
A no-notice resignation letter should remain professional and succinct, addressing the essential points with respect and clarity. Here are the key components a letter of this nature should include:
Subject Line: If the resignation letter is sent by email, include a clear subject line, such as “Immediate Resignation – [Your Full Name].”
Salutation: Begin the letter with a polite greeting directed at your manager or the appropriate party, like “Dear [Manager’s Name].”
Statement of Resignation: Convey the intent to resign clearly and assertively, stating your position and last day, which will be immediate or as soon as possible.
Reason for Immediate Departure: Briefly explain the reason for leaving without notice. The language should be direct but need not go into personal detail.
Expression of Thanks: Thank the employer for the opportunity to work at the company, and acknowledge the experience and skills gained, regardless of the length of employment.
Offer to Assist: If viable, offer assistance in wrapping up your duties or helping with the transition. Proposals can include preparing handover notes or availing yourself of follow-up queries after departure.
Contact Information: Provide your personal contact details for any future correspondence, including your phone number and personal email address.
Closing and Signature: Close the letter with a professional sign-off, such as “Sincerely,” followed by your typed name and handwritten signature for a printed letter.
Drafting a no-notice resignation letter with these elements allows you to articulate your need to leave promptly while maintaining professionalism and respect toward your employer and colleagues. The objective is to facilitate the transition with as much grace and tact as the circumstances allow.
Sample Resignation Letters for Different Scenarios
Here are sample resignation letters for different scenarios that call for leaving without notice.
Due to Personal or Family Emergency:
Subject: Immediate Resignation – [Your Name]
Dear [Manager’s Name],
I am writing to inform you of my immediate resignation from my position as [Your Position] at [Company Name] due to an unforeseen personal/family emergency that requires my full attention. Please accept my regret that I cannot provide a traditional notice period, and I sincerely apologize for the abrupt timing.
I would like to express my gratitude for the opportunities and support provided to me during my time at [Company Name]. I have learned a great deal and have valued working alongside my colleagues.
Please now, I am available to assist in any way possible to ensure a smooth transition. Let me know if there are specific matters you would like me to address before my departure.
Thank you for your understanding during this difficult time.
It is with regret that I must submit my immediate resignation from my role as [Your Position] at [Company Name], effective [Today’s Date]. Unfortunately, due to recent and unexpected health issues that require urgent and extensive attention, I am unable to continue my duties and provide adequate notice.
I have genuinely enjoyed working at [Company Name], and I am very grateful for the supportive work environment and the professional development I have received.
I will do everything within my ability to assist in the handover process. Please inform me of any priorities that need to be addressed.
Thank you for your consideration, and I hope to remain in touch in the future.
Please accept this letter as formal notification of my resignation from [Company Name] as a [Your Position], effective immediately.
I have recently received a job offer that presents a substantial career opportunity for me and requires an immediate start. After careful consideration, I have decided to accept this offer. I understand that my sudden resignation may cause inconvenience, and for that, I deeply apologize.
I am grateful for the valuable experience and the professional growth provided to me at [Company Name]. It has been an honor to work with such a talented team and contribute to the company’s goals.
To assist in the transition, I am prepared to provide concise documentation and notes on current projects. Please inform me if you require any additional help.
Thank you for your understanding. I wish [Company Name] and my colleagues continued success.
These templates should be adapted to fit your particular situation and to reflect the tone and professional relationship you have with your employer.
Is it OK to resign effective immediately?
Resigning with immediate effect is generally not the preferred protocol and can be a challenging decision to make due to its potential impact on your employer, your team, and your professional reputation.
The common practice is to give your employer two weeks’ notice.
However, it is acceptable under certain circumstances, especially when continuing to work is not possible due to pressing personal reasons, safety concerns, health issues, or other severe conditions.
In the end, while resigning with immediate effect can be OK, it should be regarded as a last resort, utilized when circumstances are such that other options are not feasible.
Now, make sure you have other ways to make money to pay your bills.
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What’s the Difference Between a 403(b) and a Roth IRA?
A 403(b) and a Roth IRA account are both tax-advantaged retirement plans, but they are quite different — especially regarding the amount you can contribute annually, and the tax implications for each.
Generally speaking, a 403(b) allows you to save more, and your taxable income is reduced by the amount you contribute to the plan (potentially lowering your tax bill). A Roth IRA has much lower contribution limits, but because you’re saving after-tax money, it grows tax free — and you don’t pay taxes on the withdrawals.
In some cases, you may not need to choose between a Roth IRA vs. a 403(b) — the best choice may be to contribute to both types of accounts. In order to decide, it’s important to consider how these accounts are structured and what the rules are for each.
Comparing How a 403(b) and a Roth IRA Work
When it comes to a 403(b) vs Roth IRA, the two are very different.
A 403(b) account is quite similar to a 401(k), as both are tax-deferred types of retirement plans and have similar contribution limits. A Roth IRA, though, follows a very different set of rules.
403(b) Overview
Similar to a 401(k), a 403(b) retirement plan is a tax-deferred account sponsored by an individual’s employer. An individual may contribute a portion of their salary and also receive matching contributions from their employer.
An employee’s contributions are deducted — this is known as a salary reduction contribution and deposited in the 403(b) pre-tax, where they grow tax-free, until retirement (which is why these accounts are called “tax deferred”). Individuals then withdraw the funds, and pay ordinary income tax at their current rate.
Although 403(b) accounts share some features with 401(k)s, there are some distinctions.
Eligibility
The main difference between 403(b) and 401(k) accounts is that 401(k)s are offered by for-profit businesses and 403(b)s are only available to employees of:
• Public schools, including public colleges and universities
• hurches or associations of churches
• Tax-exempt 501(c)(3) charitable organizations
Early Withdrawals
Typically, individuals face a 10% penalty if they withdraw their money before age 59 ½. Exceptions apply in some circumstances. Be sure to consult with your plan sponsor about the rules.
Contribution Limits and Rules
There are also some different contribution rules for 403(b) accounts. The cap for a 403(b) is the same as it is for a 401(k): $23,000 in 2024 and $22,500 in 2023. And if you’re 50 or older you can also make an additional catch-up contribution of up to $7,500 in 2024 and 2023.
In the case of a 403(b), though, if it’s permitted by the 403(b) plan, participants with at least 15 years of service with their employer can make another catch-up contribution above the annual limit, as long as it’s the lesser of the following options:
• $15,000, reduced by the amount of employee contributions made in prior years because of this rule
• $5,000, times the number of years of service, minus the employee’s total contributions from previous years
• $3,000
The wrinkle here is that if you’re over 50, and you have at least 15 years of service, you must do the 15-year catch-up contribution first, before you can take advantage of the 50-plus catch-up contribution of up to $7,500.
Roth IRA Overview
Roth IRAs are different from tax-deferred accounts like 403(b)s, 401(k)s, and other types of retirement accounts. With all types of Roth accounts — including a Roth 401(k) and a Roth 403(b) — you contribute after-tax money. And when you withdraw the money in retirement, it’s tax free.
Eligibility
Unlike employer-sponsored retirement plans, Roth IRAs fall under the IRS category of “Individual Retirement Arrangements,” and thus are set up and managed by the individual. Thus, anyone with earned income can open a Roth IRA through a bank, brokerage, or other financial institution that offers them.
Contribution Limits and Rules
Your ability to contribute to a Roth, however, is limited by your income level.
• For 2024, if you’re married filing jointly, you can contribute the maximum to a Roth if your modified adjusted gross income (MAGI) is less than $230,000. If your income is between $230,000 and $240,000 you can contribute a reduced amount.
• For single filers in 2024, your income must be less than $146,000 to contribute the maximum to a Roth, with reduced contributions up to $161,000.
• For 2023, if you’re married filing jointly, you can contribute the maximum to a Roth if your modified adjusted gross income (MAGI) is less than $218,000. If your income is between $218,000 and $228,000 you can contribute a reduced amount.
• For single filers in 2023, your income must be less than $138,000 to contribute the maximum to a Roth, with reduced contributions up to $153,000.
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Roth 403(b) vs Roth IRA: Are They the Same?
No. A Roth 403(b) does adhere to the familiar Roth structure — the individual makes after-tax contributions, and withdraws their money tax free in retirement — but otherwise these accounts are similar to regular 403(b)s.
• The annual contribution limits are the same: $23,000 with a catch-up contribution of $7,500 for those 50 and older for 2024; $22,500 with a catch-up contribution of $7,500 for those 50 and older for 2023.
• There are no income limits for Roth 403(b) accounts.
Also, a Roth 403(b) is like a Roth 401(k) in that both these accounts are subject to required minimum distribution rules (RMDs), whereas a regular Roth IRA does not have RMDs.
One possible workaround: You may be able to rollover a Roth 403(b)/401(k) to a Roth IRA — similar to the process of rolling over a regular 401(k) to a traditional IRA when you leave your job or retire.
That way, your nest egg wouldn’t be subject to 401(k) RMD rules.
Finally, another similarity between Roth 403(b) and 401(k) accounts: Even though the money you deposit is after tax, any employer matching contributions are not; they’re typically made on a pre-tax basis. So, you must pay taxes on those matching contributions and earnings when taking retirement withdrawals. (It sounds like a headache, but your employer deposits those contributions in a separate account, so it’s relatively straightforward to know which withdrawals are tax free and which require you to pay taxes.) 💡 Quick Tip: Investment fees are assessed in different ways, including trading costs, account management fees, and possibly broker commissions. When you set up an investment account, be sure to get the exact breakdown of your “all-in costs” so you know what you’re paying.
Which Is Better, a 403(b) or Roth IRA?
It’s not a matter of which is “better” — as discussed above, the accounts are quite different. Deciding which one to use, or whether to combine both as part of your plan, boils down to your tax and withdrawal strategies for your retirement.
To make an informed decision about which retirement plan is right for you, it can be helpful to conduct a side-by-side comparison of both plans. This chart breaks down some of the main differences, giving you a better understanding of these types of retirement plans, so that you can weigh the pros and cons of a Roth IRA vs. 403(b).
403(b)
Roth IRA
Who can participate?
Employees of the following types of organizations:
• Public school systems, if involved in day-to-day operations
• Public schools operated by Indian tribal governments
• Cooperative hospitals and
• Civilian employees of the Uniformed Services University of the Health Sciences
• Certain ministers and chaplains
• Tax-exempt charities established under IRC Section 501(c)(3)
Individuals earning less than the following amounts:
• Single filers earning less than $146,000 for 2024 (those earning $146,000 or more but less than $161,000 may contribute a reduced amount)
• Married joint filers earning less than $230,000 for 2024 (those earning $230,000 or more but less than $240,000 may contribute a reduced amount)
• Single filers earning less than $138,000 for 2023 (those earning $138,000 or more but less than $153,000 may contribute a reduced amount)
• Married joint filers earning less than $218,000 for 2023 (those earning $218,000 or more but less than $228,000 may contribute a reduced amount)
Are contributions tax deductible?
Yes
No
Are qualified distributions taxed?
Yes
No (if not qualified, distribution may be taxable in part)
Annual individual contribution limit
$23,000 for 2024 (plus catch-up contributions of $7,500 for those 50 and older)
$22,500 for 2023 (plus catch-up contributions up to $7,500 for those age 50 and older)
$7,000 for 2024 (individuals 50 and older may contribute $8,000)
$6,500 for 2023 (individuals 50 and older may contribute $7,500)
Are early withdrawals allowed?
Depends on individual plan terms and may be subject to a 10% penalty
Yes, though account earnings may be subject to a 10% penalty if funds are withdrawn before account owner is 59 ½
Plan administered by
Employer
The individual’s chosen financial institution
Investment options
Employee chooses based on investments available through the plan
Up to the individual, though certain types of investments (collectibles, life insurance) are prohibited
Fees
Varies depending on plan terms and investments
Varies depending on financial institution and investments
Portability
As with other employee-sponsored plans, individual must roll their account into another fund or cash out when switching employers
Yes
Subject to RMD rules
Yes
No
Pros and Cons of a 403(b) and a Roth IRA
There are positives to both a 403(b) and a Roth IRA — and because it’s possible for qualified individuals to open a Roth IRA and a 403(b), some people may decide that their best strategy is to use both. Here’s a side-by-side comparison of a 403(b) vs. a Roth IRA:
403(b)
Roth IRA
Pros
• Contributions are automatically deducted from your paycheck
• Earning less during retirement may mean an individual pays less in taxes
• Employer may offer matching contributions
• Higher annual contribution limit than a Roth IRA
• More investment options to choose from
• Withdrawal of contributions are not taxed; withdrawal of earnings are not taxed under certain conditions and/or after age 59 ½
• Account belongs to the owner
Cons
• May have limited investment options
• May charge high fees
• There may be a 10% penalty on funds withdrawn before age 59 ½
• Has an income limit
• Maximum contribution amount is low
• Contributions aren’t tax deductible
Pros of 403(b)
• Contributions are automatically deducted by an employer from the individual’s paycheck, which can make it easier to save.
• If an individual earns less money annually in retirement than during their working years, deferring taxes may mean they ultimately pay less in taxes.
• Some employers offer matching contributions, meaning for every dollar an employee contributes, the employer may match some or all of it, up to a certain percentage.
• Higher annual contribution limit than a Roth IRA.
Pros of Roth IRAs
• Individuals can invest with any financial institution and thus will likely have many more investment options when opening up their Roth IRA.
• Withdrawal of contributions are not taxed; withdrawal of earnings are not taxed under certain conditions and/or after age 59 ½.
• Account belongs to the owner and is not affected if the individual changes jobs.
There are also some disadvantages to both types of accounts, however. 💡 Quick Tip: How much does it cost to set up an IRA? Often there are no fees to open an IRA, but you typically pay investment costs for the securities in your portfolio.
Cons of 403(b)s
• There are limited investment options with 403(b)s.
• Some 403(b) plans charge high fees.
• Individuals typically pay a 10% penalty on funds withdrawn before age 59 ½. However, there may be some exceptions under the rule of 55 for retirement.
Cons of Roth IRAs
• There’s an income limit to a Roth IRA, as discussed above.
• The maximum contribution amount is fairly low.
• Contributions are not tax deductible.
Choosing Between a Roth IRA and 403(b)
When considering whether to fund a 403(b) account or a Roth IRA, there’s no right choice, per se — the correct answer boils down to which approach works for you. You might prefer the automatic payroll deductions, the ability to save more, and, if it applies, the employer match of a 403(b).
Or you might gravitate toward the more independent setup of your own Roth IRA, where you have a wider array of investment options and greater flexibility around withdrawals (Roth contributions can be withdrawn at any time, although earnings can’t).
Or it might come down to your tax strategy: It may be more important for you to save in a 403(b), and reduce your taxable income in the present. Conversely, you may want to contribute to a Roth IRA, despite the lower contribution limit, because withdrawals are tax free in retirement.
Really, though, it’s possible to have the best of both worlds by investing in both types of accounts, as long as you don’t exceed the annual contribution limits.
Investing With SoFi
Because 403(b)s and Roth IRAs are complementary in some ways (one being tax-deferred, the other not), it’s possible to fund both a 403(b) and a Roth IRA.
Ready to invest for your retirement? It’s easy to get started when you open a traditional or Roth IRA with SoFi. SoFi doesn’t charge commissions, but other fees apply (full fee disclosure here.)
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FAQ
Which is better: a 403(b) or a Roth IRA?
Neither plan is necessarily better. A 403(b) and a Roth IRA are very different types of accounts. A 403(b) has automatic payroll deductions, the possibility of an employer match, and your contributions are tax deductible. A Roth IRA gives you more control, a greater choice of investment options, and the ability to withdraw contributions (but not earnings) now, plus tax free withdrawals in retirement. It can actually be beneficial to have both types of accounts, as long as you don’t exceed the annual contribution limits.
Should you open a Roth IRA if you have a 403(b)?
You can open a Roth IRA if you have a 403(b). In fact it may make sense to have both, since each plan has different advantages. You may get an employer match with a 403(b), for instance, and your contributions are tax deductible. A Roth IRA gives you more investment options to choose from and tax-free withdrawals in retirement. In the end, it really depends on your personal financial situation and preference. Be sure to weigh all the pros and cons of each plan.
When should you convert your 403(b) to a Roth IRA?
If you are leaving your job or you’re at least 59 ½ years old, you may want to convert your 403(b) to a Roth IRA to avoid taking the required minimum distributions (RMDs) that come with pre-tax plans starting at age 73. However, because you are moving pre-tax dollars to a post-tax account, you’ll be required to pay taxes on the money. Speak to a financial advisor to determine whether converting to a Roth IRA makes sense for you and ways you may be able to minimize your tax bill.
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Founded in late 1886 and originally named “The Palms” for the imported palm trees, Palms is one of the oldest neighborhoods in Los Angeles. Most of the residents of Palms, Los Angeles are young singles and families looking to put down roots.
That being said, Palms has something to offer for everyone looking to find their L.A. home. The neighborhood offers its residents great dining options, unique attractions, parks and so much more.
Where is Palms?
Palms, Los Angeles, is a densely populated neighborhood with a current population of 42,545. It’s located on the Westside of L.A. and other popular neighborhoods surround it making it a central location for many people to live.
Palms is just north of Culver City and to the south of Cheviot Hills, Beverlywood and Rancho Park. To the east, you’ll find Mid City, and to the west is Mar Vista and Venice.
Source: Rent.
What’s it like to live in Palms, Los Angeles?
The neighborhood of Palms, Los Angeles, is a great area to reside in. The area was founded in 1886 by entrepreneurs and families looking to start a new life in the sunny state of California. These residents brought in 5,000 palm trees to line the street, thus giving the neighborhood its name. Today, Palms is just as exciting with great dining, education and so much more.
Community
Are you a millennial? Then Palms is the place for you. Recently voted as one of the best places for millennials by Culture Trip, Palm has an average age range of 19 to 35 years old and is primarily for singles or small families. While the majority of residents are younger, there are all different age groups residing in Palms.
Palms is a diverse neighborhood with all different walks of life living there. Around 45 percent of residents have a four-year degree or higher according to the Los Angeles Times and make an annual income of around $50,684 a year.
Education
The neighborhood has an abundance of schools, including private, language immersion schools, charter and public elementary, middle and high schools. Some of these schools include Canfield Avenue Elementary School, Clover Avenue Elementary School and Marvista Elementary School to name a few. The neighborhood is also a go-to place to live for UCLA students as Palms is close to campus.
Source: Rent. / 3665 Hughes Avenue Apartments
Entertainment
Palms has an endless supply of entertainment for its residents from dining to nightlife and everything in between — there’s never a dull moment here. There are many popular dining areas in the neighborhood, such as The Irish Times Pub & Restaurant, Lobster & Beer and The Doughroom, known for its pizza, craft beer and use of local ingredients. While there aren’t many fancy restaurants in the neighborhood, there are several options in the surrounding neighborhoods like Culver City.
Check out the Rancho Park Branch library and spend the day reading. Palms is also full of outdoor activities, with countless parks and weekend farmer’s markets where you can get local products and fresh produce. If you’re looking for an educational day, check out the Museum of Jurassic Technology. At night, check out The Velvet Lounge or Boardwalk 11 for a night of karaoke. Palms is also the home of L.A.’s “Little Brazil,” where you can enjoy an abundance of authentic restaurants and street food.
Transportation
Surprise, surprise, Palms is no exception to the traffic of Los Angeles, and similar to most neighborhoods, driving is the preferred method of transportation. The average commute time is 30 minutes and with many people driving, parking is difficult in this neighborhood. The neighborhood is near both major freeways and is in a central location to other main areas. Palms is also a very walk- and bike-friendly neighborhood, according to Walk Score. It’s the 10th most walkable neighborhood in Los Angeles.
Safety
While there’s crime in every neighborhood, Palms is a relatively safe area for L.A. There is an average of 2.2 crimes in Palms per every 10,000 people. According to the L.A. Times crime map, most of the crimes committed in this neighborhood are property and vehicle theft.
Finding an apartment in Palms
Palms, Los Angeles, is one of the oldest and most diverse neighborhoods in the city. With its close proximity to other popular cities and its unique traits, many young people seek out Palms as their new home. The cost of living in Palms is 46 percent higher than the national average, with an average rent in Palms $2,456 a month for a one-bedroom apartment.
If you think Palms is for you, check out these apartments and start your new life in Palms, Los Angeles.
Ashley Singleton is a writer who loves following and writing about current lifestyle, DIY and home improvement trends. You can read some of her other work on the Lady Spike Media website. In her spare time, she performs stand-up comedy in Los Angeles.
Are you thinking about downsizing your home? Whether you’re an empty nester looking for a more manageable lifestyle or starting a family and seeking a change, transitioning from owning a house to renting an apartment can offer a ton of benefits. In this guide, we’ll answer the question of how to downsize your home, from decluttering and preparing for the move to finding the perfect apartment and making it feel like home.
Know your why: understanding the motivation behind downsizing
Before setting off on the downsizing journey, it’s important to understand why you want to make this change. There are plenty of reasons why homeowners choose to downsize, like retiring, embracing a minimalist lifestyle, saving money or moving to a smaller house in a new city. By keeping your motivation in mind, you’ll be better equipped to navigate the challenges that come with figuring out how to downsize your home.
Embracing the positives of downsizing
Downsizing your home doesn’t have to be viewed as a loss. Instead, focus on the positives that come with this transition. Consider the financial benefits, like lower mortgage payments, property taxes and maintenance costs. Downsizing can also offer newfound freedom and flexibility, allowing you to pursue other interests and experiences. By shifting your mindset and embracing the advantages, you’ll be more prepared to downsize successfully.
Planning the move in advance
To make the moving process easier, make sure downsizing your belongings ahead of time is on your to do list. This includes not only getting rid of unnecessary items but also evaluating your furniture and larger possessions. Determine what will fit into your new apartment and what you can live without. By downsizing your stuff before the move, you’ll have a clearer idea of what to expect and can make the transition to a smaller area more seamless by finding ways to save space while you save money.
Buying vs. renting: determining the best option for you
Once you’ve decluttered and prepared for the move, it’s essential to decide whether buying or renting an apartment is the right choice for you. Owning a home offers long-term stability, but it also comes with additional costs like mortgages, insurance and maintenance. On the other hand, renting provides flexibility and fewer responsibilities. Consider your financial situation, lifestyle preferences, and long-term plans to make an informed decision.
Hidden costs
When downsizing from a house to an apartment, it’s crucial to be aware of the hidden costs that might not be immediately apparent. Moving expenses, like hiring movers, purchasing packing supplies and potentially paying for a storage unit, can add up quickly.
While the apartment’s rent might seem more affordable compared to a mortgage, you have to consider the security deposit, pet fees, parking fees and any amenity fees that apartments often charge for extras like a personal on-site storage unit. These costs can significantly impact your budget, making it important to thoroughly research and factor these expenses into your financial planning.
If your new apartment requires any furnishings or renovations to make the space work for you, these are additional costs that need to be considered ahead of the move.
Utility bills
Utility bills in an apartment can differ significantly from those in a house, often leading to significant savings. Apartments typically have small rooms and less square footage than houses, which can result in lower heating and cooling costs. Many apartments offer utilities included in the rent, like water and trash services, which can simplify monthly budgeting and potentially save money.
It’s important to understand exactly what utilities are covered and what you’re responsible for paying. Some buildings may have less efficient HVAC systems or lack individual unit controls, leading to higher electricity or gas bills than expected. Researching and asking for average utility costs from the apartment management can provide a clearer picture of your monthly expenses.
Finding the perfect apartment
When searching for an apartment, it’s important to consider your specific requirements and preferences. Think about the location, amenities and size that will best suit your needs. If outdoor spaces or certain amenities are essential to you, prioritize only those things first in your search.
Consider potential future needs, like extra storage space, square footage for expanding your family or large windows for natural light. By carefully evaluating these factors, you’ll find an apartment that aligns with your downsizing goals.
Multipurpose rooms
Adapting to small rooms when moving from a house to an apartment requires creative use of space, making a multipurpose room not just a great idea, but often a necessity. A living room or guest room can double as a home office or a dining area with the right furniture and layout.
Investing in versatile furniture pieces, like a sofa bed, floating shelves, extendable dining tables or a functional storage unit, can maximize versatility without sacrificing style or comfort. Using room dividers or open shelving units for storage areas can help delineate spaces for different uses while keeping the apartment feeling open and airy. The key is to prioritize what functions are most important and design the new space around those needs, ensuring that every inch of your apartment works hard for your lifestyle.
Reviewing lease agreements and moving in
Before finalizing the lease agreement, thoroughly review all the terms and conditions. Pay attention to the rent price, security deposit, utilities and any maintenance policies.
Ensure that everything is as agreed upon and ask any necessary questions. Once you’re ready to move into your current home, you may choose to hire professional movers or handle the move yourself. Whichever option you choose, make sure you’re well-prepared and organized for a smooth transition.
Making your apartment feel like home
Once you’ve moved into your new apartment, it’s time to make it feel like home. Furnishing and decorating a smaller space requires careful consideration. Focus on selecting furniture that fits the apartment’s dimensions and serves multiple purposes in one room. Measure the rooms and furniture to ensure a proper fit. Personalize your space with colors, textures and accessories that reflect your style and create a warm and inviting atmosphere.
Decluttering
Decluttering is a critical step in downsizing from a house to an apartment. It involves carefully evaluating your possessions to decide what truly adds value to your life. Luckily, it also results in less stuff and, often, extra cash. This process not only makes the move easier and potentially cheaper but also helps in adapting to a smaller home.
Start by categorizing items into what to keep, sell at a garage sale, donate, get rid of or discard. Be realistic about the space limitations of your new apartment and prioritize items that are necessary or hold significant emotional value. Decluttering can be an emotional process, but a yard sale also offers an opportunity to refresh and simplify your lifestyle, making your new apartment feel spacious and organized.
Professional organizers
Hiring a professional organizer can be a worthwhile investment when downsizing to an apartment. These experts can offer invaluable advice and tips on how to efficiently use your new, smaller space, suggest ways to reduce clutter, and help you decide what to keep, donate or dispose of. They can also assist with the physical aspects of decluttering and organizing before the move, making the transition to a smaller home smoother and less stressful.
While the cost of hiring a professional organizer may seem like an unnecessary additional expense, their expertise can save you time and money in the long run by helping you avoid mistakes and make the most out of your new living situation. Their services can be particularly beneficial for those who are overwhelmed by the downsizing process or unsure where to start.
Embracing a minimalist lifestyle
Downsizing your home provides an opportunity to embrace a minimalist lifestyle. Prioritize what truly matters to you and let go of excess possessions. Adopting minimalist principles will not only help you maintain a clutter-free environment but also promote a sense of peace and simplicity. By using storage spaces, focusing on quality over quantity and reducing material possessions, you can create a space that feels spacious and organized.
Managing the transition and settling in
Transitioning from owning a house to renting an apartment may come with some emotional challenges. It’s important to be patient with yourself and allow time to adjust to the new space.
Take advantage of the amenities and community offered by your apartment complex to connect with neighbors and feel a sense of belonging. As you settle into your new, smaller home together, you’ll discover the benefits of downsizing and enjoy the freedom it brings.
You can live large with fewer square feet
Downsizing to a smaller home can be a transformative experience. By understanding your motivation, decluttering your belongings and carefully considering your options for your new small space, you can successfully navigate this transition.
Embrace the positives of downsizing, find the perfect apartment and create a space that reflects your style and values. With the right mindset and preparation, downsizing can lead to a simpler, more fulfilling lifestyle.
A term insurance rider adds temporary coverage to a permanent life insurance policy for a set amount of time, usually 10, 20 or 30 years. Life insurance riders offer additional coverage to complement standard policies and the options vary among insurers.
Adding term insurance to a permanent policy
Term life riders can typically be added to permanent policies, such as whole life insurance or universal life insurance, often for an extra fee. The payout from a term life rider can be used to cover temporary or short-term costs in the event of your death. For example, you may want to add a term life rider that lasts as long as your mortgage or until your children finish college so these larger expenses are covered if you die unexpectedly.
Let’s say you take out a permanent life insurance policy worth $100,000, which may be sufficient to cover your beneficiaries if you die after retirement or with fewer financial obligations. Adding a 20-year term life insurance rider worth $100,000 could help fulfill financial needs and bridge gaps if you die within that time frame.
It’s often cheaper to add a term life insurance rider to a permanent policy instead of buying a term policy now and a permanent life insurance policy later.
🤓Nerdy Tip
Most life insurance riders can’t be added to an existing policy. If you’re in the market for life insurance, explore all the riders and opt in to the ones you want or need when you buy a policy.
Types of term and permanent insurance riders
There are two main types of life insurance: term life insurance, which offers coverage for a fixed number of years and pays out if you die during the “term,” and permanent life insurance, which typically covers you for your entire life.
While the names can be confusing, a term life rider generally refers to temporary coverage added to a permanent life insurance policy. Some companies allow you to add a term life rider to a term life insurance policy to bump up your coverage even more, though this is rare.
Some of the most common life insurance riders include:
Alternatives to a term life rider
Assessing your needs can help you determine whether you need a permanent life insurance policy with a term life rider, or a different type of life insurance altogether. For many people, a standalone term life insurance policy is enough to provide their beneficiaries’ with a financial cushion.
Since the premiums for a term policy are usually cheaper than a permanent policy, you could save and invest the difference to plan ahead for yourself or your loved ones after the term ends. If you want to leave the option for permanent coverage open, consider adding a term conversion rider to your term life policy. This allows you to upgrade your policy to a permanent life insurance policy before a deadline specified by your insurer.
Frequently asked questions
What is a term insurance rider?
A term life insurance rider adds coverage to a permanent life insurance policy for a set number of years. This rider can help cover time-boxed or short-term financial responsibilities like a mortgage or care for young children.
Is a term insurance rider worth it?
It depends on your financial needs and situation. A term insurance rider can give you the flexibility to add coverage based on your current and future financial obligations. If you’re interested in permanent life insurance, adding a term life insurance rider to your coverage will likely leave you with cheaper premiums than if you were to buy the full amount as permanent life insurance.
How do I add a term rider to my existing life insurance policy?
Most companies only allow a term life rider to be added to the base policy upfront. However, some insurers may let you add a rider later for an extra cost. Contact your insurance company or agent to ask about adding riders to an existing policy.
How much does a term insurance rider cost?
The cost of adding a term life rider to a permanent life insurance policy varies based on factors like your age, amount of coverage and lifestyle. Adding a term life rider will typically increase your monthly premium on a permanent policy, but is likely to be cheaper than having two separate policies.