‘Don’t leave money on the table’: 7 things to consider during open enrollment this year
When it comes to shopping for employer-sponsored health insurance for 2021, experts say that there’s a lot to consider this year in light of the coronavirus pandemic. Here are seven key areas to focus on when reviewing your insurance options.
The average retired worker gets about $18,000 per year from Social Security in 2020.
The benefits replace only around 40% of the average earner’s preretirement income, which means you will need to start planning ahead to fully fund your future.
The size of your check will be based on your income from your working years, the year you were born and your age when you decide to start taking money out.
Luckily, you may already be funding your benefits.
Financial education teachers should focus on resilience in Covid-19 crisis
CNBC’s senior personal finance correspondent Sharon Epperson spoke to teachers about how resilience can aid in the recovery of your financial health when faced with sudden, unexpected challenges.
If you have a traditional job, you pay 6.2% of your salary in Social Security taxes. That number is then matched by your employer. And when you retire, you’ll be able to cash in and collect benefits based on all the years you paid those taxes.
How much should you expect from Social Security if you make $30,000 a year? Watch this video for a breakdown of how much you will get and how your monthly benefit will be calculated.
More from Invest in You:
How Walmart and other big companies are trying to recruit more teenage employees
Americans are more in debt than ever and experts say ‘money disorders’ may be to blame
How much money do you need to retire? Start with $1.7 million
Disclosure: NBCUniversal and Comcast Ventures are investors in Acorns.
- Retiree finances
- Government pensions and social security
- Social Security
- U.S. Social Security Administration
- Retirement planning
It might be worth it to move to a cheaper city, even if your company cuts your pay
Moving to a city with a lower cost of living may be worth it, even if it means taking a pay cut.