FEATURED BLOG POST

Millennials Are Seeking Prenups—and It Might Just Be Worth Considering

Read More

Everything You Wanted to Know About Investing in Your 401(k), But Were Too Afraid to Ask

Investing for retirement can seem daunting. With so many retirement plan options, and even more jargon that comes with the territory, it’s no wonder people can start to feel anxious when figuring out how to invest in their 401(k) properly. Luckily, the first step is easy—all you have to do is start saving your money and putting it in a retirement account.

Read more

Is Your Bank Keeping Too Much of Your Money?

You probably already know that you should have an emergency fund—three to six months of expenses saved in a place you can access it quickly and easily if needed, like a checking or savings account.

But what you might not know is that, beyond your emergency fund, a savings account is one of the worst places to keep—and grow—your money. The average savings account interest rate of the five largest U.S. banks this year was 0.08%—less than one-tenth of one percent!

Read more

Here’s the Real Reason You Need an Emergency Fund—And How To Make It Happen

The most commonly doled out piece of financial advice may well be, “Start an emergency fund.” You’ve undoubtedly been on the receiving end of this wisdom before, but even though it’s valid advice, it can be hard to implement. This is especially true when no one actually tells you why you should invest in emergency savings, or how exactly you go about building up that financial safety net. At SoFi, we’re committed to helping our members plan for their future—and part of maintaining secure financial footing is working to ensure that you can handle the unexpected expenses life brings.

Read more

Self-Employed? Here’s Why You Need a SEP IRA

Being self-employed is great: You have more freedom and flexibility, and working for yourself can be financially rewarding. As a self-employed person, you have another big opportunity: setting up a Simplified Employee Pension (SEP) IRA. With this move, you can potentially save even more for retirement than you could with a 401(k), and get started saving towards your biggest financial goal—financial independence.

A SEP IRA is ideal if you’re a successful professional with no employees who wants to shelter your income from taxes and invest for retirement. When you’re self employed and receive 1099 income, you pay both the employer and employee portions of Social Security and Medicare taxes. Contributing to a SEP reduces these along with federal and state income taxes. While it gives you the flexibility to decide how much you want to save each year, it also gives you much higher contribution limits than the $5,500 limit of a traditional IRA—and it can be just as easy to set up. It can be a powerful wealth management tool.

Read more
Page 1 of 212
SSL Encrypted
Equal Housing Lender