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Do You Spend More Than Your Peers?

Living in America? Consider how your average monthly expenses stand in comparison to your country-peeps:

Every year , the average American spends:

•  $18,886 on housing (including property taxes, if applicable)

•  $9,049 on transportation (including gas)

•  $7,203 on food (groceries and eating out)

•  $2,913 on entertainment

All that expense seems to be pretty standard, even before you start chasing the classic American Dream. For that, it’s easy to look to your peers to see how it’s done (even if they’re doing it wrong).

An old-school term for this is “keeping up with the Joneses,” trying to acquire as many things your neighbors next door. Even for the most competitive, that race gets tiresome very fast. Once you realize that the best person to compete against is not others but yourself, you can get more focused on your own financial goals.

Otherwise, comparing yourself with others will leave you in a constant state of distraction. Until then, you may be burning many wasted calories that could be put to better use focused on your own average monthly expenses, spending, budget and goals.

Let’s face it, though: some of this is a result of social media. Part of the need for keeping up with your friends comes from Facebook and Insta envy. Seeing your friends post photos and videos of their latest acquisitions (cars, houses, tech equipment) can light that competitive fire in you (or maybe it’s just plain envy). Sometimes, a message like that from an online friend can be even more powerful and influential than an advertisement from the actual brand.

How Do You Compare?

Data regarding average monthly expenses among peer groups is shown on a website called Status Money . It matches individuals to a peer group based on income, geography and age to compare how other people are doing in relation to your financial situation.

It also lets you compare your spending habits with like-minded people among your peer group. Average monthly expenses include transportation costs, shopping, eating out and other obligations.

How it came about: Status Money cofounder Majid Maksad was formerly a data analyst for Citi; he found
, even during the Great Recession, Americans were not becoming as frugal and financially careful as you might expect.

In fact, what he found was the complete opposite: continued spending, not by personal choice but mostly driven by writing off bad debts through foreclosures and personal bankruptcies.

What it boils down to: think differently. Train yourself to be more aware.

“It wasn’t a change in behavior that was occurring,” Maksad told Forbes about the stats he discovered. “And that raised the question: ‘How do you get people to change behavior?’”

Perhaps the answer lies in knowing — not assuming — exactly what your peers average monthly expenses are. The results seem to support this. A study on the early users of Status Money found that comparing yourself to those in your peer group (a minimum of 5,000 people) could strongly influence your spending habits (this can also be called FOMO spending). Between September 2017 and April 2018, spending among those surveyed by Status Money declined by about $600 a month.

“People need to know what others are doing with money,” Maksad told CNN Money, “but in a completely secure and anonymous way.”

Comparing Finances To Your Peers

When comparing finances online, completely secure and anonymous is how most people want to roll, particularly Millennials. If you are a part of this largest living generation, here are some broad strokes to give you a general idea of where you stand when compared to your peeps. It’s all according to a survey from the American Institute of Certified Public Accountants:

•  Over three-quarters of Millennials want to have the same clothes, cars and tech gadgets as their friends.

•  Around half of have used a credit card to pay for daily necessities.

•  Over 25 percent of them had late payments or are dealing with bill collectors.

•  Seven out of 10 of those surveyed define financial stability as being able to pay off of their bills each month.

•  Gender difference are also a thing. The study reveals that men are more inclined to keep up with their friends when it comes to material goods. Women, however, tend to be more frugal and consider saving money important.

According to the apartment rental site RentCafe, younger adults may have spent as much as $93,000 by age 30 on rent. During their first decade in the workforce, rent can take up about 45 percent of their income, which can leave next to nothing for savings, investments, and paying off debt. Compare that to GenX adults, who spent only 41 percent of their income on rent per year by age 30 (adjusted for inflation); Baby Boomers spent only 36 percent of their income on rent back in the day.

Are you paying more than 30 percent of your income on housing? The U.S. Department of Housing and Urban Development considers you “cost-burdened.” If you’re spending 50 percent or more on housing, you maybe put in to the category of “severely cost burdened.”

Tips on How To Combat Peer Pressure Spending

Here are a few ways to put blinders on when that peer pressure spending urge comes on:

Get Real

Make a deal with yourself to be honest about your overspending. Don’t try to fool yourself or rationalize away unnecessary purchases. Ask yourself — constantly — “Do I really need this, or am I just trying to keep up with my friends?”

Get Stubborn

Once you have a budget in place, be rigid about sticking to it. If you can’t afford something, don’t let the devil on your shoulder sweet talk the angel on your other shoulder. Step in and take charge. With time, the compulsion to give into your spending impulses will start to weaken and listen to you.

Treat Yourself

If you’re doing a good job of sticking to your budget and not overspending, allow yourself a periodic reward that you promise yourself in advance (once a month, every six weeks, etc.). Go have a meal with friends or buy that pair of shoes you really like. Be sure not to treat yourself so well that you overspend and wind up taking giant steps backward.

Get Help With SoFi Relay

Often, it helps when you can keep tabs on your spending and have access to someone to talk through your expenses without fear or embarrassment. With SoFi Relay you’ll have access to both of these, and more, at no cost!

SoFi Relay gives you insight into your cash flow and spending habits so you can see the full picture of your finances. Additionally, you can connect all of your accounts on one dashboard to get a bird’s-eye view of your balances on the go.

What’s more? You can talk with a financial planner about your spending habits & take a serious look at your expenses to create an action plan to help achieve your financial goals.

Keep track of your spending with SoFi Relay!

The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.
The information provided is not meant to provide investment or financial advice. Investment decisions should be based on an individual’s specific financial needs, goals and risk profile. Advisory services offered through `SoFi Wealth, LLC. SoFi Securities, LLC, member

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How to Still Save Money While Raising Young Children

This statistic has been making the rounds, but perhaps you’ve been too busy between work, kids, and just generally being superman or woman to notice it.

According to the Federal Reserve Board’s 2016 Report on the Economic Well-Being of U.S. Households, 44% of all respondents could not cover an unexpected $400 emergency expense, or would rely on borrowing or selling something in order to do so. And believe it or not, that 44% is actually an improvement over previous results that go back to 2013. Still, it’s not making anybody feel any better.

If you’re part of this statistic, rest assured that there are ways to liberate yourself from this kind of burden. Saving money is power.

While the great expense of raising children can make you feel financially insecure, there are ways to work it so that you and your kids come out ahead. Even if you grow your family, there are habits to learn and stick to that can help keep you on top of your finances. Getting a grip on your budget, your finances, and your expenses can make for a happier family and a somewhat less stressful existence.

Here are a few suggestions that can help you save money while raising young children.

Establishing an Emergency Fund

Even if you can only afford to contribute a few dollars a week, an emergency fund can help you deal with the unexpected without necessarily having to resort to a credit card. These funds should be in a separate account (not your checking account) where you can access the funds easily, but not that easily (really, save it only for emergencies).

Treating Your Family to Home Cooking

Cooking in bulk, say on Sunday night, before the week begins, is a good way to have meals on hand and to eliminate the temptation for takeout and ordering in. You can save a lot of money in the process, especially if you cook with good health in mind. It’s also a great group activity for the fam.

Rethinking Your Grocery Budget

Walking through a supermarket is an exercise in resisting temptation. Instead, arrive with a pre-prepared list in hand, and stick to it. Planning meals (see our second suggestion) can get your shopping chore done faster.

You don’t have to get completely frugal—some snacks should be allowed—but if the bulk of your shopping list is planned and practical, you’ll likely see the difference in your budget, and, more importantly, in your family’s health.

Staying at Home

It may seem old-fashioned, but young children usually love old-fashioned fun: board games, charades, watching movies, reading comic books, playing music, taking walks, and telling stories can save you money on most outside activities.

You don’t have to give up the outside world completely, but cutting down could surely make a difference in your monthly outgoing expenses.

Buy Secondhand

New clothes are not always a good solution for kids who quickly outgrow their old clothes. Accepting hand-me-downs, attending yard sales, and checking out online trading can be great ways to avoid the high prices of children’s clothing, and possibly the high price of your own wardrobe as well.

Sharing a Nanny

One of the most draining costs of raising young children is day care and/or a nanny. Nanny shares are actually a thing, because of the need to save money with a baby or young child while still benefiting from high-quality care. Nanny sharing can result in a cheaper monthly nanny bill, and a chance for your child to learn how to interact and get along with other children (hopefully).

Asking Your Doctor and Dentist for Free Product Samples

After your child’s checkup, it can’t hurt to ask if there are any free samples you can take with you. Whatever you get can be one less product you have to buy at the drugstore: eye drops, skin cream, toothbrushes, toothpaste, floss. It’s a doggy bag that saves you money.

Cutting Down on Extracurricular Activities

This doesn’t make you a bad parent. Allowing your child horseback lessons or Little League baseball instead of horseback riding lessons and Little League still gives them the benefits of activity and socialization.

You child will usually let you know which activity is the most important to them. It also teaches your child one of the most difficult lessons to learn in life: we can’t always get everything we want. A great source for free activities for kids: your local library.

Reducing the Amount of Toys you Buy

This may sound cruel, but you may have noticed that your child plays with a toy for a few hours at the very most, and then abandons it (have you seen Toy Story?).

Buying fewer toys will save you money and make your child cherish the toys already there. This tip doesn’t mean that you should never buy another toy again. Check online for sales, discounts, and trades.

Signing up for Free Offers and Coupons

Online commerce wants you! They’ll do anything to attract you and keep you. This often includes getting messages to you for flash sales, discounts, and coupons you can use right from your phone. Check your favorite stores for kids. They’ll be glad to hear from you.

Other Ways to Save Money While Raising Young Children

Need additional guidance? Check out SoFi Relay, our new money tracker. You can see your finances at a glance, and track and categorize your spending.

You’ll be able to track your money and cash flow daily to help hit your targets. The best part? SoFi Relay has absolutely no cost.

Sign up for SoFi Relay today!

The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.
Automated and advisory services offered through SoFi Wealth LLC, a registered investment advisor.
SoFi can’t guarantee future financial performance.
This information isn’t financial advice. Investment decisions should be based on specific financial needs, goals and risk appetite.
Neither SoFi nor its affiliates is a bank.
SoFi Checking and SavingsTM is offered through SoFi Securities, LLC, member FINRA / SIPC . Advisory services offered through SoFi Wealth, LLC, a registered investment advisor.


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Stack of credit cards

How to Consolidate Multiple Debts into a Single Payment

It’s not exactly a surprise that the average American has plenty of debt . Households with credit card debt carry an average balance of over $15,000. Frustratingly, these debts often come with exorbitant interest rates.

While some folks are able to manage their debts just fine, some may feel overwhelmed juggling loan payments of varying sizes with due dates scattered throughout the month. When life gets busy, missing a payment is too easy and can land you even further behind. Having multiple debts can be stressful and can make budgeting and planning for the future challenging. And let’s be real: No one likes feeling overwhelmed by multiple debt payments.

For most people, the goal with paying back debt—especially consumer debt, like credit card debt—is to do so as quickly and painlessly as possible. If this is your goal, you have options. One of those options is debt consolidation, where you pay off qualifying debts using a new loan, often called a “debt consolidation loan” or a “debt relief loan.” To determine whether consolidating your debts into one single payment is the right choice for you, read on.

Should I Consolidate My Debts?

It may be worth considering consolidation if it will help you simplify your finances and lower the amount of interest you pay overall on your combined sources of debt. For example, if you have multiple credit cards and each has a high interest rate, consolidating to one loan with a lower interest rate could get you out of debt sooner. That, and you could enjoy the sweet relief of only having one payment to manage for the debt you consolidated.

Consolidating your credit cards to a lower interest rate with a debt consolidation loan could help you get out of debt sooner.

Pros of Debt Consolidation

1) You can streamline multiple debts into one payment, making the payback process easier and more efficient.

2) If you consolidate your debt, you may pay less interest over the life of your loan.

3) Consolidating credit card debt can lower your revolving credit utilization ratio, which is a factor considered by most credit bureaus in the calculation of credit scores. If you lower your balance on several credit cards, but keep them open, you’ll decrease your credit utilization ratio. That’s a good thing! Revolving credit utilization ratios are also often considered by lenders when making credit decisions.

That said, debt consolidation isn’t for everyone. Taking out a new loan may come with fees, so you’ll want to do the math and make sure it’s worth it before moving forward. You should also be mindful of the repayment period and ensure you only finance the debt on a timeline that works for you. Be wary of a loan term that’s too long—even if the loan has a lower interest rate, you can pay more in interest over time with longer repayment periods.

Cons of Debt Consolidation

1) If the loan term is longer than necessary, you could potentially pay more in interest even if the rate is lower.

2) Some debt consolidation programs are scams. It is important to understand that not all loan consolidation tactics are created equal. There have been some unsavory and even fraudulent loan consolidation services that don’t really help get your debt under control. If a lender is asking for money upfront to consolidate your debt, for example, that’s a red flag.

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How Do I Consolidate My Debt?

Debt consolidation, in theory, is very simple. You, or a lender, pays off all of your unsecured debts (like credit cards and personal loans) using a new loan. Then, moving forward, you’ll only make one monthly payment on your new loan.

A “debt consolidation loan” or a “debt relief loan” is often just a personal loan. This means that you have the option to seek out personal loans from reputable banks, credit unions, or online lenders. You do not have to work with a debt consolidation services provider that you don’t feel 100% comfortable with. Think of it this way: If it sounds sketchy, it probably is.

When it comes to low-rate personal loans, at SoFi we pride ourselves on transparency and a level of customer service unmatched in the lending industry. Also, our personal loans come with no origination fees, prepayment penalties, or late fees.

Learn more about how a SoFi personal loan can help you manage your debt.

The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.
Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website on credit.

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sofi checking and savings card

What is a Checking and Savings Account?

Do you have multiple accounts that hold your money across different banks? If you’re like a lot of people, you keep one account for your savings, and yet another for checking. Some people have additional accounts for their retirement savings or after-tax investments—but that’s a whole different can of worms.

For those looking for a better way to manage their checking and savings, there’s another account that should be on your radar: a checking and savings account. It’s a hybrid between a checking and a high-yield savings account. You can write checks and they’ll even issue you a debit card. In this article, we’ll answer the question, “What is a checking and savings account,” along with a discussion of their benefits, how they’re used, and who might benefit from using this type of account.

What Is a Cash Management Vehicle?

A checking and savings account—also known as a cash management vehicle—is designed to manage cash, make payments, and earn interest. It’s a hybrid between a checking and savings account.

Cash management accounts typically come equipped with checking account features such as a debit card and ATM withdrawals. They also typically pay a higher rate of interest than keeping your money in a traditional savings account. If you have a checking account, you know how little they pay in interest; .08% is the national average .

Cash management accounts are often all-in-one accounts, and they can combine features of a checking account, brokerage account, and an interest-bearing savings account. (Not all checking and savings accounts include all these features, though.)

While checking and savings accounts used to be limited to those with high balances in brokerage accounts, this is no longer always the case. For example, online-only financial services companies are breaking the mold by offering similar accounts to those without a brokerage account or without having to meet a minimum balance requirement. They’re able to offer higher interest rates because they don’t maintain brick and mortar locations.

SoFi Checking and SavingsSoFi Checking and Savings

What to Look for in a Checking and Savings Account

While most checking and savings accounts share similarities, they won’t all be the same. Here are some items to consider when shopping around for a checking and savings account.


FDIC (Federal Deposit Insurance Corporation) insurance protects your money in the event your bank goes belly-up. For your safety and protection, it is essential that your checking and savings account is FDIC-insured. Some banks offer more coverage by using a system that spreads their deposits across several banks (this is done behind the scenes). For example, SoFi Checking and Savings offers $1.5 million in FDIC insurance per account.

Interest Rate

Generally, you’re able to get a higher rate of interest within a checking and savings account than you are with a savings account at a brick and mortar bank. This interest rate will likely not be as high as in an online-only savings account, the trade-off being that an online-only savings account will usually limit your access to your money. SoFi Checking and Savings has aspects of a high-yield savings account and a checking account.


When deciding on an account, you’ll want to investigate its accessibility. Cash management accounts usually offer either a credit card or debit card hooked up to the account, allowing you to use it as if it were a checking account.

Most will also allow you to withdraw money at an ATM and set up bill pay. (For comparison, some high-yield savings accounts only allow you to access your money a certain number of times per month. Limiting the number of transactions in an account allows them to offer a higher interest rate.)


As with most types of bank accounts, there is a possibility for fees, such as monthly or annual account maintenance fees, or fees to use out-of-network ATMs. Conversely, some checking and savings accounts will actually reimburse you for any ATM fees you incur.

If you travel internationally, also be sure to check the account’s policy on international transactions and ATM usage. SoFi Checking and Savings, for instance, reimburses 100% of all ATM fees, even internationally, on qualified accounts.

Bank Locations

Brick and mortar locations for checking and savings accounts are limited because in the past, most checking and savings accounts have been offered by brokerage banks. Brokerage banks do have physical locations, but they’re often limited to large cities.

If it’s important to you to be able to walk into a location, you’ll want to research whether there is on near you. Online-only banks specifically opt out of providing physical locations, often so they can offer more by way of interest rates. This will likely become more common as financial services move the majority of their operations online.

Who Should Use a Checking and Savings Account?

Because a cash management vehicle is a hybrid between checking and high-yield savings accounts, they would suit anyone who would like to consolidate the two. Most financially savvy folks understand that larger cash balances should be earning more interest than is offered in a “regular” checking account, but dislike coordinating checking and savings accounts at different banks.

Really, anyone looking to consolidate and elevate their finances should, at the very least, research a cash management vehicle to see whether it makes sense given their financial goals and the structure of their current accounts.

A checking and savings account is an excellent place to save up for short to mid-term goals, such as an emergency fund, a down payment for a home, for a wedding, or an exotic trip to celebrate paying off student loans.

As the landscape of financial services changes, it’s a good idea to stay up to date on advances in technology and improvements to the services provided to consumers. For a long time, brick and mortar banks had very little competition, as the physical locations (and convenience) were paramount to effective banking. As banking moves online, those with the most branches won’t necessarily be the ones providing the best customer service or the most competitive interest rates.

SoFi, who has been leading the charge in refinancing student loans to lower rates, is expanding its business to offer a checking and savings account that offers an interest rate competitive with high-yield savings accounts. They’re able to do so precisely because they don’t maintain physical branches—and understand the need for a more versatile checking and savings account that’s easy to use and and has no fees.

Thinking about merging checking and saving into one, interest-bearing account? Get the best of checking and savings—in one account. Learn more about SoFi Checking and Savings today!

SoFi can’t guarantee future financial performance.
This information isn’t financial advice. Investment decisions should be based on specific financial needs, goals and risk appetite.
Neither SoFi nor its affiliates is a bank.
SoFi Checking and SavingsTM is offered through SoFi Securities, LLC, member FINRA/SIPC.
The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.

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How Much Should I Have Saved in My 401k?

Retirement is supposed to be the golden age of relaxation. Whether it be reading the garden, lazy days spent fishing, or early mornings on the golf course, when you retire, there are no bosses or daily meetings to preoccupy you. But what is the best way to get there?

Saving for retirement can seem daunting, especially when you consider housing expenses, student loan debt, and other day-to-day living expenses.

The average American retirement savings leave much to be desired. Most Americans nearing retirement age in the U.S. have only 12% of the recommended $1 million saved.

Actively preparing for retirement is one of the best ways to ensure you can spend your later years relaxing and enjoying your well-earned time off. There are a wide variety of accounts that allow you to save for retirement, from Traditional and Roth IRAs to a 401k, 403b, or other investment accounts. One of the most popular retirement vehicles is the 401k.

If you’re getting ahead on saving for retirement you may be wondering “how much should I have in my 401k?” While the answer to that varies depending on your financial situation, age, and more, there are a few retirement guidelines that can help you better prepare for the future.

What Is a 401k?

A 401k is an employer-sponsored retirement plan that allows both you and your employer to make contributions to the account. If your employer offers a 401k plan, you are most likely able to select a percentage or specific monetary amount to contribute to your 401k from each paycheck.

One of the major benefits of a 401k is that your employer can also make contributions. If your employer offers matching contributions, it makes sense to participate in the 401k plan, at least up until the matching maximum. Matched contributions are determined at your employer’s discretion, so check your company policy to see what is offered at your workplace.

There are two kinds of 401ks. When you contribute money to a traditional 401k, the money is tax deductible, but will be taxed when you withdraw it in retirement, at the income bracket you are in at that time. When you contribute to a Roth 401k, the money is taxed at the time of contribution, at the tax rate you are currently in. But it’s not taxed when you withdraw the money.

For both Roth and Traditional 401ks, the contribution limit for 2018 is $18,500. If you are over the age of 50, you are allowed to contribute an additional $6,000, known as a catch-up contribution. When you contribute money to a 401k, it is intended to be used in retirement .

Because of this, there is a penalty if you withdraw money before the age of 59 ½. On the other side of the age spectrum, if you do not begin withdrawals by the age of 70 ½, you will be faced with fines and penalties.

Average 401k Balance by Age

Your readiness for retirement will depend on a few factors; including your age, income, and expected retirement age. While everyone’s situation is different, it’s never too early—or too late—to start preparing for retirement.

To see if you’re on track with your retirement goals, take advantage of free online resources, like a retirement calculator that will help you estimate your financial readiness for retirement.

The earlier you start saving for retirement, the better. But if you’ve gotten a late start, there are ways to boost your retirement savings. As you age, your strategies for saving for retirement will shift. Here’s what to expect in your 20s and beyond.

In Your 20s

You’re just starting out in the work force and chances are you’re still paying off your student loan debt. While paying off your student loans and spending money on happy hour may seem more important than saving for retirement, the earlier you begin saving, the more time you will have to benefit from compound interest.

Compound interest is interest calculated on the initial principal and on the interest accumulated over the previous deposit period. This means saving for retirement in your 20s has significant advantages when you are finally ready to retire. Some experts think by the time you turn 30 , you should have saved one year’s salary toward your retirement. The average 401k savings for someone in their 20s in 2017 was $9,900.

In Your 30s

Your 30s are when you want to kick your retirement savings into high gear. It’s a good rule of thumb to up your retirement savings contributions to 15% of your monthly income . You may have other expenses like kids or a mortgage, but you’re also likely making a bit more money than you were in your 20s—so take advantage and invest some of that money in your future.

No one else will be looking out for your financial health in retirement. The average 401k savings for someone in their 30s in 2017 was $38,400.

In Your 40s

By the time you have reached your 40s, you should have a considerable chunk of change socked away for retirement. Common financial advice is that you have at least three times your annual salary saved at 40 if you intend to retire at 67. Often times, your 40s are also when you’re faced with financing your children’s education.

And when push comes to shove, many parents will put their child’s education ahead of their retirement savings. You’re now considerably closer to retirement than you were at 22, so consider opening an independents retirement savings account like an IRA, in addition to contributing to your company’s 401k plan.

Diversifying your investments may help reduce some investment risk. The average 401k savings for someone in their 40s in 2017 was $91,000.

In Your 50s

When you turn 50, you can begin making catch-up contributions to your 401k and IRA. You can contribute an additional $6,000 a year to a 401k and an additional $1,000 a year to your IRA. Take advantage of these catch-up contributions and continue to save.

Consider adding any bonuses or extra income into your 401k to boost your savings. The average 401k savings for someone in their 50s in 2017 was $152,700.

In Your 60s

As you get into your 60s, you can see retirement at the next exit. Now would be a good time to adjust your investments into less risky options. As retirement becomes more real, take the time to prepare for the unexpected and safeguard some of your investments. The average 401k savings for someone in their 60s in 2017 was $167,700.

But the average couple in their mid-60s will have to cover approximately $280,000 in health care costs. Make sure your retirement plan accounts for health care costs.

About 70% of Americans surveyed in 2016 said they plan to work as long as possible. Extending your working years could lead to financial gains down the road. Depending on when you were born, you qualify for Social Security benefits at different ages. If you were born after 1960, you won’t be able to collect Social Security until you are 67.

Invest with SoFi Invest®

If you are looking for opportunities to expand your retirement savings and complement your employer-sponsored 401k plan, consider investing with SoFi. If you have an old 401K, we can help you find out how much you are paying in management fees. Then, we can help you determine the impact of rolling over your 401K into an IRA with SoFi. Schedule an appointment here.

Additionally, at SoFi, we offer a competitive wealth management account with no SoFi management fees and members get complimentary access to financial advisors.

We’ll work with you to establish your financial goals and determine the risk profile you are most comfortable with. SoFi will work to diversify your investments and automatically rebalance your profile as needed. You can start investing with as little as $100.

Ready to take control of your financial future? See how a SoFi Invest account can help you reach your retirement goals.

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SoFi can’t guarantee future financial performance.
This information isn’t financial advice. Investment decisions should be based on specific financial needs, goals and risk appetite.
Diversification can help reduce some investment risk. It cannot guarantee profit or fully protect loss in a down market.
The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.
Advisory services offered through SoFi Wealth, LLC, a registered investment advisor.

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