Adjust your retirement expectations
As the percentage of dual income households continues to rise so will the need for great child care. But, as Care.
And not being able to stay inside their allotted budgets has caused parents' stress to bleed outside of the home and into their careers as nearly two out of three respondents reported that child care costs influenced their career decisions. And while being a working parent can be expensive, so too can making the decision to leave the workforce altogether. However, as Care. Moreover, there are financial savings options offered by many employers including a Dependent Care Flexible Spending Account FSA , which can be used to cover both before and after-school care.
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Because the families are sharing the cost, she may make more money than were she working for a single family. And it is all a matter of money management. These individuals have no emergency fund whatsoever. A financial emergency would sink their ship in a hurry. They have no retirement savings to speak of because it takes all they earn just to maintain their lifestyle. But with an average house in an average neighborhood with two cars, two kids and a mortgage, that is a tough number on which to get by, much less salt money away for your golden years.
There are a couple of reasons for this. The emergency account should be flush for when we get into a pinch. It should be the reserve we use to keep us from tapping our savings or going into debt, which is worse. A car breaks down.go to link
You Don't Need To Go Broke Paying For Child Care
The roof needs replacing. An illness or accident interrupts your flow of income.
It is just basic financial planning to have such a fund. The emergency fund needs to be liquid. If you can put the money to work for you, well and good, but you need to be able to write a check or visit an ATM and obtain cash in an instant. Sadly, we should expect the number of high-earning poor Americans to grow. What are they thinking? That Social Security will be enough to carry them through?
As it stands currently, the benefits the younger generations might expect are likely to be a much-diminished version of what they are today.
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The article pointed out that almost half of working Americans are not offered retirement plans by their employers. Yet an alarming number are offered a plan and simply decline to participate — even if the employer is providing matching funds. If your employer is offering matching funds, that is free money! Jump on it.
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Needless to say, with all those Americans simply not saving for retirement, the number of high-earning poor will only increase in the future. There are other factors as well, including poor financial choices, such as living above your means, which lead to more high-earning poor Americans. Another factor is too many of us chase the paycheck.
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As we climb the ladder of success, we tend to hang our identity and our financial security on our position or title at work, or maybe to our relationship with a corporation that pays us each week for our services and the value we bring to the company. Society tells us the more we earn, the better off we will be.