If you’re 65 with $900,000 and no pension, the income your portfolio can provide depends on how much you withdraw and the number of years your savings need to last. Taking too large a withdrawal early in retirement could increase the risk of running short later, while spending too little…
At age 45, skipping your 401(k) match means giving up more than your employer’s contribution. You also lose the potential investment growth this money could earn over the next 20 years. Depending on the size of the match and the investment-return assumptions used, that could leave you with almost $115,000…
Home improvements can make your home more comfortable, raise its value and lower energy costs over time. Some projects may also qualify for tax credits or deductions. These tax breaks can reduce what you owe when you file your taxes. In other cases, the cost of improvements can increase your…
Debt that feels like it has no exit doesn’t have to stay that way. There are many debt consolidation and repayment options available in Canada. Reach out today to book a free session with one of our credit counsellors, whatever your income or how much you owe. The call costs…
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Major changes to federal student loan repayment rules went into effect this month and are rippling across the system. Many…
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Annuities can look tax-friendly because your money grows without an annual tax bill, but the real surprise often comes when you start taking money out. Depending on how the annuity was funded, withdrawals can trigger ordinary income taxes, early-withdrawal penalties and surrender charges. Combined, these…
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By Carmen Chan You’ve got your mortgage and car loan to pay, credit card bills and HELOC payments, and a running list of…
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Team Name: Musgrave Dunn & AssociatesFirm: Merrill Wealth ManagementSenior Members: Travis Musgrave, Timothy Dunn, Valerie MarshallLocation: Lexington, KYTeam Custodied Assets: $1.4 billionBackground: Travis…
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Key takeaways Home equity loans and HELOCs (home equity lines of credit) both allow you to borrow against your ownership stake in your home, using the property as collateral. Home equity loans’ fixed rates are a good fit for people who want payment stability and know how much they need…
Skyhobo/ Getty Images; Illustration by Austin Courregé/Bankrate If you’re in the market for a home, affordability is likely top of mind — perhaps now more than ever. The record-high home prices of recent years, plus mortgage rates not seen since the 00s, have led to record-high monthly mortgage payments, according…
Jacob Wackerhausen/Getty Images Key takeaways The 28/36 rule is a rule of thumb banks use to gauge how much house you can afford. Basically, it says you shouldn’t spend more than 28% of your gross income on your mortgage payment. Buying too much house can leave you strapped for cash…
kate_sept2004/Getty Images: Illustration by Issiah Davis/Bankrate FHA loans are government-backed mortgage loans with more lenient buyer requirements than conventional loans, providing a viable option for first-time homebuyers or those with lower credit scores. These loans can make homeownership more attainable, although they do require borrowers to pay mortgage insurance premiums…
Key takeaways A first-lien HELOC merges a first mortgage with a variable-rate credit line, becoming the primary loan for the property. This type of HELOC can function as a cash flow management and mortgage prepayment tool, automatically applying funds towards the HELOC balance every time income is deposited through a…
What Financial Steps Should New College Graduates Take After Graduation? It’s graduation season! As you put down your bookbags and pick up your briefcases, entering your new career fields, it’s time to get serious about your finances. But where do you start? How can a family help if they want…
irina88w/GettyImages; Illustration by Hunter Newton/Bankrate Key takeaways Private mortgage insurance (PMI) is an extra fee for conventional mortgage borrowers putting down less than 20%. The amount you’ll pay for PMI depends on your loan and down payment size, whether it’s a fixed- or adjustable-rate mortgage and your credit score. The…
David Papazian/ Getty Images; Illustration by Austin Courregé/Bankrate Key takeaways FHA loans and conventional loans are both issued by private lenders, but FHA loans are insured by the federal government, and conventional loans are not. FHA loans have lower credit hurdles. You can qualify for an FHA loan with a…
Key takeaways When you owe more on your mortgage than your house is worth, your mortgage is “underwater,” or in a state of negative equity. Being underwater on your mortgage can make it more difficult to sell the home or refinance. If you have an underwater mortgage, your options include…
There’s no way around it: Getting a mortgage to buy a home is complex and time-consuming — about as enjoyable as doing your taxes. Lenders need to know seemingly everything about your finances before writing a check for hundreds of thousands of dollars to help you buy a home. But…
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