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A defined-benefit plan, commonly known as a traditional pension plan, is a retirement plan funded by an employer that calculates employee benefits based on a formula that takes into account several factors, including age, employee’s salary, and length of employment. Defined-benefit pension plans, which still exist in some public-sector jobs, were common in the private sector up until about 40 years ago. As time passed, most companies found maintaining a defined-benefit plan too costly. Currently, only 15% of private-sector workers have access to a defined-benefit plan, according to the U.S..Bureau of …

If you can’t accept the risks of the stock market, you need to decide on the best place to keep your money while maximizing earnings. Many look to high-yield savings accounts (HYSAs) and certificates of deposit (CDs) as options. Both offer safe and somewhat lucrative ways to grow savings with minimal risk. But which is right for you? The following breakdown will help you determine which is best for your current situation and savings goals. What is a high-yield savings account (HYSA)? A high yield savings account is a savings account …

A personal loan can be a great way to pay for a home renovation project, fund a big expense, pay for a family vacation, or just cover unexpected costs that crop up. You can also use a personal loan to consolidate credit card debt and other outstanding balances, both to simplify repayment and save yourself money. Applying for a personal loan can be a quick process, especially if you apply online, but there are some documents you’ll probably need to provide as part of the process. Here’s a look at how …

A money order is a financial instrument that allows you to pay bills or reimburse friends and family without having to write a check or use cash. You can get one from a bank, but you don’t need a bank account to use it. Many people use money orders as an alternative to cash or checks as a safe, secure way to make payments. If you need to purchase a money order or someone has given you one as payment, it helps to know a little about how they work. How …