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All You Need to Know About IRA Certificates of Deposit (CDs)
https://www.sofi.com/learn/content/what-is-an-ira-certificate-of-deposit/
An IRA CD is simply an individual retirement account (IRA) in which the investor has opened one or more certificates of deposit (CDs). This may provide tax advantages and be a smart long-term move for some savers. Keep reading to learn how an IRA CD works and its pros and cons. What Is an IRA […]
Opening a Savings Account for a Newborn Baby: What You Need to Know First
https://www.sofi.com/learn/content/how-to-open-a-savings-account-for-a-baby/
When a new baby arrives, there’s much to celebrate and so many milestones ahead. It’s not uncommon to want to help secure a child’s future by opening a savings account. That can start Junior off with a little nest egg and hopefully, in time, some good financial habits. If you’re thinking you might like to […]
Guide to the Average Savings in America by Age
https://www.sofi.com/learn/content/average-savings-by-age/
Table of Contents The Importance of Saving for the Future A Savings Shortfall Average Savings for Those 35 and Younger Average Savings by Age: 35 to 44 Average Savings by Age: 45 to 54 Average Savings by Age: 55 to 64 Average Savings by Age: 65 and Older Saving a Little Bit More How much […]
Health Savings Account (HSA) vs Health Maintenance Organization (HMO): Key Differences
A health savings account (HSA) and a Health Maintenance Organization (HMO) are both meant to help with medical costs, but there are vast differences between the two. An HSA acts as a personal saving account, where you can set aside tax-free dollars to be used toward out-of-pocket health care expenses. An HMO is typically a […]
Guide To Employee Stock Ownership Plans
https://www.sofi.com/learn/content/employee-stock-ownership-plan-esop/
You may have come across the term “ESOP” and wondered, what does ESOP stand for? An employee stock ownership plan (ESOP) is a type of defined contribution plan that allows workers to own shares of their company’s stock. While these plans are covered by many of the same rules and regulations that apply to 401(k) […]