Category Archives: Financial Independence

Published: Oct. 25, 2021 at 9:15 AM EDT

BOSTON, Oct. 25, 2021 /PRNewswire/ --Carefull, the first service built to organize and protect older adults' daily finances, today announced a partnership with Boston-based, The Cooperative Bank (TCB) to provide its customers with safe money monitoring technology.

Carefull is thrilled to become a Financial Caregiving partner to TCB, on this cutting-edge service for seniors. The partnership is purpose-built for aging adults and the families who support them.

Carefull's artificial intelligence platform will help TCB's senior customers by analyzing checking, savings and credit card accounts for late or missed payments, behavior change and mistakes, unusual banking activity, plus more than 30 other issues that can impact older adults' finances, from cash transfers to charitable contributions that unknowingly recur. Users of the technology - including the seniors themselves, select family members and caregivers can receive notifications if any fraud or issues are detected.

Through the partnership, TCB will strive to support its senior customers to maintain their financial independence while also giving their "financial caregiver" family members peace of mind. Going beyond typical banking, TCB's Carefull service will also enable robust communication among family members who are involved in the financial safeguarding process.

Additionally, other trusted family members and financial professionals can be added to their "Circle" of support to collaborate within the Carefull service and resolve money issues together.

"With $24 trillion of generational wealth transfer now in motion, the financial services industry is now awake to the 45 million Americans who are financial caregivers for aging adults," said Todd Rovak, a Carefull co-founder, "The TCB team has moved quickly and with intention to impact its customer base, not only to serve it well but to grow it by serving entire families."

"This issue really resonated with me," said John Battaglia, President and CEO of TCB. "Many of us have had personal experiences with our parents or in-laws, where we took over the household account after finding that bills were not being paid, or they were double paying due to some memory issues. When I heard about this product, I could relate to it very well and I know exactly what people are going through," continued Battaglia.

"Senior financial fraud is a serious issue for us all," said Pete Lee, SVP and CIO of TCB. There's a whole life cycle in terms of financial caregiving, and that's what we appreciate about this service and that it targets so many stages of that life cycle. We were shown a concept of the platform and were very impressed by how it could aid the underserved eldercare community and target the devastating effect of financial abuse. Vulnerable adults should be protected at all costs from this kind of exploitation. With this partnership, TCB will be the first bank to offer this service in the Nation," continued Lee.

TCB customers can use the Carefull app or desktop service for financial accounts, credit and identity monitoring at no additional charge as part of the products and services they receive from the bank. They will also have access to Carefull's financial caregiving tools, advice and content, including Carefull's community forum and Financial Caregiving Roadmap.

About CarefullCarefull is the first digital platform built to protect the daily finances of older adults, along with the 45 million U.S. adults managing the daily finances of an older loved one. Founded in 2019, Carefull's technology integrates senior-specific financial monitoring, identity theft protection, communication, and how-to content, replacing the ad hoc paper pile, spreadsheets, and bill stack that today defines the experience of adults caring for someone else's money. Carefull believes that creating safer, smarter tools for financial caregiving isn't only about money - it's about relentlessly simplifying the awkward tangle that happens when money and family come together. For more information visitwww.GetCarefull.com.

About The Cooperative BankFounded in 1898, The Cooperative Bank (TCB) is a full-service community bank committed to meeting the financial needs of individuals, families, and small businesses. Offering up-to-date products, competitive interest rates and the highest quality personalized service. TCB has assets totaling $480 million and provides banking services to over 8,400 customers.

With cutting-edge personal and business banking services, TCB aims to serve and be Boston's Neighborhood Bank. Specializing in residential & commercial real estate and business lending throughout Massachusetts, TCB has branches in Roslindale, West Roxbury, Charlestown and Jamaica Plain. For more information, please visitwww.thecooperativebank.com/carefull, or call 857-203-9598.

Media Contact: Stephen Marcinuk steve@intelligentrelations.com

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The above press release was provided courtesy of PRNewswire. The views, opinions and statements in the press release are not endorsed by Gray Media Group nor do they necessarily state or reflect those of Gray Media Group, Inc.

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Carefull To Provide Safe Money Monitoring for The Cooperative Bank's Senior Customers - WSAZ-TV

Gov. John Carney on Thursday, Oct. 21, signed into law House Bill 123, legislation sponsored by state Rep. Krista Griffith and state Senate Majority Whip Elizabeth Tizzy Lockman that creates the Delaware Fostering Independence Through Education Tuition Waiver Program to support students in foster care as they work toward a higher education degree.

The new program requires Delaware State University, Delaware Tech Community College and the University of Delaware to waive all tuition and fees, including room and board, for any youth who has aged out or spent at least one year in foster care as a teenager.

Making sure all of Delawares students have an opportunity to succeed has been our top priority, said Carney. This legislation will ensure some of our most vulnerable children are supported when pursuing higher education. Thank you to Reps. Griffith and Longhurst, Sens. Lockman and Poore, the Delaware Department of Services for Children, Youth & Their Families, and other advocates who carried this important legislation over the finish line. Our children will be better off because of it.

Under the legislation, eligible students must apply for any and all financial aid before being granted the tuition waiver for any leftover tuition and fees. Students may use the tuition waiver until they turn 27.

Investing in our students dreams has a ripple effect across Delaware. With this tuition waiver program, our youth in care have a chance to leap over obstacles as they enter adulthood. Im thankful for the support of our governor and the Delaware Legislature to make this program a reality, said Josette Manning, Cabinet Secretary of the Delaware Department of Services for Children, Youth & Their Families (DSCYF). Our youth who experience foster care are incredibly resilient, despite facing a disproportionate number of challenges in their young lives, and we can do our part as a state to support them on their journey.

Prior to this legislation being signed, youth experiencing foster care only had access to the federal Chafee Educational & Training Voucher program and the Ivyane D.F. Davis Memorial Scholarship Fund, a state-funded scholarship program. With the tuition waiver program in place, youth who have experienced foster care can pursue their dreams without worrying about how to pay for college or where to find housing.

We know that young people who have been through the foster care system as teens and have aged out experience worse outcomes overall than their peers in terms of educational attainment, full-time employment, stable housing and financial independence, said Griffith, lead House sponsor of HB 123. We can do more to make sure our students in foster care thrive as adults by removing the financial barrier to higher education. This will encourage youth in foster care to go out and earn a college degree, giving them tools they need to identify and obtain a path forward to achieving their dreams.

Young people who have worked hard to get to college after spending significant time in Delawares foster care system deserve every ounce of our support, said Lockman. I want to thank Rep. Krista Griffith and Gov. John Carney for recognizing that fact and taking action today to remove barriers that prevent some of our most vulnerable young people from achieving their goals, realizing their potential, and embarking on an education that will lead them to a brighter future.

According to DSCYF, it is estimated that about 15 to 20 incoming freshmen will likely take advantage of tuition waivers under House Bill 123 each year. Carney supported the legislation in his 2020 State of the State Address.

This legislation is so important, said Mayda Berrios, student at Delaware State University. Although Im graduating this year, I am so happy that some many young people will be able to benefit from this. Thanks to the members of the General Assembly who pushed this beyond the Youth Advisory Council and made this into a bill today so that the future generation of foster youth who are experiencing hardships can now experience higher education.

Additional information on the tuition waiver program can be found online at https://kids.delaware.gov/family-services/foster-care-tuition-waiver-program/.

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Program waives tuition for youth aging out of foster care - Coastal Point

Can you remember the last time you used your bank card to pay for your oat-milk cortado or withdraw $50 for that cash-only restaurant? If you are a sighted person like me, you probably dont, because that transaction was so automatic, and so embedded in our daily routines, that we dont even have to think twice about it. For sight-impaired people, the process isnt that seamless.

Around 1 billion people worldwide have moderate or severe vision impairments. Of those people, 49 million are blind. For these individuals, figuring out which bank card to useand how to use itcan be a real struggle. Tonight, Mastercard announced a new design that helps sight-impaired people orient their bank card and quickly determine whether they are using a credit card, a debit card, or a prepaid card, all thanks to one simple design element. The so-called Touch Cards feature one of three different notches on the shorter end of the card: a round indentation for credit cards, a square indentation for debit cards, and a triangular indentation for prepaid cards. It may look inconsequential, but it marks an important step in the companys quest for inclusivity.

[Image: Mastercard]The solution can be very, very simple, but its anything but simplistic, says Raja Rajamannar, Mastercards chief marketing and communications officer, as well as the companys healthcare director. Rajamannar worked with the Royal National Institute of Blind People in the U.K. to ensure that the notches were usableand differentiable enoughfor the visually impaired population. For example, the team quickly dismissed using Braille as an option on the surface of the card because only one in ten blind people can read Braille (and almost 90 percent of Americas blind children are not being taught Braille).

The card will be available to U.S. customers in early 2022. The notches are particularly timely because more and more cards are moving away from embossed details to flat, more streamlined designs. Before the advent of digital technology and electronic point-of-sale terminals, card information was recorded manually (fun fact, the device that was used to swipe cards was called a knuckle buster). In this day and age, the relevance has gone, says Rajamannar.

The Touch Card isnt the first of Mastercards efforts to create a more inclusive experience. Over the past few years, the company has equipped more than 150 million checkout points worldwide with a signature audio jingleor what Rajamannar calls a sonic acceptance soundthat signals the end of a card transaction. If you are a person who is sight-impaired, when you hear the sound, you know your transaction has gone through successfully, he explains. And if you are blessed with good eyesight, getting confirmation thats audio and visual, its reassuring, a peace of mind.

In June 2020, Mastercard also introduced True Name, which allows the transgender and nonbinary community to choose the name that appears on their cards without the requirement of a legal name change. The card is now available in 32 countries, including in American banks like Citi and the U.K. bank Monzo. For many in the LGBTQ community, the name on their bank card does not reflect their true identity. Theres a very simple solution, says Rajamannar. Put the name the person desires on the card, end of story.

Now, Mastercard is making an equally simple proposition: Put a notch on the side of the card and allow those with sight impairments to gain more financial independence. End of story.

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A simple change makes this new Mastercard easier to use for blind and sight-impaired people - Fast Company

The Cuts financial advice columnist Charlotte Cowles answers readers personal questions about personal finance. Email your money conundrums tomytwocents@nymag.com

Photo: Courtesy of Jamila Souffrant

In 2014, Jamila Souffrant had a revelation while sitting in traffic during her daily commute from Brooklyn to New Jersey: She had to quit her job. But walking away from a secure corporate paycheck wouldnt be easy. She was pregnant, and she and her husband had recently taken out a mortgage to buy their first home. I saw my life flash before my eyes, and I thought, Im stuck, and I cannot keep doing this, she says. So I got home and started Googling, How do I retire early?

Her search turned up podcasts and blogs about personal finance. I learned about all these regular people who werent rich and didnt have extraordinary careers, but who were able to reach financial independence by being frugal, investing their money, and saving, she says. Slowly, I started gaining knowledge.

Now a mother of three, Souffrant runs her own business, Journey to Launch, to educate others about the process of gaining control of their finances. (While shes hardly retired, the success of her company did allow her to leave her corporate job even earlier than she hoped.) Here, she describes the steps to financial independence that everyone can take, no matter what their starting point is.

How did you change your own finances in order to quit your job?Before I got into all this, my husband and I werent saving much at all. When I look back, Im like, What were we spending on? We had a lot of leaks in our budget. The first year that I got serious about saving, we made some big changes. For instance, we were both driving luxury cars, and we traded them for much cheaper Hondas that we still have. But we also made a lot of smaller, day-to-day tweaks. We made a budget and put limits on how much we spent on nice-to-haves like eating out. And it really paid off we saved and invested $85,000 together in that year. Thats a huge leap, and I know thats not feasible for most people. But I think everyone can still benefit from the same tactics we used, like making sure every dollar has a job to do, and checking your budget and your balances regularly.

I like that youve broken down the process of financial independence into five different stages. Theres an entry point for everyone, even if you have a ton of debt. Can you describe the stages?I wanted to create different stages because I think everyone should have unique goals for themselves, and they shouldnt feel bad about where they are its just the starting point.

The first stage is what I call the explorer stage youre trying to get your bearings, and youre working on financial stability. People in this stage usually dont feel in control of their money. Theyre spending more than theyre bringing in, and maybe theyre in the red every month and feel overwhelmed. Like, Wow, I need to get it together, but I dont know how. They need to focus on getting organized and finding a system to help them keep track of their money. Their goal is to be able to afford their expenses and minimum debt payments, so that theyre not going further into debt.

Once youre financially stable, then you can move on to stage two, where you work on debt freedom. If youve got consumer debt, you want to get rid of it as fast as possible. So youre finding money in your budget to pay off your credit cards and any personal loans or car loans. You dont need to get rid of student loans or mortgages in this stage, because interest rates on those are usually much lower, so its fine to take longer to pay them off. When I started this process for myself, I was in stage two/three, because we didnt have a lot of debt but we werent totally rid of it, either.

Once youre out of consumer debt, then you get to stage three. This is where youre working on financial security. You have no debt besides your mortgage or student loans or anything else you strategically want to have. So you work on saving and investing and building assets. At this point, you get to decide what to do with your money it doesnt all have to go to credit cards, and you can put it toward your investments or your 401(k). Youre building wealth.

The fourth stage depends on what your saving and investing targets are. You have work flexibility or youre in the process of securing it. Youre building and preserving your assets. You can leave a job and take time off if you want, whether thats to have a baby, travel, or start a business. It doesnt necessarily mean youre financially independent and you have all the money you need forever. But you have enough of a cushion that if something isnt working for you a job, a relationship, a boss you dont have to stay in that situation just because of money. Thats the stage Im currently in. I have the flexibility to take a break from working if I want, and I am in control of how much I work.

Stage five is where you reach financial independence, and you dont have to actively work if you dont want to. You have enough money saved and invested that you can live off the dividends, and work is completely optional. So you can just focus on preserving your wealth and doing whatever is fulfilling for you.

A lot of people might stay in one stage for years or even forever. Is that okay?Theres no rule of thumb of how long each stage takes you. Plus, your goals or circumstances can change within the stages. Like, how much money you think you need to quit that job or feel secure that may shift. Or you could hit a setback.

A lot of people in the first two stages get a little frustrated because theyre like, Well, I did the math and it looks like Ill be paying off this debt for the next five years. And Im like, thats okay! Every step still gives you more freedom. And its worth taking those steps, even if the biggest goals seem impossible. Every persons entry point and process is so unique.

A lot of people get intimidated by financial planning because they worry theyll be told to cut back on things they enjoy. How do you deal with that?Your lifestyle is a big factor in your financial plan, but thats not a bad thing. Some people can become financially independent with much less money, because they dont mind spending less. Thats not the case for me; my lifestyle, and what I imagine for myself and for my kids, costs more. So I want and need more money. Its also important for everyone to set their own targets for the life that they want to live. Whats that tradeoff between work and not working? Whats the tradeoff between what youll do for money, and whats not worth it for you? Do you need $50,000 a year to feel comfortable, or do you need a lot more than that?

What about people who dont know? That seems like a really overwhelming decision like, I have no idea what amount of money would make me feel comfortable and secure versus insecure.Sometimes its easier to think about the life that you want. Forget about money, forget about expectations of society or friends and family; what would allow you to live how you want to live? These lifestyle goals can be incremental. Maybe your goal is that you want to be able to pay for your kids to do an after-school activity, and then you want to be able to pick them up instead of working a second shift. What do you need to do to make that happen? Or maybe you want to take at least two vacations a year, and you want to be able to go somewhere nice. Or maybe you want to stop worrying about your credit-card bill. And from that goal, you can look at what it means in terms of money, and how much.

Some people think personal finance is very simple, because it comes down to your income and your expenses. But obviously, theres so much to unpack in those two things. The difference between your income and your expenses gives you that gap in which you can meet your goals. But you cant just flip a switch in your mind and make that happen.

Im glad you arent saying that all it takes to pay off your credit-card bill is to stop buying lattes.A lot of people are already doing so much and working so hard, and asking them to give up something they really enjoy is just not going to happen. So you have to find a tradeoff. Like, I love to go out to eat, and I dont want to cut that out. My options are to cut it back a little bit, or I find something else to cut that doesnt matter to me as much. And it takes time. Some people need to figure out what works for them and what doesnt.

Most people are never going to be able to retire early its a big goal for them to be able to retire at all. And that can be really discouraging, especially when they see stories like yours. What kind of advice can you offer those people?I dont blame them for feeling that way. I do think that the standard, pull-yourself-up-by-your-bootstraps advice is not helpful for a lot of people because their circumstances are out of their control. I know what that looks like. Im from Jamaica and I was raised by a single mom. I still have siblings in Jamaica, and they probably cant imagine not working, or the amounts of money that Im talking about. It would be nave and wrong of me to say that financial independence is possible for everyone.

Logistically, the numbers might not line up. So theres privilege to this, and its important to acknowledge that. But its also important to recognize that theres freedom at every financial stage. Like, becoming financially stable can be a huge accomplishment. Even if thats as far as you get, thats something to be proud of. And feeling in control of your money is hugely powerful in and of itself. I dont care if thats your only goal. Its still worthy.

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How to Improve Your Finances, No Matter How Messy They Are - The Cut

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The Financial Independence Retire Early movement, typically referred to by its acronym FIRE, has been a popular discussion for the past few years. After all, who wouldnt want to be financially independent, to the point where early retirement was a viable option? But like any financial decision, there are various consequences that may be overlooked. When it comes to retiring early, one of those repercussions is the effect it may have on your Social Security benefits. Heres a look at some of the things to consider regarding your Social Security if youre considering retiring early.

Find Out:Jaw-Dropping Stats About the State of Retirement in AmericaSee:The Average Retirement Age in Every State

One of the main problems with FIRE is that it puts a large distance between a worker and Social Security retirement benefits. For example, if you retire at age 40, youve got at least 22 years until you can start claiming Social Security retirement benefits, and your full retirement age is an even greater 27 years away. While you may not be depending on Social Security to fund your retirement, thats a long time to wait if you find yourself falling short with your savings. Its also a long time to expect the nest egg youve built at age 40 to last without some type of supplemental income.

Related:35 Retirement Mistakes People Make

Although you may have done the math and decided that your early retirement nest egg is enough to last your entire life, there are decades of uncertainty in those projections before you reach your government-supplied lifeline. A few large unexpected expenses, such as medical bills, home improvements or lawsuits, could be enough to derail your plan.

Your Social Security benefits are based on a calculation that incorporates your 35 top earning years as a worker. If you retire at age 40, for example, you wont have 35 years of income to report to the Social Security Administration. This means your retirement benefits formula will incorporate a number of years of zero earnings. The result is that retiring early, before what are most peoples peak earnings years, will no doubt result in smaller Social Security retirement benefits for you. In many cases, this reduction could amount to $1,000 per month or more.

Its no secret that the Social Security fund has some long-term structural problems that may reduce future payments. Theres no way around the fact that people are living longer, and the workforce to sustain payouts for older Americans simply cant keep up. Depending on what legislation Congress enacts over the coming decades, the Social Security fund may become fully funded once again, or it may remain on its current path toward depletion.

Current projections show that the Social Security trust fund will be completely tapped out by 2033. While this doesnt mean Social Security will end, it does mean that payouts will have to be matched to incoming tax revenue, rather than being supplemented from the trust fund. Thus, by 2033, expectations are that Social Security benefits will have to be cut by 24%.This is an important area to watch if youre retiring early and counting on Social Security to help fund your golden years.

Fortunately, if you are on the path to retire early, it means youll have plenty of time to make adjustments to your retirement savings plan to ensure you maximize your Social Security benefits.

One option is to defer claiming Social Security until at least your full retirement age, which for most current workers is age 67. If you can hold off claiming benefits until youre 70, your benefits will increase even more, to the tune of 8% per year for those born in 1943 or later.

Another way to increase your ultimate Social Security retirement benefit is to work longer. Even though youre retired early, theres nothing wrong with doing some part-time work in a field you love. Not only will you improve your lifelong cash flow, youll continue to increase your Social Security retirement benefit. Even a small amount of income is better in terms of accumulating retirement benefits than posting years and years of zero income in your earnings record.

More From GOBankingRates

Last updated: Oct. 21, 2021

After earning a B.A. in English with a Specialization in Business from UCLA, John Csiszar worked in the financial services industry as a registered representative for 18 years. Along the way, Csiszar earned both Certified Financial Planner and Registered Investment Adviser designations, in addition to being licensed as a life agent, while working for both a major Wall Street wirehouse and for his own investment advisory firm. During his time as an advisor, Csiszar managed over $100 million in client assets while providing individualized investment plans for hundreds of clients.

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What People Who Retire Early Need To Know About Social Security - GOBankingRates

November is Financial Literacy Month in Canada, and in anticipation of this, a poll was conducted by TD Bank to assess Canadian parents thoughts on teaching their children the value of money.

The survey yielded many interesting results, including:

25% of Canadian parents not regularly talking about money with their children.

63% avoid this talk because they think their child is too young.

33% of Canadian parents not being confident that theyre setting a healthy financial example for their children.

Only 10% of Canadian parents considering their household to be in excellent financial health.

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45% of Canadian parents not having a household budget.

Gaurav Kapoor, who is a parent himself, decided to create an app called Mydoh, that makes money management a fun and interactive experience, something he says is important to keeping kids engaged in the prospect of financial literacy.

When it comes to the right age to start speaking to children about the importance of money, Kapoor believes there is a prime window of opportunity.

Between 10-15 years old is actually that sort of sweet spot, where theyre noticing a lot and theyre starting to use actual money to buy things. I think thats the actual sweet spot where the habits are formed. And when they become more independent after 16 or 17, how theyve approached those previous years when it comes to money is what they carry with them when they actually start making money and spending it, said Kapoor.

The survey revealed only 11% of parents in Saskatchewan and Manitoba say that they are detailed with their financial planning, which ranks last in the country.

Parent in these provinces are also most likely to admit that they dont know much about managing finances (24%).

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Kapoor says a good stepping stone for teaching kids how to successfully manage money is to teach them the difference between their financial wants and needs, and encouraging financial independence.

When it comes to the interaction between parents and kids, while parents are paying for needs, they can start encouraging them to save and pay for their wants, he said.

Budgeting is not rocket science, you just need to take the time as a family and be willing to talk about money, said Kapoor.

2021 Global News, a division of Corus Entertainment Inc.

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Financial survey shows parents avoiding the money talk with their kids - Global News

Nearly 4 million low-income households are behind on rent, bills or debt payments, up threefold since the pandemic hit, according to a study revealing the growing cost of the living crisis facing the UKs poorest families.

A third of the 11.6 million working-age households in the UK earning 25,000 or less were found to be in arrears on their rent or mortgage, utility bills, council tax bills or personal debt repayments, according to the Joseph Rowntree Foundation (JRF).

The charity called for urgent government action to support families at the sharp end of pandemic-related financial pressures, including the reinstatement of the 20 uplift in universal credit, which was withdrawn earlier this month, and help with debts.

Behind these figures are parents gripped by anxiety, wondering how they will put food on their childrens plates and pay the gas bill; young people forced to rely on friends to help cover their rent and avoid eviction, said Katie Schmuecker, the JRF deputy director for policy and partnerships.

Meanwhile, the Tory-controlled District Councils Network (DCN), which represents 200 councils in English towns, has warned of a surge in homelessness this winter as a result of the end to government support measures such as furlough and the eviction ban.

A survey of district councils completed earlier this month found that just under three-quarters reported an increase in homelessness acceptances over the past four months, while nearly two-thirds said people they had housed during the pandemic had recently slipped back in the homelessness cycle.

District councils also reported increased numbers of families seeking support, and increases in the numbers of residents with severe mental health and other complex needs using council services. More than a third of councils reported significant increases in referrals to local food banks.

Phil King, a DCN spokesperson and the Conservative leader of Harborough district council in Leicestershire, said that without extra financial support for councils and struggling households, the government risked undoing much of the work it had done to tackle homelessness over the past 18 months.

He said: The findings of this survey reveal the stark impact the pandemic and the ending of emergency support measures continues to have on households across the country.

The JRF surveyed 4,200 UK adults in households in the lowest 40% of incomes earlier this month. The findings indicate that 3.8 million households are behind with household bills, 950,000 are in rent arrears, 1.4 million are behind on council tax bills, and 1.4 million are behind on electricity and gas bills.

A third of all low-income families are in arrears, up from 11% prior to the pandemic, it estimated. This rises to 44% of working-age households and 71% of younger households aged between 18 and 24. Families with children and black, Asian and minority ethnic households were particularly hard hit.

The JRF said there were signs the financial impact of the pandemic had dragged families who were previously just about managing into arrears on essential bills. Nearly 90% of households now behind on their household bills said that they were always or often able to pay all their bills in full and on time before the pandemic.

Families are facing a range of financial pressures over the coming months including rising energy and food bills and a rise in national insurance contributions next April to pay for the governments social care reforms.

A Department for Work and Pensions spokesperson said: We know the best route towards financial independence is through well-paid work, which is why our multi-billion pound Plan for Jobs is helping boost skills and opportunity, while universal credit continues to provide a vital safety net for millions.

The Household Support Fund is helping the most vulnerable with essential costs through this winter, and is distributed by councils, who are best placed to ensure those in need in their local areas can be identified and supported as soon as possible.

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Third of low-income households unable to pay bills, finds research - The Guardian

Retirement isnt an ageits a financial number. And theres no law that says you have to work until youre 65. Thats a myth!

Weve talked to many people who are well on their way to leaving the workforce early. But theres a new wave of younger workers who are trying to take early retirement to another level. Theyre on a mission to blaze a new path toward retirement as part of the F.I.R.E. movement.

They believe its possible to retire sometime in their 30s or 40s. You read that right! But how? Is it actually realistic to retire at age 45? Or even 35? Lets take a closer look at the F.I.R.E. movement to find out whether or not its right for you.

F.I.R.E. stands for Financial Independence, Retire Early. The goal is to save and invest aggressivelysomewhere between 5075% of your incomeso you can retire sometime in your 30s or 40s.

Thats right: You need to save at least half of your income.

How much will you need for retirement? Find out with this free tool!

How do people do it? In order to sock away that much money for investing, folks who are on F.I.R.E. are always looking to do two things: keep their expenses extremely low and find ways to raise their income.

The general idea is that the higher your income and the lower your expenses, the faster you can reach financial independence. Think gazelle intensityexcept the gazelle is literally on fire.

For those in the F.I.R.E. movement, financial independence doesnt just mean sitting on some tropical beach or playing golf all the time. It means reaching the point where you dont have to work a full-time job if you dont want to. You can scale back to a part-time job or simply stop working altogether. The choice is yours . . . imagine that.

We have mixed feelings about the F.I.R.E. movement, but the one thing we can get behind 100% is the focus and intensity these people have toward reaching their retirement dreams. And no matter where you are on your financial journey, there are some key lessons we can all take away from the F.I.R.E. movement:

The best thing about the F.I.R.E. movement is that its getting younger workers to start thinking about retirementespecially since less than half (41%) of Americans have tried to figure out their retirement savings needs.1 Thats like trying to aim for a target with a blindfold on. Define what you want your retirement to look like and make a plan to get there.

These F.I.R.E. followers take the time to look at where their money is going. They define wants and needs and cut out any spending that doesnt make sense for them. They get on a budget and stick to it.

Saving a few dollars here and there really adds up over time. And thats exactly what will help you make serious progress toward your goals.

Theres no way around it. If you want to retire earlyor really earlyyou have to get creative about finding ways to make extra cash.

Maybe youre on a career path thatll lead to that six-figure salary. Or maybe youve got a side hustle that youre turning into a small business on nights and weekends. It could mean delivering pizzas for a while or saving up to buy a rental property.

Whatever that looks like for you, additional income will play a huge role in helping you take a step back from the workforce and enjoy an early retirement.

If you want to retire early, you have to save and invest. There are no ifs, ands or buts about it. Thats why folks in the F.I.R.E. movement are radical about throwing huge chunks of their income toward their retirement.

Maybe saving 50% sounds like too much for you right now. (Thats a lot for most of us.) And thats okay! But we all have to start somewhere. Thats why we recommend you start by investing 15% of your income into retirement savings after youve paid off all your consumer debt and saved up 36 months of expenses in a fully funded emergency fund.

The key is to get into a regular habit of saving and investing every single month. When you do that, time and compound interest work for you instead of against you.

The first big barrier to following the F.I.R.E. movement is having a large income (and we mean large). No matter how much you cut down your lifestyle, its going to take a big incomeprobably somewhere in the six-figure rangeto have the ability to save enough to retire before your 40th birthday.

But that shouldnt discourage you from building wealthanyone can do it. In our study of millionaires, we discovered that one-third of millionaires never had a six-figure household income in a single year. We also found that the average millionaire worked, saved and invested for an average of 28 years before hitting the $1 million mark.2

No matter what kind of career or salary you have right now, dont fall for the myth that you need a high-paying job to build the wealth you need to enjoy a worry-free retirement. Anyone can become a millionaireit just takes a little time.

All income aside, there are some other issues with the F.I.R.E. movement that we want to tackle head on:

Many F.I.R.E. advocates actually promote the idea of using credit cards for the points and rewards. Say what?

From student loans to credit cards, Americans are carrying an average debt balance of $26,621.3

Listen: Its hard to save and invest when almost a third of your budget is going toward paying back debt. Thats not a recipe for financial success.

Dont mess around with credit cards. Seriously. Not only is it easier to swipe that plastic without thinking, but there are studies to back it up. According to The Survey of American Finances by EveryDollar, 90% of people say they spend more using a credit card or debit card than with cash.

You may be thinking, But I pay my credit card bill on time every month! That might work for a little while, but youre not beating the system. All it takes is one missed payment or one major emergency that forces you to bite off more than you can chew and find yourself in serious trouble. Theres a reason why Americans have tallied $820 billion in credit card debt.4

When you play with fire . . . well, you know what happens.

You might be drawn to the F.I.R.E. movement if you hate your job. After all, only 31% of American workers say theyre engaged at work.5 Its no wonder that a growing number of young workers are dreaming about leaving the workplace altogether.

But theres a deeper problem that lies beneath the surface, and F.I.R.E. isnt going to solve it. If you hate your job, you dont need F.I.R.E. What you really need is a new career path. Ramsey Personality Ken Coleman calls it finding your sweet spot. Thats the place where your greatest talents and passions intersect. Even folks who follow F.I.R.E. will tell you that!

If your sole desire is to retire early so you can escape going into work on Monday, youre going to be very disappointed. Life is too short to waste decades or even one year working a job you hate.

Whether your goal is to retire at age 65 or 35, you need a plan. You have to know how much money youll need to have saved in order to retire when you wantand how much youll need to save each month to get there.

This step-by-step plan will help put you on the path toward early retirement:

Debt is holding back millions of younger workers from investing for retirement. Thats why you have to get focused. Chop up those credit cards and attack your debt with everything youve got.

After you become debt-free and before you start investing for retirement, its time to build up an emergency fund. When you have enough money in a savings account to cover 36 months of expenses, you wont have to worry about a broken air conditioner or a flat tire derailing your investing plan.

Here comes the fun part! Now youre ready to start saving for retirement. Begin by saving 15% of your gross income every month in retirement plans like a 401(k) and a Roth IRAand be sure to invest your retirement money in mutual funds with a great track record.

Have kids? If so, its time to start saving for their college fund. This is important because itll help give them a head start on covering college expenses (and put them on a path toward graduating debt-free).

While youre doing that, get intense about paying off your home early. This is a huge goal thats going to give you momentum toward early retirement! Think about it: How much more money would you be able to save for retirement if you didnt have a house payment? What could you do if you were completely debt-free with a paid-for house?

Now that youve got your little darlings college fund in place and a paid-for house, you can really start to make some headway on your early retirement goals. First, go back to your 401(k) and IRA and max out your contributions. For 2021, you can put up to $19,500 into your 401(k) and $6,000 into an IRA.6 Thats $25,500 combined.

But remember: In most cases, you wont be able to withdraw money from your 401(k) or IRA without facing an early withdrawal penalty until you hit age 59 1/2. For example, with a traditional 401(k), youll not only have to pay income taxes on the money you take out, but Uncle Sam will be taking another 10% on top of that. Not a good plan!

But theres a solution to that problem that most people who want to retire early forget about: a bridge account.

If you want to retire early, the bridge account will help you bridge the gap between when you want to retire and when you can take the money out of your retirement accounts. As you plan your retirement dream, set a retirement age target and figure out how much money youll need to live on.

Then make sure youre on track to have that much saved in your bridge account for each year of your early retirement until you can access your retirement accountswithout penalty.

Once youve maxed out your 401(k) and IRA, open up a taxable investment account to serve as your bridge account.

Heres what we like about taxable investment accounts:

The one big drawback to these investments is that you pay taxes on any money your account earns. Its a good idea to sit down with your investment professional to work through the numbers and set a goal for how much you need in your bridge account to achieve your retirement goals.

There are a lot of different moving parts that go into successfully retiring early, but it is possible! And the best way to turn your dream into a reality is by working with a trusted financial advisor or investment professional who can help you get there.

With Ramsey SmartVestor, well connect you with up to five trusted investment pros in your area. The best part? Its free! Find your financial pro today and theyll help you start planning your dream retirement. Go check it out.

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What Is the F.I.R.E. Movement? | RamseySolutions.com

MORE AFFORDABLE- -BY MAKING THEM AVAILABLE AT MORE RETAILERS AND ONLIN E. A NEW LEVEL OF INDEPENDENCE FOR PEOPLE LINGVI WITH DISABILITES IN MAINE- THANKS TO A NEW TYPE OF BANKING SERVICE FROM BANGOR SAVINGS BANK. IT WORKS LIKE A CHECKING ACCOUNT, WITH ACCESSO T CHECKS AND A DEBIT CARD -- THE FEDERAL PROGRAM IS DESIGNED FOR SAVING AND LONGER TERM INVESTMENTS. BUT NOW, MAINERS WITH DISABILITIES HAVE MORE FREEDOM AND ACCESS TO MAKE DAY ILFINANCIAL DECISIONS. THIS GIVES FOLKS RECEIVING DISABILITY BENEFITS ALL OF THE ABILITY TO BOTH SAVE F OR THEIR FUTURE AND ALSO TO SPEND SOME OF THE MONEY THAT THEY'RE SAVING ON QUALIFIED BENEFITS. IN PARTNERSHIP WITH E TH STATE, OFFICIALS S

Bangor Savings Bank partners with Maine on novel benefits program

Updated: 4:15 PM EDT Oct 19, 2021

Bangor Savings Bank is launching a first-of-its-kind product in partnership with Maine State Treasurer, Maine ABLE Benefit CheckingSM, created for people with disabilities. The account allows greater accessibility for financial products and services, while also protecting eligibility for federal and state of Maine means-tested benefits, announced Bangor Savings Bank. A $2,000 limit in resources for individuals receiving benefits like Supplemental Security Income or Social Security Disability Insurance has been the norm until now. The account, available to all qualifying Maine residents, can be opened at any Bangor Savings Bank branch.Being the first such program in the country, ABLE Accounts offer a unique public-private collaboration, Bob Montgomery-Rice, president and CEO of Bangor Savings Bank, said. "Creating and offering this program supports the financial independence and well-being of Maine's residents with disabilities and reflects our ongoing commitment to provide better banking experiences for all community members," Montgomery-Rice said. ABLE Accounts will give opportunities for "financial health, planning and empowerment" to individuals with disabilities and their families.Originating from the Federal ABLE Act, created in 2014, ABLE accounts are established and managed at the state level, overseen by the Office of the Maine State Treasurer.

Bangor Savings Bank is launching a first-of-its-kind product in partnership with Maine State Treasurer, Maine ABLE Benefit CheckingSM, created for people with disabilities.

The account allows greater accessibility for financial products and services, while also protecting eligibility for federal and state of Maine means-tested benefits, announced Bangor Savings Bank.

A $2,000 limit in resources for individuals receiving benefits like Supplemental Security Income or Social Security Disability Insurance has been the norm until now.

The account, available to all qualifying Maine residents, can be opened at any Bangor Savings Bank branch.

Being the first such program in the country, ABLE Accounts offer a unique public-private collaboration, Bob Montgomery-Rice, president and CEO of Bangor Savings Bank, said.

"Creating and offering this program supports the financial independence and well-being of Maine's residents with disabilities and reflects our ongoing commitment to provide better banking experiences for all community members," Montgomery-Rice said.

ABLE Accounts will give opportunities for "financial health, planning and empowerment" to individuals with disabilities and their families.

Originating from the Federal ABLE Act, created in 2014, ABLE accounts are established and managed at the state level, overseen by the Office of the Maine State Treasurer.

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Bangor Savings Bank partners with Maine on novel benefits program - WMTW Portland

The 2021 TD Financial Literacy Month Survey Reveals:

33% of Canadian parents surveyed aren't confident they're setting a healthy financial example for their children.

10% of Canadian parents surveyed consider their household to be in "excellent financial health."

45% of Canadian parents surveyed don't have a household budget.

TORONTO, Oct. 19, 2021 /CNW/ - A recent September 2021 Ipsos survey conducted on behalf of The Toronto-Dominion Bank (TD) ahead of Financial Literacy Month in Canada, reveals that one-third (33%) of Canadian parents surveyed aren't confident they're setting a healthy financial example for their children. The survey also reveals that only 29 per cent of Canadian parents surveyed consider their household to be in "excellent" or "good" financial health" which includes the ability to pay bills on time, carry manageable debt, have short and long-term savings, and a financial plan.

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"Parents can be the biggest influence on their child's financial know-how, yet our survey shows many aren't sure about the kind of example they set for their kids when it comes to money management," says Jennifer Bishop, Head of Financial Health & Education at TD. "Asking for help when it comes to managing and talking about money can be an important step towards improving financial health. Speaking to a financial advisor can help a parent be better prepared to have the "money talk" with their children and support the development of healthy financial habits."

Bad Budgeting HabitsHaving and maintaining a budget is a fundamental behavior to achieving good financial health, yet the TD survey reveals that nearly half (45%) of Canadian parents surveyed say they do not set a household budget. Setting a budget now can help set the stage for responsible financial behaviours in the future, especially for older teenagers who are looking to leave the nest and are taking on their own financial obligations like saving for post-secondary education or making their monthly cell phone or car payments. That way, before this age group flies the coop, they will understand the benefits of putting in the effort to create a detailed budget.

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According to the TD study, of the parents surveyed that do have a household budget, only one-in-four parents (25%) believe they take a thorough approach to their financial planning - indicating most households aren't planning for the unexpected.

"If the pandemic has taught us anything, it's how important it is to have a household budget that includes setting aside funds for emergencies," says Bishop. "The unpredictability of the pandemic has shown us that it's important to plan for the unexpected. It is also a good opportunity to start the money conversation with our children, as it can foster healthy approaches to budgeting for parents and financial independence for children."

Wants vs NeedsAn allowance is a great tool to help younger children for example those under 13 - understand the concept of money and budgeting. According to the TD survey, nearly a quarter of parents surveyed give their children an allowance for completing household chores (21%) or as a reward for good behaviour (5%).

When it comes to parents with kids aged five and up, 28 per cent of survey respondents say their child does not know the difference between a want and need. "Kids will often see something, like candy at a check-out, and want it immediately," says Bishop. "These are good moments to teach kids the concept of needs versus wants, and that money is finite. If we buy the chocolate bar now, we won't have enough money to buy that toy you really want."

When to have the "money talk" When it comes to having the money talk, the TD survey reveals a lack of consensus on timing. One quarter (25%) of Canadian parents surveyed don't regularly talk to their children about money, with the primary reason being that they feel their child is too young. Other reasons for not talking about how to manage money include not believing it's an important topic for kids or not something they need to worry about (12%), because they'll learn about finances in school (11%), or because it's a taboo topic that shouldn't be discussed with anyone (4%).

The survey also reveals that conversations about finances between parents and kids are often reactive. Among surveyed Canadian parents, the most common catalyst for these conversations is their child receiving money as a gift (27%), when the child shows interest or asks questions (20%) and when they start getting an allowance (19%).

"It's never too early to have fun, creative and open conversations about money with your kids. From counting coins in a piggy bank to opening-up a first bank account and looking at the account activity together, there are many ways to involve kids in managing their finances," says Bishop. "Financial education is critical, and when children learn to manage money at a young age, they are more likely to have a long-lasting responsible and healthy relationship with money as adults."

Building Financial ConfidenceAs a long-time advocate and supporter of financial education, TD has several sources of information available as follows:

TD Ready Advice provides information and articles on a variety of financial topics, from how to keep track of day-to-day expenses to how to navigate the first-time homebuying process.

TD advisors are available at our TD branches across the country to help provide personalized advice and help customers with their financial goals.

Learn more about how we are supporting Financial Education in communities across Canada and the United States by visiting The TD Ready Commitment Financial Literacy page.

TD recently announced a CDN $10 million commitment to the Black Opportunity Fund, where part of the funds will go to Black-serving community and non-profit organizations focused on areas of financial security.

About the StudyTD Bank Group commissioned Ipsos to conduct a national online survey of 1,000 Canadian parents aged 18+ with kids under 18 in the house. This poll was conducted between September 17 and 22, 2021.

About TD Bank Group The Toronto-Dominion Bank and its subsidiaries are collectively known as TD Bank Group ("TD" or the "Bank"). TD is the fifth largest bank in North America by assets and serves more than 26 million customers in three key businesses operating in a number of locations in financial centres around the globe: Canadian Retail, including TD Canada Trust, TD Auto Finance Canada, TD Wealth (Canada), TD Direct Investing, and TD Insurance; U.S. Retail, including TD Bank, America's Most Convenient Bank, TD Auto Finance U.S., TD Wealth (U.S.), and an investment in The Charles Schwab Corporation; and Wholesale Banking, including TD Securities. TD also ranks among the world's leading online financial services firms, with more than 15 million active online and mobile customers. TD had CDN$1.7 trillion in assets on July 31, 2021. The Toronto-Dominion Bank trades under the symbol "TD" on the Toronto and New York Stock Exchanges.

SOURCE TD Bank Group

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1-In-3 Canadian Parents Surveyed Aren't Confident They're Setting a Healthy Financial Example for Their Kids - Yahoo Finance