How Long $500K & Social Security Will Last You in Each State

If you’re thinking about how long $500K in savings and Social Security will last in retirement, it’s important to know that it can vary depending on where you live.  GOBankingRates data gives a helpful look at how far your money can stretch in every state, ranking them from the longest to the shortest time your savings will last.1 The data can help you figure out which states offer more affordable living for retirees and which ones might cost you more. 1. Oklahoma Oklahoma is known for its low cost of living, making it an attractive option for retirees. With $500,000 …

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Financial Guru Suze Orman: Why Student Loans Should Be Your Top Payment Priority

Financial expert Suze Orman has a clear message for anyone with student loan debt: prioritize paying off your student loans each month before any other bills. Here’s why she says student loans should be your top financial priority and how to manage these payments effectively. The answer lies in the unique nature of student debt and its long-term implications on your financial life. The Consequences of Neglect Defaulting on your student loans isn’t just a minor hiccup—it’s a financial earthquake that can shake the very foundations of your future.  Unlike other types of debt, student loans come with a set …

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America’s Wealth Isn’t What It Seems: Comparing Global Wealth Gaps

Americans might lead the world in millionaire counts, but when it comes to wealth distribution, the story takes a sharp turn. A recent Global Wealth Report from Swiss bank UBS reveals some striking disparities—particularly when comparing the U.S. to other affluent nations. While the U.S. boasts nearly 22 million millionaires, making up a staggering 38% of the world’s total, the reality for the average American looks much different. The country’s average wealth per adult stands at $564,862, but the median plummets to just $112,157, exposing a deep divide between the rich and the rest. And that gap is further underscored …

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Against All Odds: 10 Black Billionaires Who Defied the Odds & Built Empires

In a world where the racial wealth gap remains a stark reality, the stories of Black billionaires who rose from humble beginnings to the pinnacle of financial success stand out as a testament to the power of perseverance and determination.  Despite the odds stacked against them, these individuals have shattered barriers and amassed incredible fortunes.  1. Oprah Winfrey: The Media Mogul Oprah Winfrey’s rise from poverty in rural Mississippi to becoming one of the most influential women in the world is a testament to her resilience and talent.  Interestingly, Winfrey was fired from her first television job as an anchor …

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Dave Ramsey Recommends Social Security at 62 —7 Reasons to Start Early (and 7 Reasons to Wait)

Financial guru Dave Ramsey has sparked controversy with his unconventional advice on claiming Social Security benefits. According to an article published in The Motley Fool, Ramsey suggested that taking Social Security at 62 (the earliest age available) could be a good move in certain situations, specifically if you plan to invest every dollar of the benefit.1 But is this strategy right for everyone? Here are the seven compelling reasons to start collecting at 62 and seven counterarguments for why waiting might be the wiser choice. 7 Reasons to Start Social Security at 62 Curious if starting Social Security at 62 …

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You Might Have the $5,000 ‘Bugs Bunny’ Franklin Half Dollar Without Knowing It—Here’s How to Tell

A rare minting error has transformed some coins into the coveted ‘Bugs Bunny’ variety, potentially valued at up to $5,000. This was caused by a die clash that gave Benjamin Franklin the appearance of buck teeth, which has captivated collectors since its discovery.  With over 2,500 examples graded by PCGS alone1, this error isn’t just a fluke – it’s a legitimate collecting phenomenon. Could you be holding onto a four-figure coin without even realizing it?  The Birth of the ‘Bugs Bunny’ Franklin Half Dollar The Franklin Half Dollar, minted from 1948 to 1963, was designed to honor one of America’s …

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16 Documents You Shouldn’t Retire Without

Retirement planning is a crucial step in securing your financial future, yet many Americans find themselves unprepared. According to the Federal Reserve’s 2022 Survey of Consumer Finances, only 54.4% of all families have retirement accounts.1 This statistic underscores the importance of early and thorough retirement planning. As we navigate an era of increasing life expectancy and shifting economic landscapes, understanding the essential documents needed for retirement has never been more critical. Proper documentation can make the difference between a stress-free retirement and unexpected challenges. Here are the 16 documents you should prepare before bidding farewell to your working years, ensuring …

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Accidental Fraud: 10 Mistakes That Could Get You in Trouble

A recent online survey, which polled more than a thousand participants between the ages of 11 and 18, delved into young people’s experiences with in-app purchases. The study showed that more than 10% of the respondents had unintentionally spent money on in-app purchases.1 From disputing legitimate charges to misrepresenting information on applications, you could unintentionally engage in fraudulent behavior in numerous ways. Here are the 10 simple mistakes that can lead to serious consequences, including legal penalties and damage to your reputation.  1. Disputing Legitimate Charges Friendly fraud is one of the most common forms of accidental fraud. It occurs …

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Is Waiting for Social Security Worth It? Understanding the ‘Break-Even’ Point

One of retirees’ most crucial decisions is when to start claiming Social Security benefits. While you can begin receiving payments as early as age 62, waiting until age 70 guarantees maximum benefit. However, this approach may not be suitable for everyone. To make an informed choice, it’s essential to understand the Social Security ‘break-even’ point—the age at which the total benefits received from delaying your claim surpass those from claiming earlier. So, is waiting for Social Security worth it?  Calculating the Break-Even Point Typically, reaching the break-even threshold can take several years. For example, if your full retirement age benefit …

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Nearly 50% of Americans Who Retire at This Age Could Run Out of Savings

A new study from the Morningstar Center for Retirement & Policy Studies shows a troubling trend: almost half of American households will run short of money in retirement if they stop working at 65.¹ This sobering statistic isn’t just a number—it’s a wake-up call for anyone dreaming of a comfortable retirement.  Here are the key factors contributing to this predicament and potential strategies to boost your chances of a fully funded retirement. One in Five Americans Over 50 Have No Retirement Savings An AARP survey found that 20% of adults ages 50 and older have no retirement savings, and more …

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