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All You Need to Know About Income-Based Student Loan Repayment
https://www.sofi.com/learn/content/understanding-income-based-repayment-works/
If you’re on the standard 10-year repayment plan and your federal student loan payments are high relative to your income, a student loan income-based repayment plan may be an option for you. The newest plan, called SAVE, which was introduced by the Biden Administration, is currently on hold due to legal challenges. Read on to […]
Guide to What Percentage of Income to Save
https://www.sofi.com/learn/content/percentage-of-income-to-save/
If you want to build financial security and hit your long-term savings goals, it’s probably a wise move to put a portion of each paycheck into a savings account.Week by week, month by month, and year by year, the money will grow and help you afford your dreams, whether that means buying a house, funding […]
Examples of Nontaxable Income vs Taxable Income
https://www.sofi.com/learn/content/non-taxable-income/
The IRS divides income into taxable and nontaxable categories. In general, income is taxable unless there’s a law exempting it. As you’d expect, all taxable income must be included on your yearly income tax return. But here’s the twist: Nontaxable income may also need to be listed on your return, too. Because anything tax-related is […]
What Is Retirement? What Does It Really Mean?
https://www.sofi.com/learn/content/retirement-definition/
There once was a time was when retirement meant leaving your job permanently, either when you reached a certain age or you’d accumulated enough wealth to live without working. Today’s retirement definition is changing, and it can vary widely depending on your vision and your individual financial situation. It’s important for each person to develop […]
How to Budget on a Fixed Income
https://www.sofi.com/learn/content/budgeting-on-a-fixed-income/
Budgeting on a fixed income can involve carefully reviewing your income and expenses and managing spending to stretch your dollars. Typically, older adults are the ones living on a fixed income, meaning they receive Social Security payments and/or a pension or rely on retirement savings. They generally receive the same amount each month, though payments […]