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By Anneken Tappe |
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Comments Off on Finding the Retirement Strategy That’s Right for You
Saving for retirement is challenging. That’s why our three-part series this week focuses on how to get your long-term savings on track. First, we explored why habit formation is so important for long-term savings and investments. Below, we tackle why there is no one-size- fits-all solution. And later this week, we will get into how streamlining your retirement portfolio with the help of an individual retirement account (IRA) can potentially help you reach your goals.
Retirement planning is a long and personal journey. While the goal may be the same for all of us – to save enough money to sustain our life and lifestyle after retiring – our respective paths will be unique. And the great variety of investment options and retirement accounts further complicates things. There’s no one-size-fits-all solution when it comes to retirement planning.
Creating a strategy that fits your individual financial situation, long-term goals, and time horizon can help you stay on track. And that’s exactly what we’re tackling today.
Finding Your Path
A lot of your financial decisions – whether retirement-related or not – are driven by your individual circumstances, including factors such as your age, income, goals, and risk tolerance. For example, if you start saving in your 20s, you may get more bang for the money you invest through the power of compound growth (as we discussed in the first article of this series). But it may be harder to find the money to invest given that most people tend to earn less at the beginning of their career.
The first step in developing a strategy may be the trickiest: figuring out how much money you will need for retirement. A rule of thumb says you should save 10 times your annual salary. The 80% rule aims to replace 80% of your pre-retirement income by the time you leave the workforce through withdrawals from your retirement savings. Another (simpler) rule of thumb suggests saving 15% of your annual salary for retirement every year. Depending on whether you have already gotten started on saving, these rough guidelines may give you an idea how your savings to date stack up.
For most people, saving for retirement involves investing, which can provide a much higher return than a simple savings account. As such, you’ll need to consider your risk tolerance. All investments come with some risk – but some are riskier than others. Building a diversified portfolio that includes different types of investments, such as stocks, bonds, cash, and alternative investments, can help you balance your overall investment risk. And your time horizon may also play a role: Conventional wisdom suggests that younger people should invest more aggressively and gradually dial it back for more conservative investments as they approach retirement.
Tax loopholes aren’t only for the ultra-wealthy. In fact, strategically navigating your taxes is a huge part of saving for retirement. By offering tax savings on your contributions or on your eventual withdrawals, these types of accounts allow you to effectively save more. There are pros and cons to paying taxes up front or later, much of which is connected to your current and your expected tax rate. If you’re in a lower tax bracket now, saving post-tax dollars today is great. Meanwhile, if you’re in a higher tax bracket now than you expect to be in retirement, paying Uncle Sam for your eventual retirement withdrawals is a more cost efficient way to save.
If you’re a high earner in a high income tax bracket, it may be advantageous to lower your tax liability now by using an Individual Retirement Account (IRA), which are among the most popular retirement savings accounts. Contributions to a traditional IRA are tax deductible, but your withdrawals (after the age of 59½) are taxed as regular income. In contrast, with a Roth IRA, contributions are not tax deductible, but withdrawals made after age 59½ (of funds that have been held for at least five years) are tax-free. For both types of IRAs, the 2024 contribution limit was $7,000, or $8,000 over the age of 50. These limits will remain the same in 2025.
The other major type of retirement savings account is the 401(k), which is offered by an employer. With this type of savings plan, you don’t have to pay taxes on the money you deposit; and in a way, you’re shielding a portion of your income from being taxed. Withdrawals in retirement are taxed as ordinary income. But the biggest potential advantage comes if your employer offers a match: This is essentially free money to boost your savings and financial planners often recommend maximizing your 401(k) match possibilities before contributing to other retirement plans like IRAs. Last year, the 401(k) contribution limit was $23,000.
You can have both a 401(k) and an IRA that you contribute to every year. You can also use your IRA to consolidate old 401(k) from previous jobs into one account. (SoFi offers you a 1% match for any rollovers and contributions to a SoFi IRA.) We’ll discuss this in detail in the third part of our series. By combining the two types of accounts for your retirement planning you can take advantage of their benefits at the same time, potentially giving you more control over your finances. Investing through both a 401(k) and an IRA also allows you to take advantage of compounding growth with two different sums of money, potentially boosting your retirement nest egg even further.
Your Flexibility and Control
An IRA allows you to build a balanced portfolio, including stocks, bonds, mutual funds, and even real estate. This flexibility enables you to build a diversified portfolio that aligns closely with your financial goals and risk tolerance. This level of control can be particularly beneficial if you want to take a more active role in managing your retirement savings. If you’re looking to set up an account for yourself, check out the SoFi IRA and get started.
Employer-sponsored plans like 401(k)s also give you some choice in determining your investments, but they’re often much more limited. For example, you may only be able to set your risk tolerance rather than pick and choose the exact asset classes or sectors you put your money into. Other plans may allow you to choose between specific portfolios. Either way, your investing choice is likely more limited with a 401(k).
The bottom line is this: The best time to start saving and investing was yesterday (or 15 years ago). But the next best time is today. There are advantages and drawbacks to both 401(k)s and IRAs. But by combining them to save for your future, you can get the best of both worlds, maximizing both your immediate benefits (such as tax deductions and contribution matches) and long-term growth potential for a comfortable retirement.
Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.
The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement. No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.
SoFi isn't recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.
By Ben Kesslen |
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Comments Off on The Danger of Being Underinsured
The apocalyptic scenes from the Los Angeles wildfires are devastating. Those who have lost their homes face a long and uncertain recovery. Even before these latest fires, home insurance in California had become increasingly unaffordable, if you could even get it. Now, those impacted will have to decide whether to stay in a state facing not only more extreme weather, but an insurance market in utter crisis. Some of the displaced may not have enough insurance coverage to rebuild, or any at all.
Those of us not experiencing the wildfires firsthand are feeling grateful for our safety and our homes. But many of the dynamics playing out in California are worth considering wherever you live. In 2024, roughly 45% of all homes in the U.S. faced severe or extreme climate risks from wildfire, flood, hurricane winds, heat or air quality, according to a Realtor.com analysis. And being underinsured is not just a California phenomenon.
In fact, academic research published just last month suggests most U.S. homeowners don’t have enough coverage to rebuild their homes. Three business school professors concluded that of the nearly 5,000 policyholders impacted by a 2021 wildfire in a suburban area of Colorado, 74% were underinsured. That includes 36% who were so underinsured that their coverage limits were for less than three-quarters of their home’s replacement cost.
These figures become all the more concerning as average insurance premiums rise across the country, jumping 33% between 2020 and 2023, according to one analysis. Nowadays, when homeowners look for ways to lower their premiums, insurers may offer to reduce their coverage limits in response. That was the primary reason so many policyholders ended up with insufficient coverage for the Colorado wildfire, the researchers found.
So what? Simply having a home insurance policy may not be enough in 2025 – especially if you live somewhere threatened by extreme weather. Now’s a good time to check what your insurance would cover if you had to rebuild, as well as how much you’d get for temporary housing and other expenses incurred. If you’re already struggling with a high premium, shop around. Just think twice before cutting your coverage limits. You don’t want to discover you’re underinsured when it’s too late.
Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.
The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement. No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.
SoFi isn't recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.
The Pennsylvania State University, known as Penn State, is highly ranked for both its undergraduate and graduate programs, particularly in the area of entrepreneurship. In-state tuition for the 2023-24 school year at Penn State was $20,234. That’s almost twice the average for public four-year universities at $11,260 per year. Many students take out student loans to help with Penn State tuition.
If you’re concerned that you might not be accepted to Penn State because you don’t have the money to attend, don’t be. Penn State is “need-blind,” meaning your ability to cover tuition isn’t considered when the school reviews your application. Anyone, regardless of income and financial situation, can apply.
Generally, financial aid is monetary assistance awarded to students based on personal need and merit. Students who qualify for financial aid can use it to pay for college costs like tuition, books, and living expenses.
The federal government is the largest provider of student financial aid. However, aid can also be given by state governments, colleges and universities, private companies, and nonprofits. The different types include:
• Scholarships: These can be awarded by schools and other organizations based on students’ academic excellence, athletic achievement, community involvement, job experience, field of study, or financial need.
• Grants: Generally based on financial need, these can come from federal, state, private, and nonprofit organizations.
• Work-study: This federal program provides qualifying students with part-time employment to earn money for expenses while in school.
• Federal student loans: This is money borrowed directly from the U.S. Department of Education. It comes with fixed interest rates that are typically lower than private loans.
Colleges, universities, and state agencies use the Free Application for Federal Student Aid (FAFSA) to determine financial aid eligibility. The FAFSA can be completed online, but note that state, federal, and school deadlines may differ.
You can find other financial aid opportunities on databases such as:
Among incoming Penn State freshmen, 44% take out federal student loans, while 15% take out private loans. The average private student loan is $26,372.
Private college loans are funded by private organizations such as banks, online lenders, credit unions, some schools, and state-based or state-affiliated organizations. While Federal student loans have interest rates that are regulated by Congress, private lenders follow a different set of regulations so their qualifications and interest rates can vary widely.
What’s more, private loans have variable or fixed interest rates that may be higher than federal loan interest rates, which are always fixed. Private lenders may (but don’t always) require you to make payments on your loans while you are still in school, compared to federal student loans, which you don’t have to start paying back until after you graduate, leave school, or change your enrollment status to less than half-time.
Private loans don’t have a specific application window and can be applied for on an as-needed basis. However, if you think you may need to take out a private loan, it’s a good idea to submit your FAFSA first to see what federal aid you may qualify for as it generally may have better rates and terms. Additionally, understanding how to pay off student loans effectively can help you make informed decisions about managing both federal and private loan debt.
If you’ve missed the FAFSA deadline or you’re struggling to pay for school during the year, private loans can potentially help you make your tuition payments. Just keep in mind that you will need enough lead time for your loan to process and for your lender to send money to your school.
The cost of attending Penn State for four years, including tuition, room and board, books, and other expenses, is $159,568 for in-state students. Compare that to the total average cost for a four-year public university for in-state students of $115,360.
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Students spent $22,074 for in-state tuition and $42,028 for Penn State out-of-state tuition for the 2023-24 school year. In addition to Penn State tuition, they also paid $13,030 for room and meals.
Graduate Tuition and Fees
Costs for 2023-24
In-State
Out-of-State
Tuition & Fees
$25,518
$43,828
Penn State tuition for graduate school in 2023-24 was $25,518 for in-state students and $43,828 for out-of-state students. The average cost of tuition for graduate school at a public institution is $10,320. There are graduate loans available to help with these costs.
💡 Quick Tip: Graduate student loans can help cover tuition, fees, and other education-related expenses.
Cost per Credit Hour
While you have the option to attend Penn State full-time (at the Penn State tuition rates we’ve covered), you also can opt to attend part-time. In that case, you would pay per credit hour, which is $820 per credit for in-state freshmen and sophomores.
Campus Housing Expenses
Costs for 2023-24
On-Campus
Off-Campus
Books & Supplies
$1,840
$1,840
Room & Board
$13,030
$13,030
Other Expenses
$4,788
$4,788
On-campus housing is provided at 12 of the 20 campuses of Penn State. First-year students at University Park are required to live on campus and are guaranteed housing.
Students may also opt for private housing near campus. Student Affairs has a website for Off-Campus Student Support where you can view apartments near your campus. Check it out to explore the available off-campus options .
Penn State Acceptance Rate
Fall 2023
Number of applications
85,956
Number accepted
46,416
Percentage Accepted
54%
When it comes to the Penn State acceptance rate, over half of all students who apply are accepted.
Admission Requirements
Now that you know the Penn State acceptance rate, it’s important to understand what’s needed for admission. To be accepted as a student at Penn State, there are a couple of requirements, and then there are additional recommendations.
Required:
• Secondary school GPA
• Secondary school record
Recommended:
• Admission test scores (SAT/ACT)
• Completion of college-preparatory program
• Personal statement or essay
SAT and ACT Scores
Currently, Penn State is test-optional through at least fall 2025. Students may submit SAT or ACT scores but are not required to. Even though submitting test scores for admissions is optional, here are the median scores for the SAT and ACT:
Test
SAT Composite
1310
ACT Composite
29
Popular Majors at Penn State
Penn State offers students more than 275 majors to choose from on its 20 undergraduate campuses. Here are the most popular, as well as how many students graduated in each field with an undergraduate degree in 2022-23.
1. Finance
Considering a degree in finance? At Penn State, finance grads are armed with important knowledge to prepare them for careers in corporate finance, investment and portfolio management, banking, public finance, and international finance.
Undergraduate degrees in 2022-23: 557
2. Information Science/Studies
This is one of the most popular programs at Penn State. Students are trained with skills that will prepare them for careers in information technologies.
Undergraduate degrees in 2022-23: 489
3. Psychology
Psychology students learn psychology theories, concepts, and trends, and use critical thinking to problem solve.
Undergraduate degrees in 2022-23: 446
4. Computer and Information Systems
For students interested in the field of technology, this Penn State major provides the foundation for a successful career. Undergrads study programming, systems analysis and design, and network management.
Undergraduate degrees in 2022-23: 382
5. Mechanical Engineering
The mechanical engineering program uses a foundation of chemistry, math, and physics, and teaches students to analyze and problem solve.
Undergraduate degrees in 2022-23: 374
6. Marketing
Many Penn State students also pursue marketing careers upon graduating. The marketing program trains students to develop products and services, create marketing plans, and understand marketing needs.
Undergraduate degrees in 2022-23: 361
7. Public Relations, Advertising, and Applied Communication
Students develop an understanding of the role and effect of advertising and public relations within the business, social, and political arenas.
Undergraduate degrees in 2022-23: 349
8. Biological and Biomedical Sciences
For students interested in medical careers, a degree in biology is a stepping stone. Courses include ecology, evolution, and behavior; genetics and development biology; and medical technology.
Undergraduate degrees in 2022-23: 341
9. Econometrics and Quantitative Economics
Another popular major is economics. Students learn about different economic systems, governments, and business operations.
Undergraduate degrees in 2022-23: 335
10. Accounting
Those interested in becoming accountants or auditors may benefit from studying accounting at Penn State.
Undergraduate degrees in 2022-23: 218
This resource can help you learn more about the different majors at Penn State.
Graduation Rate
Penn State’s graduation rate has risen in recent years. Here is the graduation rate of students who began their studies in 2017: 86%.
Post-Graduation Median Earnings
Upon graduation, students from Penn State earn, on average, $63,000, according to the U.S. Department of Education’s College Scorecard. This is just below the average salary for the class of 2024 of $68,516.
Bottom Line
Penn State’s tuition may be higher than the average for U.S. public four-year institutions, but what you get in return is the chance to study one of more than 270 fields that will prepare you for a fulfilling career. And because Penn State is need-blind, it’s inclusive, no matter what your financial situation. Anyone can apply.
SoFi private student loans offer competitive interest rates for qualifying borrowers, flexible repayment plans, and no origination fees.
SoFi Private Student Loans Please borrow responsibly. SoFi Private Student loans are not a substitute for federal loans, grants, and work-study programs. We encourage you to evaluate all your federal student aid options before you consider any private loans, including ours. Read our FAQs.
Terms and conditions apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. SoFi Private Student loans are subject to program terms and restrictions, such as completion of a loan application and self-certification form, verification of application information, the student's at least half-time enrollment in a degree program at a SoFi-participating school, and, if applicable, a co-signer. In addition, borrowers must be U.S. citizens or other eligible status, be residing in the U.S., Puerto Rico, U.S. Virgin Islands, or American Samoa, and must meet SoFi’s underwriting requirements, including verification of sufficient income to support your ability to repay. Minimum loan amount is $1,000. See SoFi.com/eligibility for more information. Lowest rates reserved for the most creditworthy borrowers. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change. This information is current as of 4/22/2025 and is subject to change. SoFi Private Student loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org).
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By Erik Carlson |
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Comments Off on What happens if I don’t make payments while in school, but my loan requires it?
If you’re more than 30 days past due on required payments while in school, your upcoming loan disbursement(s) are subject to cancellation in accordance with your loan agreement. We’ll also inform your school.
We’ll notify you (and your cosigner, if applicable) a few days after your first missed payment to give you plenty of time to resolve any past-due amounts.
If you can’t make your payment on time, please contact us immediately to discuss what options may be available so that your future disbursements aren’t affected.
