How to Work Abroad After College_780x440:

How to Work Abroad After College

College graduates who have been bit by the travel bug but don’t have the funds to see the world might still have the opportunity to travel by working abroad after college. Living and working in a new country may have its challenges, but the experience may also transform graduates in ways that are likely to be impressive to future employers.

The Pros and Cons of Working Abroad

Though it can be an enjoyable experience, working abroad can also have challenges. Considering both the pros and cons is recommended before making this life-changing decision.

Pro: Making Money While Traveling

Working abroad allows graduates to start their career while also having the opportunity to travel. This can be a popular post-graduation choice for students who want to travel but don’t have the funds. Moving to a new country generally makes it easier to truly explore and get to know a country better.

Traveling to nearby countries may be easy, as well. Instead of visiting a single country during a one-week vacation, traveling workers might be able to experience multiple countries and cultures.

Recommended: Ways to Be a Frugal Traveler

Pro: Learning the Language

Living abroad gives people a great opportunity to learn a new language or sharpen their skills in one they already speak. Every situation, from ordering breakfast to figuring out transportation, will give recent grads an opportunity to improve their language skills. The ability to speak more than one language might also open more doors in the job market. Being multilingual has become an increasingly desired skill, and learning a language while abroad could pay off in the future.

Con: Culture Shock

Unfamiliar surroundings. A different culture. Moving to a new country means making adjustments. People will communicate differently, eat differently, work differently. Every part of life will be new, which can be both exciting and stressful. Adjustment to life in a new place may be experienced in a range of stages, beginning with excitement and enthusiasm, with maybe some frustration in the middle, to feeling at home in new surroundings and building relationships.

Con: Language Barrier

Dealing with a language barrier can be stressful and scary. Not only can a language barrier make daily activities difficult, it can also make building relationships slow-going. This can feel isolating for people who don’t understand the local language.

Finding Jobs

Finding an international job isn’t all that different from finding one here in the states. Recent grads might consider looking on well-known job search sites or those specific to finding opportunities in other countries. Some overseas job opportunities might be found on websites for international humanitarian organizations, travel magazines, or even the United Nations.

Requirements to Work Abroad

Getting a passport or travel visa and an employment visa are important parts of preparing to work in a foreign country. Most countries grant specific work visas to international workers, but the requirements and processes for getting the visa will vary by country.

It’s also important to know whether or not fluency in the language is required. People who are not fluent in a language other than English and do not want to learn before moving may want to consider countries where English is the official language.

Employment Abroad

Graduates who like to think long term may want to consider applying for jobs with global companies that have positions in multiple countries, including the United States. This may open up opportunities to move back to the U.S. in the future.

One popular choice for working abroad is teaching English. A teaching degree may or may not be required, so make sure to check the requirements in the country you are considering.

Another popular option is to look for seasonal work, such as jobs in the tourism industry. This can include working at a ski resort, a hostel, or bartending at a local restaurant. People who enjoy caring for children might be interested in working as an au pair, which typically includes room and board in addition to a salary.

Other Post-Graduation Decisions

Finding a job isn’t the only task that begins after graduation. Once a student graduates, drops below half-time enrollment, or withdraws from school, the task of paying back student loans begins. Direct Subsidized, Direct Unsubsidized, and Federal Family Education Loan borrowers have a six-month grace period before they’re required to start making payments. Students who took out a Perkins loan have a nine-month grace period.

Refinancing student loans into one new loan may offer borrowers a lower interest rate or different terms than their existing loans. Both federal and private student loans can be refinanced, but when federal student loans are refinanced by a private lender, the borrower loses federal benefits, such as income-driven repayment plans, loan forgiveness programs, deferment, and forbearance.

The Takeaway

Whether your future employment is in the U.S. or in a foreign country, there are many options to consider. Pros of working abroad after college include gaining new work and life experiences, learning a new language, and making money while traveling. Cons of working abroad include experiencing culture shock and language barriers, and possibly missing out on events back at home.

However, no matter where your future employment takes you, if you have a student loan, repayment will follow.

If refinancing a student loan is something you’re considering, SoFi has options that may work for your situation. Saving money is simple with SoFi’s online application process, low fixed or variable rates, and flexible terms.

See if you pre-qualify for student loan refinancing with SoFi.


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If you are a federal student loan borrower, you should consider all of your repayment opportunities including the opportunity to refinance your student loan debt at a lower APR or to extend your term to achieve a lower monthly payment. Please note that once you refinance federal student loans you will no longer be eligible for current or future flexible payment options available to federal loan borrowers, including but not limited to income-based repayment plans or extended repayment plans.


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Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

Financial Tips & Strategies: 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.

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The Strategic Guide to Early Retirement

An early retirement used to be considered a bit of a dream, but for many people it’s now a reality — especially those who are willing to budget, save, and invest with this goal in mind.

If you’d like to retire early, there are concrete steps you can take to help reach your goal. Here’s what you need to know about how to retire early.

Understanding Early Retirement

Early retirement typically refers to retiring before the age of 65, which is when eligibility for Medicare benefits begins. Some people may want to retire just a few years earlier, at age 60, for instance. But others dream of retiring in their 40s or 50s or even younger.

Clarifying Early Retirement Age and Goals

You’re probably wondering, how can I retire early? That’s an important question to ask. First, though, you have to decide at what age to retire.

Schedule a few check-ins with yourself, and/or a partner or loved ones, to discuss what “early retirement” means. Is it age 50? Age 55? And what might your early retirement look like? Will you stop working completely? Work part-time? Or maybe you want to switch to a different field or start a business? Perhaps you dream of going back to school, volunteering, or traveling.

Early retirement is different for everyone. So the clearer you can get about the details now, the smarter you can be about how much money you need to make your plan work.

Insights into the Financial Independence, Retire Early (FIRE) Movement

There’s a movement of people who want to retire early. It’s called the FIRE movement, which stands for “financially independent, retire early.” FIRE has become a worldwide trend that’s inspiring people to work toward retiring in their 50s, 40s, and even their 30s.

Here’s how it works: In order to retire at a young age, people who follow the FIRE movement allocate 50% to 75% of their income to savings. However, that can be challenging because it means they have to sacrifice certain lifestyle pleasures along the way. For instance, they might not be able to eat out or travel.

Once they retire, FIRE proponents tend to use investments that pay dividends as passive income sources to help support themselves. However, dividend payments depend on company performance and they’re not guaranteed. So a FIRE adherent would likely need other sources of income in retirement as well.


💡 Quick Tip: Before opening an investment account, know your investment objectives, time horizon, and risk tolerance. These fundamentals will help keep your strategy on track and with the aim of meeting your goals.

Financial Planning for Early Retirement

In order to start planning to retire early, you need to calculate how much money you’ll need to live on once you stop working. How much would you have to save and invest to arrive at an amount that would allow you to retire early? Here’s how to help figure that out.

Estimating Retirement Costs and Income Needs

Many people wonder: How much do I need to retire early? There isn’t one answer to that question. The right answer for you is one that you must arrive at based on your unique needs and circumstances. That said, to learn whether you’re on track for retirement it helps to begin somewhere, and the Rule of 25 may provide a good ballpark estimate.

The Rule of 25 recommends saving 25 times your annual expenses in order to retire. Why? Because according to one rule of thumb, you should only spend 4% of your total nest egg every year. By limiting your spending to a small percentage of your savings, the logic goes, your money is more likely to last.

Here’s an example: if you spend $75,000 a year, you’ll need a nest egg of $1,875,000 in order to retire.

$75,000 x 25 = $1,875,000

With that amount saved, and assuming an annual withdrawal rate of 4%, you would have $75,000 per year in income.
Obviously, this is just an example. You might need less income in retirement or more — perhaps a lot less or a lot more, depending on your situation. If your desired income is $50,000, for example, you’d need to save $1,250,000.

Once you reach the traditional retirement age of 62, you would then be able to claim Social Security. (Age 67 is considered “full retirement” age for those born in 1960 and later, and you can wait to claim benefits until age 70.) The longer you wait to claim Social Security, the higher your monthly payments will be. You could add those Social Security benefits to your income or consider reinvesting the money, depending on your circumstances as you get older.

Recommended: Typical Retirement Expenses to Prepare For

Effective Savings Strategies

How do you save the amount of money you’d need for your early retirement plan?

Having a budget you can live with is critical to making this plan a success. The essential word here isn’t budget, it’s the whole phrase: a budget you can live with.

There are countless ways to manage how you budget. There’s the 50-30-20 plan, the envelope method, the zero-based budget, and so on. You could test a couple of them for a couple of months each in order to find one you can live with.

Another strategy for saving more is to get a side hustle to bring in some extra income. You can put that money toward your early retirement goal.

Adjusting Your Financial Habits

As you consider how to retire early, one of the first things you’ll need to do is cut your expenses now so that you can save more money. These strategies can help you get started.

Lifestyle Changes to Accelerate Savings

Take a look at your current spending and expenses and determine where you could cut back. Maybe instead of a $4,000 vacation, you plan a $2,000 trip instead, and then save or invest the other $2,000 for retirement.

You may be able to live more of a minimalist lifestyle overall. Rather than buying new clothes, for instance, search through your closets for items you can wear. Eat out less and cook at home more. Cut back on some of the streaming services you use. Scrutinize all areas of your spending to see what you can eliminate or pare back.

Debt Management Before Retirement

Obviously, it’s very difficult to achieve a big goal like saving for an early retirement if you’re also trying to pay down debt. It’s wise to work to pay off any and all debts you might have (credit card, student loan, personal loan, car loan, etc.).

That’s not only because being debt-free feels better — it also saves you money. For example, the interest rate you’re paying on credit card or store cards can be quite high, often above 15% or even 20%. If you owe $6,000 on a credit card at 17% interest, for example, when you pay that off, you’re essentially saving the interest that debt was costing you each year.

Health Care Planning: A Critical Component of Early Retirement

When you retire early, you need to think about health insurance since you’ll no longer be getting it through your employer. Medicare doesn’t begin until age 65, so start researching the private insurance market now to understand the different plans available and what you might need.

It’s critical to have the right health insurance in place, so make sure you devote proper time and attention to this task.

Investment Management for Future Retirees

Next up, you’ll need to decide what to invest in and how much to invest in order to grow your savings without putting it at risk.

Understanding Your Investment Options

How do you invest to retire early? You can invest in stocks, bonds, mutual funds, exchange-traded funds (ETFs), target date funds, and more.

One major factor to consider is how aggressively you want to invest. That means: Are you ready to invest more in equities, say, taking on the potential for greater risk in order to possibly reap potential gains? Or would you feel more at ease if you invested using a more conservative strategy, with less exposure to risk (but potentially less reward)?

Whichever strategy you choose, you may want to invest on a regular cadence. This approach, called dollar-cost averaging, is one way to maximize potential market returns and mitigate the risk of loss.

Balancing Growth and Risk in Your Investment Portfolio

Because you have less time to save for retirement, you will likely want your investments to grow. But you also need to consider your risk tolerance, as mentioned above. Think about a balanced, diversified portfolio that has the potential to give you long-term growth without taking on more risk than you are comfortable with.

As you get closer to your early retirement date, you can move some of your savings into safer, more liquid assets so that you have enough money on hand for your living, housing, and healthcare expenses.

Retirement Accounts: 401(k)s, IRAs, and HSAs

If your employer offers a retirement plan like a 401(k) or 403(b), that’s the first thing you want to take advantage of — especially if your employer matches a percentage of your savings.

The other reason to save and invest in an employer-sponsored plan is that in most cases the money you save into the plan reduces your taxable income. So the more you save, the less you might pay in taxes.

The caveat here is that you can’t access those funds before you’re 59½ without paying a penalty. So if you plan to retire early at 50, you will need to tap other savings for roughly the first decade to avoid the withdrawal penalties you’d incur if you tapped your 401(k) or Individual Retirement Account (IRA) early.

Be sure to find out from HR if there are any other employee benefits you might qualify for, such as stock options or a pension, for instance.

Additionally, if your employer offers a Health Savings Account as part of your employee benefits, you might consider opening one.

A Health Savings Account allows you to save additional money: In 2023, the HSA contribution caps are $3,850 for individuals and $7,750 for family coverage.

Your contributions are considered pre-tax, similar to 401(k) or IRA contributions, and the money you withdraw for qualified medical expenses is tax free (although you’ll pay taxes on money spent on non-medical expenses).

Finally, consider opening a Roth IRA. The advantage of saving in a Roth IRA vs. a regular IRA is that you’re contributing after-tax money that can be withdrawn penalty- and tax-free at any time.

To withdraw your earnings without paying taxes or a penalty, though, you must have had the account for at least five years (as per the 5 Year Rule), and you must be over 59½.



💡 Quick Tip: Did you know that a traditional Individual Retirement Account, or IRA, is a tax-deferred account? That means you don’t pay taxes on the money you put in it (up to an annual limit) or the gains you earn, until you retire and start making withdrawals.

The Pillars of Early Retirement

Retiring early means you’ll need to have income coming in to help support you. You may have a pension, which can also help. Once you’ve identified the income you’ll be generating, you’ll need to withdraw it in a manner that will help it last over the years of your retirement.

Establishing Multiple Income Streams

Having different streams of income is important so that you’re not just relying on one type of money coming in. For instance, your investments can be a source of potential income and growth, as mentioned. In addition, you may want to get a second job now in addition to your full-time job — perhaps a side hustle on evenings and weekends — to generate more money that you can put toward your retirement savings.

The Role of Social Security and Pensions in Early Retirement

Social Security can help supplement your retirement income. However, as covered above, the earliest you can collect it is at age 62. And if you take your benefits that early they will be reduced by as much as 30%. On the other hand, if you wait until full retirement age to collect them, you’ll receive full benefits. If you were born in 1960 or later, your full retirement age is 67. You can find out more information at ssa.gov.

If your employer offers a pension, you should be able to collect that as another income stream for your retirement years. Generally, you need to be fully vested in the plan to collect the entire pension. The amount you are eligible for is typically based on what you earned, how long you worked for the company, and when you stop working there. Check with your HR department to learn more.

The Significance of Withdrawal Strategies: Rules of 55 and 4%

When it comes to withdrawing money from your investments after retirement, there are some rules and guidelines to be aware of. According to the Rule of 55, the IRS allows certain workers who leave their jobs to take penalty-free distributions from their current employer’s workplace retirement account, such as a 401(k) or 403(b), the year they turn 55.

The 4% rule is a general rule of thumb that recommends that you take 4% of your total retirement savings per year to cover your expenses. To figure out what you would need, start with your desired yearly retirement income, subtract the annual amount of any pension or additional revenue stream you might have, and divide that number by 0.4. The resulting amount will be 4%, and you can aim to withdraw no more than that amount every year. The rest of your money would stay in your retirement portfolio.

Monitoring Your Progress Towards Early Retirement

To stay on course to reach your goal of early retirement, keep tabs on your progress at regular intervals. For instance, you may want to do a monthly or bi-monthly financial check-in to see where you’re at. Are you saving as much as you planned? If not, what could you do to save more?

Using an online retirement calculator can help you keep track of your goals. From there you can make any adjustments as needed to help make your dreams of early retirement come true.

How to Manage Early Retirement When You Get There

The budget you make in order to save for an early retirement is probably a good blueprint for how you should think about your spending habits after you retire. Unless your expenses will drop significantly after you retire (for instance, if you move or need one car instead of two, etc.), you can expect your spending to be about the same.

That said, you may be spending on different things. Whatever your retirement looks like, though, it’s wise to keep your spending as steady as you can, to keep your nest egg intact.

The Takeaway

An early retirement may appeal to many people, but it takes a real commitment to actually embrace it as your goal. These days, many people are using movements like FIRE (financial independence, retire early) to help them take the steps necessary to retire in their 30s, 40s, and 50s.

You can also make progress toward an early retirement by determining how much money you’ll need for post-work life, budgeting, and cutting back on expenses . And by saving and investing wisely, you may be able to make your goal a reality.

Ready to invest in your goals? It’s easy to get started when you open an investment account with SoFi Invest. You can invest in stocks, exchange-traded funds (ETFs), and more. SoFi doesn’t charge commissions, but other fees apply (full fee disclosure here).


Invest with as little as $5 with a SoFi Active Investing account.

FAQs

How much do you need to save for early retirement?

There isn’t one right answer to the question of how much you need to save for early retirement. It depends on your specific needs and circumstances. However, as a starting point, the Rule of 25 may give you an estimate. This guideline recommends saving 25 times your annual expenses in order to retire, and then following the 4% rule, and withdrawing no more than 4% a year in retirement to cover your expenses.

Is early retirement a practical goal?

For some people, early retirement can be a practical goal if they plan properly. You’ll need to decide at what age you want to retire, and how much money you’ll need for your retirement years. Then, you will need to map out a budget and a concrete strategy to save enough. It will likely require adjusting your lifestyle now to cut back on spending and expenses to help save for the future, which can be challenging.


Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

Financial Tips & Strategies: 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.

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Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.

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Wedding Gift Etiquette: 8 Rules to Follow As a Guest

Getting invited to a wedding is an honor — it means you are seen as a valued part of the couple’s life. However, it also means you’ll need to start thinking about what to give as a wedding gift and, the thorniest of wedding etiquette issues, how much you should spend. You may also wonder when to give a wedding gift (do you really have a year?) and, if you’re not going to be able to attend, if you still need to send a gift.

Navigating the intricacies of wedding gift etiquette can be tricky for everyone. But don’t stress. What follows is a modern day guide to wedding gift etiquette that will help ensure you give an appropriate wedding gift without going broke.

8 Wedding Gift Rules to Follow

What follows are eight essential wedding gift etiquette rules and customs all guests need to know.

1. Spend an Appropriate Amount

Some people think that how much to spend on a wedding gift should be based on how much is being spent on you — in other words, cover your plate. For example, if you think a reception costs a couple $150 per person, that should be your gift value. But, the truth is, how much you spend on a wedding gift should depend more on your relationship to the couple, how far you’re traveling for the wedding, and your own financial situation.

On average, guests spent $160 on a wedding gift in 2022, according to The Knot. But that may not make sense for everyone. If you’re younger or just out of college, spending $50 on a friend’s wedding might be just right. If you are very close to the couple and attending with your spouse or a date, you might give $250 or more. There is no one “right” amount to give as a wedding gift.

💡 Quick Tip: Typically, checking accounts don’t earn interest. However, some accounts do, and online banks are more likely than brick-and-mortar banks to offer you the best rates.

2. Budget for Other Expenses

When considering how much to spend on a wedding gift, you’ll also want to look at other costs related to the wedding. For example, you may be invited to other events that call for giving a gift, such as an engagement party and shower. In that case, you might allocate a certain percentage of your total gift budget for each event, such as 20% each for the engagement and shower gift and 60% on the wedding gift.

Also consider travel-related expenses and the cost of attire. If you are in the wedding party and have already maxed out your budget due to other costs, like hosting a bachelorette/bachelor party or buying a bridesmaid dress/groomsmen suit, then it is okay to simply give a small token gift for the ceremony.

Also keep in mind that if you’re invited to a destination wedding, your presence may actually be enough of a present. It’s likely that the couple will understand if you give a thoughtful handwritten note in lieu of a gift, or give them a smaller gift.

Recommended: Destination Weddings: 8 Awkward Money Questions, Answered

3. Use the Couple’s Wedding Registry

While you aren’t required to purchase a gift off the couple’s registry, doing so can make your life a lot easier. For one, the registry is a curated list of items the couple actually wants. It also typically offers gift ideas at a variety of price ranges, giving you a lot of flexibility. What’s more, you won’t have to worry about how you’ll actually get the gift to the couple (see rule # 6). You simply need to write a short note, input your credit card information, and hit “buy.” The store will do the rest. The registry is also a great resource for engagement and shower gifts.

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4. Consider Chipping in on a Group Giftsticking to your budget. Just be sure that everyone who contributes to the gift signs the wedding card.

A group gift can be especially helpful for members of the wedding party, who may have already bought multiple shower and engagement gifts and paid for wedding attire and bachelorette/bachelor parties.

Recommended: Why Saving Money Is Important

5. Cash is Completely Acceptable

When it comes to wedding gift etiquette, it’s perfectly acceptable to give money as a wedding gift. In fact, many couples prefer cash gifts, and will even register for cash funds to help pay for their honeymoon or a down payment on a home. If giving cash through the registry isn’t an option or not your preference, you can also give cash by writing a check and inserting in an envelope with a thoughtful note.

If you do go the check route, it’s a good idea to write only one of their names on the check (to avoid potential confusion at the bank) and include both names on the memo line, and in your note, so it’s clear this is a gift for both of them. You can either mail your check in advance or bring it to the wedding (the one time you can break rule #6).

💡 Quick Tip: If your checking account doesn’t offer decent rates, why not apply for an online checking account with SoFi to earn 0.50% APY. That’s 7x the national checking account average.

6. Don’t Bring the Gift to The Wedding

In some communities and cultures, it’s customary to bring your gift to the wedding and there will be a table at the reception where you can leave it. Generally speaking, however, it’s not considered proper wedding gift etiquette to bring a gift to a wedding (the exception being a card with a check). While you should bring a shower gift to the actual shower, it’s easier for the couple if you send a wedding gift to their home.

7. Send a Gift Before (or Soon After) the Wedding

The old rule that you have up to a year to send a gift is no longer considered proper wedding gift etiquette. Thanks to digital registries, online shopping, and two-day free shipping, it’s generally expected that guests will send a gift before the wedding or within three months of the couple getting married. This is respectful, and also avoids the awkwardness of running into the couple six months after the reception knowing that you still haven’t given them a gift to acknowledge their wedding.

8. Send Something Even if You Don’t Go

A wedding invitation is a thoughtful gesture that tells you that the couple appreciates your friendship and wants to include you in their celebration. If you are close friends or family to the bride or groom, you generally want to recognize that honor with a thoughtful note and gift, even if you are not able to attend the wedding. It doesn’t have to be a large gift. You might choose an item of nominal value from their registry or for their new home.

There is an exception to this etiquette rule, however. if you are not particularly close to the couple, you can likely get away with simply dropping a thoughtful note in the mail — and skipping the gift.

Recommended: Understanding Discretionary Expenses

The Takeaway

Just like weddings themselves, wedding gift etiquette has evolved over time, which can make purchasing a wedding gift all the more confusing. To avoid running afoul of any etiquette rules, you generally want to pick out a gift from the registry or give a cash gift (either through registry or via check). As for how much to spend on a gift, consider your relationship to the couple, what you can feasibly afford, and other costs involved (such as traveling to attend the wedding).

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FAQ

What is proper wedding gift etiquette?

Proper wedding gift etiquette involves several considerations. First, you’ll want to consult the couple’s gift registry to find out what they would like to receive. Giving a cash gift is also perfectly acceptable, and often preferred by couples. You might also consider going in on a group gift.

Ideally, you’ll want to send a physical gift before the wedding or within three months of the event. It’s fine to bring a card with a check to the celebration.

As for how much to spend, you’ll want to consider your budget, relationship to the couple, and how far you’re traveling for the wedding.

What should you avoid giving as a wedding gift?

According to proper wedding gift etiquette, you’ll want to avoid giving overly personal items (since everyone’s preferences are different) and anything that could potentially offend or cause discomfort to the couple. Also consider avoiding gifts that are overly extravagant or impractical, especially if they might burden the couple with maintenance or storage issues.

Is it rude to attend a wedding and not give a gift?

It’s customary to give a gift if you are attending a wedding. How much you spend, however, is flexible. If you have significant budget constraints, it’s perfectly okay to give a modest gift, along with a thoughtful note wishing the couple well.

Is it ever okay to not give a wedding gift?

If you are attending the wedding, it’s customary to give a gift to commemorate the couple’s special day. Even if you’re not attending the wedding, you generally still want to send a note and a gift. However, if you’re not attending the wedding and don’t know the couple well, it’s acceptable to send a thoughtful note without a gift.


SoFi members with direct deposit activity can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a deposit to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate.

SoFi members with Qualifying Deposits can earn 4.60% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant.

SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.60% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.

SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.

Members without either Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances.

Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
.

SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2023 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.
The SoFi Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.


Financial Tips & Strategies: 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.

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How to Prepare Financially for a Divorce

Going through a divorce can be an overwhelming experience. There’s already the emotional pain of divorce, and then partners must also divide up money and assets and break down the financial structure that they’ve built together.

Piled on top of the logistics of divorce, some people may find themselves managing money on their own for the first time in their lives. These added financial stressors can make a difficult situation even more challenging.

Fortunately, there are some simple things you can do prior to getting a divorce that can take some of the stress out of the process. While every couple’s situation is different, what follows is a basic roadmap for how to prepare for a divorce financially.

7 Steps to Financially Prepare for a Divorce

Divorces can range from being hard-fought battles in court to peaceful mediation that happen outside of the courtroom. Either way, when it comes to divorce and finances, the money eventually needs to be split up. Here’s how to make the process of dividing up assets go as seamlessly as possible.

💡 Quick Tip: Make money easy. Enjoy the convenience of managing bills, deposits, and transfers from one online bank account with SoFi.

Step 1: Gather Your Financial Statements

A good first step to preparing for a divorce is to gather current and past financial statements so you can get a full picture of your shared and individual accounts. Having quick access to all this information can also save time (and, in turn, money) when you consult a lawyer. Here’s what you may need:

•   Checking, savings and investment account statements (past year)

•   Current statements for retirement plans (IRAs, 401k plans, or pensions)

•   List of assets acquired before and during your marriage (real estate, vehicles, boats, etc.)

•   Debt statements and balances (mortgages, auto loans, personal loans, credit cards, and credit lines)

•   Credit card statements (past year).

•   Recent pay stubs

•   Income tax returns (past three years)

Step 2: Document Your Assets

Since you’ll be dividing up all of your assets, it’s a good idea to take inventory of all of the assets you own (both individually and jointly), such as your home, car, and anything items with a high value. Collect receipts, photos or videos of each item, and note whether the asset is owned by you, owned by your spouse, or shared. You’ll also want to assign a value to each asset (if you own valuable antiques or collectibles, you might need to hire a professional appraiser).

Step 3: Track Your Finances

You’ll also want to begin tracking how much you’ve been spending each month — and on what. This will not only help you build a budget post-divorce, but it is also critical for your attorney (and later the judge) in deciding how to split assets and debts, and whether to award spousal or child support.

You can use your bank and credit card statements to come up with average spending from the past couple of years, including household bills, food, clothing, entertainment, home maintenance, transportation, child care, and anything else that you spend money on. Once you have a sense of what you’ve been spending, do your best to project future expenses. You can use previous years as a guide but also factor in potential future expenses (like a child’s school tuition and extracurricular activities).

Recommended: How to Track Your Monthly Expenses: Step-by-Step Guide

Step 4: Prepare to Make Some Difficult Choices

Splitting financial accounts tends to be relatively straightforward, but dividing up “real” assets like your home and any other treasured joint possessions, can be more complicated, So it’s a good idea to think of anything that falls into that category and what will make the most sense for you and your spouse moving forward.

If you own your home, that is likely going to be the largest asset you’ll need to make a decision about. If the home is being supported by two incomes, neither you nor your spouse may be able to afford to stay there on your own. Often, the simplest choice is to sell the home and split the proceeds. However, if children are involved, and it’s financially feasible, one parent might opt to buy out the other to maintain some normalcy. What will work best for you and your spouse will depend on your unique personal and financial situation.

Step 5: Be Frugal

No doubt you’re aware that divorce can be expensive. The average cost of a divorce in the U.S. is $12,900. You could spend significantly less if there are no major contested issues, or it could run a lot more should you end up going to trial over several issues.

Either way, now is probably not a good time to run up large expenses, either individually, or as a unit. If you and your spouse don’t have money set aside for hiring a divorce attorney and other related expenses, try to agree about each spending a conservative and comparable amount, while continuing to use your joint and individual accounts.

This can be a good time to eliminate or pare back your expenses where possible. For example, you might cancel unused subscriptions and memberships, attempt to dine out less, and use the clothes that you own. There are tons of creative ways to be frugal — so you can do it in a way that aligns with your values.

💡 Quick Tip: Are you paying pointless bank fees? Open a checking account with no account fees and avoid monthly charges (and likely earn a higher rate, too).

Step 6: Seek Out the Right Professional Help

If you and your spouse want to minimize legal expenses and think you can amicably split your assets, you might consider consulting a mediator. A mediator acts as a neutral third party to help you negotiate an agreement on the splitting of assets and making other arrangements (in some cases, custody of children) and could save you significant time and money.

If mediation is not an option, you’ll need to find a divorce attorney to handle your legal affairs and represent your respective sides in the negotiations (you’ll each need your own attorney). You might also consider getting help from a qualified financial adviser to make sure that all assets are divided, transferred successfully into new accounts, and reinvested, if necessary (again, you’ll likely each want your own financial adviser).

Step 7: Separate Your Finances

As you move towards divorce, you’ll want to set up your own checking and savings accounts and get your paycheck automatically deposited there. You’ll also need to redirect any direct deposits and update any automatic payment information. You can then start using the new accounts for all your own personal future deposits and expenses. The old joint accounts will need to be split between you and your spouse.

You may also want to consider opening your own retirement account (if you don’t have one). This is especially important if you are expecting to get money from your spouse’s retirement account as part of your divorce. Transferring the funds directly into your retirement account can help you avoid paying taxes on the money now.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.


Better banking is here with up to 4.60% APY on SoFi Checking and Savings.

FAQ

How much money should I save for a divorce?

The average cost of a divorce is $12,900. However, you could spend significantly less. A divorce with no major contested issues runs, on average, $4,100. Or you might end up spending more. Divorces that go to trial on two or more issues can cost as much as $23,300.

Should you separate finances before a divorce?

If you know divorce is inevitable, it can be a good idea to start the financial separation process as soon as possible. If your money is in a joint account, you can begin by opening a new individual checking account and savings account. Next, you’ll need to redirect any direct deposits and update any automatic payment information. Use the new account for all your own personal future deposits and expenses. You might opt to keep one joint account open, however, to pay for household expenses until you are officially divorced.



SoFi members with direct deposit activity can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a deposit to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate.

SoFi members with Qualifying Deposits can earn 4.60% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant.

SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.60% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.

SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.

Members without either Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances.

Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
.

SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2023 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.
The SoFi Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.


Financial Tips & Strategies: 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.

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Am I on Track for Retirement?

If everyone got a dollar every time they wondered, “Am I on track for retirement?” and “How much do I need to retire?” we’d all be a lot closer to retiring.

Joking aside, there’s no one answer to the perplexing question of how much you really need to retire. It’s a personal calculation based on numerous factors, including your income, your age, how much you’ve already saved, and when you can tap retirement and Social Security benefits.

That said, it is possible with the help of a few guidelines to get a sense of what size nest egg you’ll need to retire comfortably.

How Much Do I Need to Retire, Really?

The amount of money you need to save for retirement depends largely on your goals, health, and lifestyle. However, one rule of thumb suggests that an individual will likely spend 80% of their current income each year in retirement. So, if you earn $100,000, you’ll need about $80,000 per year when you retire.

This figure is flexible, and can be adjusted based on the amount of Social Security you can claim, and how much your retirement lifestyle might cost. You may need more income if you’re planning to retire and start a small business, or less if you’re planning to downsize or work part time.

You likely want to take into account what your health or medical expenses might be, and whether your retirement nest egg is meant to cover two people or one.

It’s worth spending some time thinking about, and perhaps having some candid conversations with your spouse and family members, about your retirement plan. The amount of money you think you need may be different than the amount you actually will need. It’s important to explore the options, since there are different ways to slice this pie.

The 4% Rule

How much do you need to retire? To understand the amount of total savings you might need if you’re aiming to replace 80% of your income each year, you can use the 4% rule. This guideline recommends you withdraw no more than 4% of your total retirement savings to cover your annual expenses. The theory behind this rule is that by withdrawing a small percentage of your nest egg each year, you can leave the bulk of your portfolio intact and hopefully growing steadily over time.

So if you consider your desired annual income of $80,000, and subtract, say, $20,000 in annual Social Security benefits (learn more about Social Security below), you would need about $60,000 to come from savings or other income.

Then, divide this target income amount by 4% to get the approximate total you’ll need to save. For example, for a target annual income of $60,000, divide $60,000 by 4% (60,000/0.04) you get about $1.2 million.


💡 Quick Tip: Before opening any investment account, consider what level of risk you are comfortable with. If you’re not sure, start with more conservative investments, and then adjust your portfolio as you learn more.

Target Retirement Savings By Age

Because lifestyle, standard of living, and individual costs can vary so widely, there’s no exact recommendation for how much different age groups should have already saved for retirement. However, once again, there are some useful guidelines.

Age How Much Should You Have Saved?
30 By age 30, experts recommend you have saved an amount equal to your annual salary. Start by saving 10%-15% of your gross income, beginning in your 20s.
40 Three or four times your annual salary.
50 Six times your annual salary
60 Eight times your annual salary
67 10 times your annual salary. So if you make $75,000, you should have $750,000 saved.

Are You on Track?

You may still be wondering, “Am I on track for retirement?” The rules of thumb above can help you benchmark whether you are on track. However, it’s also important to factor in your personal financial situation, as well as your retirement goals, to get a handle on your individual needs. Depending on your personal circumstances, you may need to save more or less.

Give yourself an honest assessment of your financial present by doing an inventory of your current expenses, income, taxes, and savings. Which expenses do you expect to carry over into retirement? Which won’t?

For example, perhaps you have a mortgage that you’ll pay off before you retire, so you won’t need to include that in your retirement income needs. Do you have enough income to meet your savings goals? How much have you already saved in your retirement, brokerage, and savings accounts? You can subtract the amount you’ve already saved from your total goal.

Recommended: How to Save for Retirement at 30

Understanding the Role of Social Security

Social Security benefits can provide a vital supplement to your retirement income and help you get closer to financial security. However, it’s critical to understand that the amount of your benefit will vary depending on your age.

The earliest you can start receiving Social Security Benefits is age 62, but your benefits will be reduced by as much as 30% if you take them that early — and they will not increase as you age.

If you wait until your full retirement age (FRA) you can begin receiving full benefits. Your full retirement age is based on the year you were born. For example, if you were born in 1960 or later, your full retirement age is 67. You can find a detailed chart of retirement ages at ssa.gov.

But here is the real Social Security bonus: If you can put off claiming your Social Security benefits until age 70, perhaps by working longer or working part time, the size of your benefits will increase considerably. Typically, for each additional year you wait to claim your benefits up to age 70, your benefits will grow by 8%.



💡 Quick Tip: The advantage of opening a Roth IRA and a tax-deferred account like a 401(k) or traditional IRA is that by the time you retire, you’ll have tax-free income from your Roth, and taxable income from the tax-deferred account. This can help with tax planning.

Choosing From the Different Types of Retirement Plans

There are a number of tax-advantaged retirement accounts that can help you meet your retirement savings goals:

401(k) Plans

A 401(k) plan is an employer-sponsored retirement plan. Contributions are made with pre-tax dollars, which lowers your taxable income for an immediate tax break. In 2023, individuals can contribute up to $22,500 each year, with an additional $7,500 for those age 50 and up. Funds are typically taken directly from your paycheck to make savings automatic. Employers will often offer matching contributions, and employees should typically save enough to meet the matching requirements. After all, it’s essentially free money and can boost your retirement savings.

Investments inside 401(k) accounts grow tax-deferred, and withdrawals in retirement are taxed at your normal income tax rate.

Account holders who leave their job or are laid off at age 55 or older can make withdrawals from their 401(k) without paying an early withdrawal penalty. Otherwise individuals must wait until age 59½. Your 401(k) plan is subject to required minimum distributions (RMDs) once you turn 73.

Traditional and Roth IRAs

In addition to saving in a 401(k), you can also consider a traditional or Roth IRA. To help decide which one works for you, consider the differences between the two:

•  Traditional IRA. With a traditional IRA, contributions are made with pre-tax funds and grow tax-deferred inside the account. Withdrawals for a traditional IRA are taxed at ordinary income tax rates. Withdrawals can be made at age 59½ without penalty. Early withdrawals, though, are subject to both income tax and a 10% penalty. Traditional IRAs are also subject to RMDs.

•  Roth IRA. Roth IRAs, on the other hand, are funded with after-tax contributions, so there is no immediate tax break. However, money inside the account grows tax-free, and withdrawals are also tax-free in retirement. Because you’ve already paid taxes on the principal (the amount of your contributions), those funds can be withdrawn penalty-free at any time — but if you withdraw earnings as well, you could incur a penalty.

While the idea of tax-free retirement income is pretty appealing, Roth accounts come with several rules and restrictions, most notably income limits. Before opening a Roth, be sure you understand the terms. Contribution limits for both traditional and Roth IRAs are $6,500, or $7,500 in 2023 for those age 50 and up.

The Takeaway

Asking yourself, “Am I on track for retirement?”, is such a common question — yet it doesn’t have a one-size-fits-all answer. Determining the amount you’ll need to cover your expenses in retirement requires weighing various personal and financial factors, including how much you’ve saved, and estimating how much you’re likely to need in the years to come.

Fortunately, there are some basic rules of thumb that can help you reach a potential target amount. While these figures aren’t set in stone, they can provide a reasonable ballpark to help you start planning, saving, and investing for your post-work future.

Ready to invest in your goals? It’s easy to get started when you open an investment account with SoFi Invest. You can invest in stocks, exchange-traded funds (ETFs), and more. SoFi doesn’t charge commissions, but other fees apply (full fee disclosure here).


Invest with as little as $5 with a SoFi Active Investing account.

FAQ

What are the signs that you are ready to retire?

Signs that you’re ready to retire include having enough money for the retirement lifestyle you want, having diversified portfolio to help manage investment risk, you’ve paid off or significantly reduced your debt, you have a plan to collect Social Security in a way that will help you maximize your benefits, and you feel comfortable that you can afford healthcare costs or any emergencies that come up.

Am I on track to retire comfortably?

To gauge if you are on track with your retirement savings, you can use a couple of general guidelines. The 80% rule says you will need 80% of your income per year when you retire. Another guideline recommends having 10 times your annual salary saved by the time you’re 67.

But you also need to factor in your personal financial situation, as well as your retirement goals to determine if you can retire comfortably. Depending on your circumstances, you may need to save more or less than the guidelines recommend.


Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

Financial Tips & Strategies: 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.

SoFi Invest®
SoFi Invest refers to the two investment and trading platforms operated by Social Finance, Inc. and its affiliates (described below). Individual customer accounts may be subject to the terms applicable to one or more of the platforms below.
1) Automated Investing and advisory services are provided by SoFi Wealth LLC, an SEC-registered investment adviser (“SoFi Wealth“). Brokerage services are provided to SoFi Wealth LLC by SoFi Securities LLC.
2) Active Investing and brokerage services are provided by SoFi Securities LLC, Member FINRA(www.finra.org)/SIPC(www.sipc.org). Clearing and custody of all securities are provided by APEX Clearing Corporation.
For additional disclosures related to the SoFi Invest platforms described above, including state licensure of SoFi Digital Assets, LLC, please visit SoFi.com/legal.
Neither the Investment Advisor Representatives of SoFi Wealth, nor the Registered Representatives of SoFi Securities are compensated for the sale of any product or service sold through any SoFi Invest platform. Information related to lending products contained herein should not be construed as an offer or pre-qualification for any loan product offered by SoFi Bank, N.A.

Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.

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