4 Reasons Retired Women Need More Money Than Men — And What To Do About it

June 6, 2024  by  Jennifer Taylor

Like many things, retirement isn’t the same for men and women. Specifically, retired women tend to need more money than men.

There’s a variety of reasons for this, which can be frustrating for women. Retirement is often thought of as time to enjoy your golden years, but it’s hard to do so without sufficient funding.

Walking away from a steady paycheck can be hard — or even impossible — for women who don’t have the savings to do so. You’re not alone if you feel like you’re behind on your retirement savings, but you can catch up.

Here’s a look at some reasons why retired women need more money than men, and more on how an annuity could help solve this problem.

8 Money Moves Empty Nesters Should Make Immediately

Cindy Lamothe  Fri, July 12, 2024   GOBankingRates

The moment your youngest moves out of your family home is an emotional time, to say the least. You’re dealing with enormous change while also thinking about the future.

Becoming an empty nester can be an overwhelming experience, but according to experts, you should also make some strategic financial moves right away.

“Empty nesters must immediately reassess their financial priorities and redirect resources previously allocated to child-rearing,” said Abid Salahi, co-founder of FinlyWealth.

Reevaluate Your Financial Goals

“As empty nesters, it’s time to revisit and update your financial plans,” said Justin Godur, finance advisor and founder of Capital Max.

With fewer immediate responsibilities, he said you can now focus on long-term goals like retirement savings, travel or starting a new venture.

I’m a Banker: 4 Saving Strategies I Swear By for Long-Term Wealth

Angela Mae   Thu, July 11, 2024  GOBankingRates

When it comes to saving money, there’s one-size-fits-all strategy. What might work for some people won’t always work for others. Depending on your goals and financial situation, you might be able to save more aggressively than others. Or you might only be able to save small amounts at a time over a long period.

Whatever the case, if you’re trying to build long-term wealth, it’s crucial to find the savings strategy — or strategies — that work best for you. If you haven’t found yours yet, don’t worry — it’s never too late to get started.

GOBankingRates spoke with Teri Williams, president and COO at OneUnited Bank, about which savings strategies she swears by for long-term wealth — and which ones she would outright avoid. Here’s what she said.

I Was Broke — Until a Financial Advisor Helped Me in These 4 Ways

Vance Cariaga  Wed, July 10, 2024  GOBankingRates

If you need a financial advisor, there is no shortage of options. More than 330,000 financial advisors are employed around the country, according to the Finance Strategists website. Advisors who must meet industry and regulatory standards include certified financial planners, certified financial analysts and registered investment advisors. But there are also plenty of financial consultants who can include just about anyone.

Although many financial advisors are hired by rich clients to help them amass more wealth, advisors can also prove useful to people who have hit rock bottom financially and want to dig their way out. Even if you have little money to spend, you can use services like the Garrett Planning Network, which Experian describes as a “fee-only fiduciary advisor organization” that aims to lower barriers by charging only on an hourly, as-needed basis.

In some cases, you might even find a financial consultant among your professional or personal contacts who can offer advice at little or no cost, at least until you’re back in a position of financial strength.

4 Fraud Schemes You Should Be on the Lookout For

Laura Beck   Wed, July 10, 2024  GOBankingRates

There are always unscrupulous individuals who would love to separate you from your hard-earned money. Not only that, they are always developing new ways to do so, as well as new twists on old scams.

You can keep yourself from falling victim to these criminals by educating yourself about these schemes and using a little common sense. Always approach unsolicited phone calls, emails, or texts with skepticism. If something feels off, trust your instincts and take a step back to assess the situation.

Here are four scams to be on the lookout for:

Kevin O'Leary Says You Can Survive On $500,000 And 'Do Nothing Else To Make Money'

Margaret Jackson  Updated Wed, Jul 10, 2024,

Americans are all about that $1.5 million nest egg for retirement — living easy with golf trips and fancy cars.

But "Shark Tank" tough guy Kevin O'Leary says to hold on — you can retire with just $500,000 — a big difference from the $5 million he suggested last August.

According to Mr. Wonderful, the key is investing smartly and maybe scaling back your spending after you clock out for good.

7 Reasons You Should Consider a Financial Advisor — Even If You’re Not Wealthy

Marina Benitez  June 24, 2024

When you hear the term financial advisor, you might picture someone who only works with the ultra-wealthy, managing millions of dollars in assets. This is a common misconception. In reality, financial advisors work with people of all income levels, helping them navigate the complexities of personal finance and achieve their financial goals.

And according to a survey* by MagnifyMoney, 95% of those polled who have a financial advisor believe it’s worth the money.

Whether you’re planning for retirement, dealing with a significant life event or simply looking to make smarter financial decisions, a financial advisor can offer the expertise and guidance you need. Here are some compelling reasons why you should consider a financial advisor — even if you’re not wealthy.

6 Frugal Habits Money Experts Disagree On

Cindy Lamothe  Mon, July 8, 2024  GOBankingRates

There is no end to all of the financial advice you’ll see on the internet. Money influencers will say one thing — and then you’ll promptly read a rebuttal.

If you’re trying to stay on budget, knowing how to spend wisely should be your priority. That’s why it’s important to weigh all sides of an argument and arrive at your own conclusions.

Here are some of the top frugal habits money experts disagree on.

5 Financial Mistakes Millennials Got From Their Parents

David Nadelle  Tue, July 9, 2024  GOBankingRates

While only 27% of Americans across all ages say their money-saving habits are “excellent,” a new study found 65% of millennials and Gen Z-ers worry about baby boomers’ impact on their future.

The survey, conducted by OnePoll for National Debt Relief between Aug. 4-8, 2023, found that although younger generations were concerned about the effect older generations’ financial decisions will have on them, 62% of all respondents (split evenly by generation) admit they make poor money decisions sometimes. Almost half (48%) of respondents said their parents influenced their money habits.

With 51% of respondents admitting they have been in debt at some point, and 42% currently experiencing money troubles, the study also found that many Americans are eager to destigmatize “shameful” debt (36%) and are taking responsibility for their bad spending and savings habits.