It wasn t until she went through a divorce that she realized she hadn t been saving enough for her retirement. As a single mother with two children under the age of 10, plus a mortgage, she now had more financial responsibilities on a single income.
Her fears prompted her to take inventory of her retirement funds. At the age of 37, she assumed that her years of contributions would have gotten her close to building a comfortable financial future. But contributing the minimum had not been enough.
Upon recognizing that, Simmons was able to get herself on track and within a matter of four years, she managed to accumulate $750,000 between savings and investments, according to financial records viewed by Insider.
POS loans have become increasingly popular for people strapped for cash during the pandemic.
These short-term loans may be beneficial for consumers buying large items.
The concept of buy now, pay later has long had appeal. Credit cards make it easy.
But increasingly, people are choosing alternative point-of-sale (POS) lenders to fill that financial gap. More than 40% of American shoppers have used a buy-now-pay-later plan, according to Credit Karma/Qualtrics.
A POS loan is essentially the opposite of layaway. With layaway, you pay for your item over time and then take it home when you ve cleared your bill.
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1. Retirement is expensive and you can t borrow for it
It s estimated that the average retiree needs a $1 million nest egg to retire comfortably. This includes costs of healthcare, everyday expenses, travel, and any inheritance you d like to pass on. This number can be a bit mind-boggling, especially to two young, soon-to-be-parents just starting out in their careers.
When our financial advisor walked us through what we d need to save each month in order to reach our retirement goals, we were shocked to learn that we could actually afford the $500 contribution to my husband s 401(k) (which was matched at 75% by his employer), plus the $500 per month contribution to my IRA.