On Friday Congress passed and the President signed legislation that will prevent another partial government shutdown like the one last month that captured headlines for weeks. But beyond the headlines, the shutdown also served as a very public reminder of a widespread reality in urgent need of solutions: far too many American families are a paycheck away from financial distress.
AARP is partnering with MassChallenge FinTech, a zero-equity accelerator that matches later-stage startups with industry changemakers to transform financial services. Applications are open until October 12, 2018 for @MassChallengeFT’s inaugural cohort.
As the saying goes, you can’t predict the future, but you can plan for it. When it comes to preparing for life’s inevitable surprises–a flat tire, a sick pet, or a pay cut—modest savings of a few thousand dollars or even a few hundred can mean the difference between a minor setback and a major crisis.
One of the most popular ways to save for higher education is through a savings or prepaid tuition plan known as a Section 529 qualified tuition program, or 529 plan. Currently 49 states and the District of Columbia offer 529 plans. Thirty-three states give a state tax break to parents, grandparents or friends who contribute to a 529 account.
More than 30 states are considering creating retirement savings plans for small-business employees who do not have a retirement plan at work, and seven states are already implementing them. These programs would provide the opportunity for millions more workers to save for retirement out of their regular paychecks (i.e., payroll deduction) — the single most effective method for encouraging retirement savings.
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