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- The 9 Best Installment Loans of April 2022
- How Do Savings Bonds Work?
- Dear Penny: Are We Nuts to Retire at 42 With $1.5 Million?
- Find Remote Jobs at These 32 Work-From-Home Companies
| The 9 Best Installment Loans of April 2022 Posted: 06 Apr 2022 11:00 AM PDT Some of the links in this post are from our sponsors. We provide you with accurate, reliable information. Learn more about how we make money and select our advertising partners. If you're in the market for a personal loan — also called an installment loan — in 2022, expect to pay a higher interest rate than you would for a mortgage or auto loan. At the beginning of 2022, personal loan rates averaged a little more than 10%. That's still better than the average interest rate of a credit card, which WalletHub estimates at more than 18%. In this article, we've highlighted the best installment loans available on the market, prioritizing those installment loans that had low annual percentage rates (APRs), affordable monthly payments, low credit score thresholds and flexible loan amounts and repayment terms. What Is an Installment Loan?At a high level, an installment loan is a lump sum of cash that you borrow from a lender for a specific project or opportunity, with clear stipulations for paying back that money, plus interest, over a set amount of time. In that way, auto loans, mortgages and student loans are considered installment loans, but lenders typically offer specific programs for those kinds of loans. Instead, most borrowers equate installment loans with personal loans for things like home renovations, a wedding, an emergency or even debt consolidation. Installment loans differ from credit cards (a form of revolving credit) in that you borrow a specific, one-time amount from the lender and agree upon a payoff term, meaning you will have set monthly payments (or installments) of a predictable amount until you have paid off the loan amount in full. Though each loan is different, typical terms range from 12 months to 96 months — that's one to eight years. Best Installment Loans of April 2022
Marcus by Goldman SachsBest Overall Installment Loan  Key Features
Marcus by Goldman Sachs is the gold standard for personal loans. You don't need to sweat origination fees, prepayment penalties or even late fees. But if you're a master of on-time payments, you'll secure a reward: Pay your monthly installment in full and on time for 12 consecutive months, and you can skip the next month, without interest. Marcus by Goldman Sachs  APR range 6.99% to 19.99% with auto pay Loan amount $3,500 to $40,000 Minimum credit score 600 Origination fee $0 Loan terms 3 to 6 years Let's weigh the pros and cons of installment loans with Marcus by Goldman Sachs: Pros
Cons
Final Thoughts: Marcus by Goldman Sachs is our top choice for personal installment loans. While it caters to borrowers with stronger credit scores, its lack of fees, rewards for on-time payments and low APRs make it ideal for everything from home improvement loans to debt consolidation loans. We just wish the max loan amount was a little higher. SoFiBest for Large Loans  Key Features
SoFi offers one of the best installment loans on our list, thanks to its flexible use cases (shout-out to SoFi for listing IVF), same-day funding, lack of prepayment and origination fees, impressive APR range and large max loan amount. But the standout feature is its unemployment protection. SoFi  APR range 5.74% to 21.78% with auto pay Loan amount 5,000 to $100,000 Minimum credit score Not disclosed Origination fee $0 Loan terms 2 to 7 years Let's weigh the pros and cons of installment loans with SoFi: Pros
Cons
Final Thoughts: If you're looking for an installment loan with no fees, same-day funding and unemployment protection, SoFi is one of the top options. Plus, you can borrow up to $100,000, which makes SoFi great not just for debt consolidation loans but also major home renovations. The minimum loan amount might be the only deal-breaker for some borrowers. LightStreamBest for Low APR Key Features
LightStream has the lowest fixed interest rate on the list and also one of the longest repayment terms on the market at up to 12 years. We also like the competitive interest rates across the board — APRs are capped at 19.99%. You can get same-day funding with LightStream for a loan up to $100,000, and there is no origination fee or prepayment penalty. LightStream  APR range 2.99% to 19.99% with auto pay Loan amount $5,000 to $100,000 Minimum credit score Not disclosed Orgination fee $0 Loan terms 2 to 12 years Let's weigh the pros and cons of installment loans with LightStream: Pros
Cons
Final Thoughts: LightStream has the lowest APR of any of the online installment loans on our list, which makes it worth consideration for anyone shopping for an installment loan. While LightStream is good for debt consolidation and major renovations, it's also a great option for emergencies since they offer same-day funding. PenFed Credit UnionBest for No Fees Key Features
PenFed Credit Union benefits from the federal cap on credit union APRs (18%) for installment loans, giving it the lowest max APR for personal loans. There are also no origination or prepayment fees with PenFed, and you can get loans as brief as a single year for as little as $500. PenFed Credit Union  APR range 4.99% to 17.99% with auto pay Loan amount $500 to $50,000 Minimum credit score 700 Origination fee $0 Loan terms 1 to 5 years Let's weigh the pros and cons of installment loans with PenFed Credit Union: Pros
Cons
Final Thoughts: While you've got to join the credit union to be eligible for the loan, that's not a bad thing. An online bank account may offer the best features, but compared to brick-and-mortar banks, credit unions more often offer better rates and features. UpgradeBest for Bad Credit  Key Features
Upgrade's $1,000 threshold for loans make the online lender a top choice for more than just medical emergencies; it's also a great option for small household purchases like furniture and appliances. We like the fast funding, even for borrowers with bad credit scores, but borrowers should be wary of the APR, which can creep into the high 30s. Upgrade  APR range 5.94% to 35.47% with auto pay Loan amount $1,000 to $50,000 Minimum credit score 560 Origination fee 2.8% to 8% Loan terms 3 to 5 years Let's weigh the pros and cons of installment loans with Upgrade: Pros
Cons
Final Thoughts: Upgrade offers one of the best installment loans for bad credit, requiring only a 560 credit score. Plus, with $1,000 loans and one-day funding, Upgrade is practical for life's big and little purchases. We're not huge fans of origination fees, and be cautious of the potentially high APR. LendingClubBest for Small Loans Key Features
LendingClub ticks a lot of boxes if you're looking for an installment loan. You can get a small loan of just $1,000, there's a low minimum credit score requirement (600) and there are no prepayment penalties. But the low end of the APR range falls at 7.04% (let's not talk about the 35.89% on the other end), and the origination fee and 48-hour funding time are not ideal. LendingClub  APR range 7.04% to 35.89% Loan amounts $1,000 to $40,000 Minimum credit score 600 Origination fee 3% to 6% Loan terms 3 or 5 years Let's weigh the pros and cons of installment loans with LendingClub: Pros
Cons
Final Thoughts: LendingClub does a few things right, like its small loan amount options and low credit score requirement. But be aware of its high APR range, stiff loan term options and high fees and long funding period. Best EggBest for Customer Satisfaction Key Features
Best Egg has the highest max APY, stiff loan term options (3 or 5 years) and an origination fee. However, Best Egg has amazing reviews with BBB and TrustPilot, so customers are certainly satisfied. The 600 minimum credit score is also good for borrowers struggling with a bad credit score. Best Egg  APR range 5.99% to 35.99% Loan amount $2,000 to $50,000 Minimum credit score 600 Origination fee 0.99% to 5.99% Loan terms 3 or 5 years Let's weigh the pros and cons of installment loans with Best Egg: Pros
Cons
Final Thoughts: What Best Egg does really well is take care of its customers. Whether through strong customer support or inclusive communication efforts, something has struck a nerve with their customers. For many, that makes up for less than favorable loan terms, an only moderately sized max loan amount, potentially high APR and long funding period. UpstartBest for Insufficient Credit History Key Features
Upstart offers the best installment loans for borrowers who haven't yet established a credit history. And with an acceptance of borrowers with credit scores as low as 300, Upstart also offers the best personal loans for bad credit. We don't love the origination fee (up to 8%), and while APRs start as low as 3.09%, borrowers with bad credit (or no credit report) can expect to pay up to 35.99%. Upstart  APR range 3.09% to 35.99% Loan amount $1,000 to $50,000 Minimum credit score 300 (or insufficient credit history) Origination fee 0% to 8% Loan terms 3 to 5 years Let's weigh the pros and cons of installment loans with Upstart: Pros
Cons
Final Thoughts: Hands down, Upstart offers the best bad credit installment loans, allowing borrowers with scores as low as 300 — or no credit report at all. Unfortunately for those borrowers, who don't have many options, that means high APR and plenty of fees. AvantBest for Mobile Users Key Features
With a low minimum credit score requirement of just 580, Avant offers one of the best installment loans for bad credit. However, its low end of the APR range (a whopping 9.95%) reflects that this is for borrowers who have few options. The origination fee (called an administration fee) is another ding for Avant, but mobile users will appreciate how easy to use the app is. It has high scores on the Apple App Store. Avant  APR range 9.95% to 35.99% Loan amount $2,000 to $35,000 Minimum credit score 580 Origination fee 4.75% Loan terms 2 to 5 years Let's weigh the pros and cons of installment loans with Avant: Pros
Cons
Final Thoughts: Avant's mobile app is its saving grace, but in terms of APR, fees and flexible loan terms, it can't compete with some of our top-of-the-list options. Avant does, at least, cater to borrowers with poor or fair credit, making it one of the better installment loans for bad credit. Types of Installment LoansWhile those shopping for installment loans are typically looking for personal loans, installment loans technically refer to a fixed-interest rate loan with regular monthly payments. In that way, auto loans, mortgages and student loans are also considered installment loans. Unlike typical personal loans, vehicle loans and home loans, student loans often have a variable interest rate. Payments can change over time, based on your income, family size and other factors. Auto and home loans are considered secured loans, meaning they require collateral. Because personal loans, which are unsecured loans, do not require collateral, interest rates are higher. 3 Reasons for Getting a Personal Installment LoanWhile you can get a personal loan for anything, like a vacation or a wedding, taking on debt with such a high interest rate should be done cautiously. We recommend taking out a personal loan only if you already have flexibility in your monthly budget to handle the additional monthly installment payments at your current income. There are three main scenarios for which we consider taking out a personal loan: 1. For a Relatively Safe Long-Term InvestmentRenovating your home, whether it's a small project or complete home makeover, is expensive, but we can usually expect to get out more than we put into our homes, if the market is decent. You have multiple options for financing major renovations, including refinancing your mortgage; taking out a home equity line of credit (HELOC), which is a secured loan; or taking out a home equity loan. But while you're weighing out your options, you can also consider a personal loan for home repair or home improvement. Just be sure that whatever you're putting into the home, plus the interest you'll pay on the loan, is less than what you'll get out of the house when you sell it. You might also consider an unsecured loan if you are launching your own small business but can't qualify for a traditional business loan. 2. To Consolidate your debtIf you are drowning in credit card debt on multiple cards — and struggling with their varying due dates, minimum payment amounts and APRs — taking out a fixed-rate personal loan with a monthly installment plan to pay off those credit cards can be a wise idea. Typically, the interest rate on such an installment loan will be lower than any of the credit cards you're juggling, and you'll only have one monthly due date to juggle. Check out our guide on how to pay off credit card debit in 2022. 3. In an EmergencyAccording to a 2021 survey by SSRS Omnibus, more than half of Americans have less than three months' worth of emergency savings in their bank accounts — while many experts say we need double that. If you find yourself faced with an emergency medical bill or suddenly in need of cash, a personal loan might be your best bet. If you can get access to one quickly, preferably the same day, an installment loan is a better idea than racking up credit card debt in these scenarios. How to Get the Best Installment LoanWhen looking for a personal loan, always review multiple options. However, you want to avoid having too many lenders pull your credit, as multiple hard inquiries can have a (temporary) negative effect on your score. That's why it's important to skim rankings of the best installment loans, like we've provided above. This allows you to compare multiple options without actually applying. Just note that your particular situation might yield different results from what we reviewed above. Pro Tip Nowadays, many online lenders can also provide estimated loan terms without pulling your credit. Key elements of the best installment loan include:
If you are looking specifically for loans for bad credit, lower your expectations around fees, APRs and flexibility. But if at all possible, do not humor a payday loan — a predatory loan that takes advantage of borrowers with bad or fair credit in emergency situations. Some lenders only consider your credit score when making an approval decision, but other lenders may consider elements like debt-to-income ratio, assets and payment history. Where to Get an Installment LoanWhen shopping for installment loans, you can consider banks, credit unions and online lenders. Keep all of these options in mind when trying to find the best installment loan, prioritizing the lowest rates, the most affordable monthly payments and the best terms and features for your scenario. BanksIf you already belong to a national bank, start your search here. Valued customers at larger banks can often get lower rates just for having active checking or savings accounts or other loan products. Credit UnionsSimilarly, if you are a member of a specific credit union, you can likely qualify for a reduced rate on your unsecured personal loan. Even if you don't belong to a credit union, consider getting your installment loan from one. Federal credit unions are capped at 18% APR for personal loans; even at the maximum, that's lower than the average credit card APY. Online LendersThe nice thing about some (not all) online lenders is that they allow you to pre-qualify before you apply. This enables you to review multiple online lenders without a hard inquiry on your credit. Borrowers with bad credit scores will have more luck with online lenders than at banks and credit unions. However, be cautious: Though online lenders do cater to those with bad credit scores, the resulting interest rate can be incredibly high. How Installment Loans Affect Your Credit ScoreAs mentioned above, applying for any kind of loan, including a personal loan, will result in a hard inquiry. This temporarily lowers your credit score, but it's such a small factor in the grand scheme of things — and just a necessary evil of the loan process — that you shouldn't sweat it too much. But can installment loans affect your credit score in positive ways? Yes — if you make your payments on time. Credit bureaus love to see a long history of on-time payments, so the longer you have the installment loan account open with on-time payments, the higher your score will climb. When you eventually pay off the loan, you might see a nice bump in your score as well; credit bureaus also look for evidence that you can pay debt to completion. Frequently Asked Questions (FAQs) About Installment LoansStill have questions about installment loans? We've taken the most common questions readers are asking and provided some quick answers. See if we've addressed your question below: What Credit Score Do I Need for an Installment Loan? This varies by lender. Some of the best installment loans on our list have no minimum credit score requirement while others require scores somewhere in 500s or even 600s. You can expect better rates with a higher credit score, but if you do have a low credit score, there are options available to you.
If you cannot find a suitable installment loan, there are no-credit-check lenders offering payday loans, but we strongly urge caution when considering these. Can I Pay Off an Installment Loan Early? You can pay off an installment loan early, but this won't have a major effect on your credit score. Paying it off early can, however, save you money on interest. If you pay off the loan several years early, this can bring you significant savings. But be cautious: Some installment loans have prepayment penalties. When looking for the best installment loans on offer, check the fine print for such penalties; if you hope to be able to pay off your loan early, avoid any offers that will charge you this fee. Are Installment Loans Secured or Unsecured? Installment loans is a blanket term that covers any kinds of loans that allow you to borrow a lump sum and pay it back in agreed upon monthly installments over a set number of months. Within this broad category, there are both secured loans and unsecured loans. A secured loan is one for which you must provide collateral, like an auto loan or a mortgage. Because of this collateral, lenders can offer lower interest rates for a secured loan. Personal loans are unsecured loans. You do not need to provide collateral, but interest rates will be higher as a result. Can I Have Multiple Installment Loans? Yes, you can have multiple installment loans at once. You might have a mortgage, car loan and a personal loan — or even multiple personal loans. Just be careful: Unlike revolving credit, there is no minimum payment option. You are on the hook each month for the full monthly installment. What Happens if I Default on an Installment Loan? Unlike credit cards, which allow you to make a low monthly minimum payment and carry debt from month to month, personal loans require you to pay a standard amount each month. If you are more than 30 days late for a payment (some lenders are more forgiving), you can be considered in default on that loan. When this happens, the lender will likely send your loan to collections, and your credit score will be negatively affected. You can also expect to owe late fees. If the installment loan is unsecured, there is no collateral for the lender to seize, so the lender may take you to court and ultimately garnish your wages or place a lien on your assets. Can I Get an Installment Loan With Bad Credit? Yes, multiple lenders offer bad credit installment loans. If you do have bad credit, you'll just encounter higher fees and interest rates. What Are Auto Pay Discounts? Many installment loans offer a slightly lower APR (usually 0.25%) if you set up auto pay. This means your monthly installment will debit directly from your bank account each month. It's a win-win; the online lender doesn't have to hunt down the money it is owed, and you don't have to sweat late payments (and fees). Just make sure you have enough in your checking to cover the withdrawal each month. How Are Installment Loans Different From Payday Loans? A payday loan is quite different from an installment loan. While installment loans allow you to make regular payments (i.e., installments) over a set period of time, payday loans require that you pay the lender back on your next payday. Because payday loans are designed for borrowers with no credit or bad credit, the terms are never favorable and can land borrowers in a deep financial hole. If you can, avoid taking out a payday loan at all costs. How Are Installment Loans Different From Credit Cards? Credit cards are a revolving credit: You can borrow money as you need and make payments as you are able, as long as you are making the minimum payment each month. Because this makes it easier to spend money you don't have, credit cards have much higher APRs. Installment loans are much more structured: You borrow a lump sum amount and then have a solid repayment plan over a set number of months. How Does Debt Consolidation Work? Debt consolidation allows you to take multiple debts you are juggling (usually from various credit cards or multiple student loans) and wrap all those debts (i.e., consolidate debt) into one larger debt. The lender will pay off your outstanding debts, and now you will manage a single monthly payment with that new lender. You can also consider a balance transfer credit card as a debt consolidation tactic. Timothy Moore covers banking and investing for The Penny Hoarder from his home base in Cincinnati. He has worked in editing and graphic design for a marketing agency, a global research firm and a major print publication. He covers a variety of other topics, including insurance, taxes, retirement and budgeting and has worked in the field since 2012. This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017. This posting includes an audio/video/photo media file: Download Now | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 06 Apr 2022 10:08 AM PDT Looking for a nearly risk-free way to save for the future? A savings bond might be right for you. With amounts ranging from $25 to $10,000, U.S. savings bonds fit almost any budget. Most importantly: You'll never lose value on your initial investment. Plus these bonds are backed by the full faith and credit of the U.S. government — which has never defaulted on bonds. The catch? Savings bonds typically don't earn much interest. However, that's not always the case, especially during times of high inflation. Curious to learn how savings bonds work? Read on. What Is a Savings Bond?A savings bond is essentially a loan to the federal government issued by the U.S. Treasury. Think of it as an IOU from Uncle Sam. You give the government your money, and in exchange, the U.S. government pays you back — with interest — at a later date. There are two types of savings bonds:
Savings bonds are sold at face value. If you want to invest $100, for example, you buy a $100 bond. There are no fees or hidden expenses. After you purchase a bond, you start earning interest on your principal. Interest can accumulate for as long as 30 years. Savings bonds are considered one of the safest investments out there. The interest rate can't go below zero and the bond value can't decline. How Do Savings Bonds Work?Savings bonds work by paying you compound interest on your deposit. A savings bond accrues interest over time, though interest doesn't pay out until you redeem the bond. Interest on savings bonds is compounded semiannually, or twice a year. This means that every six months after the bond's issue date, interest the bond earned in the six previous months is added to the bond's principal value. Interest is then earned on this new, higher principal value. Here are some other characteristics of savings bonds:
Where Do You Buy a Savings Bond?The fastest and easiest way to buy savings bonds is from the U.S. Treasury's online portfolio platform, TreasuryDirect. To get started, you will need to make an account, enter some personal details and link your bank account information. Electronic bonds purchased through TreasuryDirect are usually added to your online account in just one business day. Direct Deposit OptionThe U.S. Treasury also lets you purchase savings bonds via automatic payroll deductions. To get started, log into your TreasuryDirect account and set up a Payroll Savings Plan. Decide what type of savings bond you want to purchase along with the dollar value. Finally, give your employer these direct deposit instructions and ask them to send the amount you choose to TreasuryDirect each time you get paid. Once your Payroll Savings Plan is up and running, the U.S. Treasury system will automatically purchase the type of bond you want each time you've accumulated enough money in your account. For example, if you want to buy $50 Series I savings bonds and you ask your employer to withhold $25 from each paycheck, TreasuryDirect will purchase a $50 bond on your behalf every other payday. These payroll deductions continue automatically until you update your preferences. Paper BondsOnce upon a time, you could buy paper savings bonds from your local bank or credit union. This hasn't been the case since 2012. However, you can still purchase paper I bonds with your federal tax refund when you file your annual tax return. (Paper EE bonds are no longer available.) You can purchase up to $5,000 in paper I bonds each calendar year. Paper I bonds come in denominations of $50, $100, $200, $500 and $1,000. Just tell your tax preparer you want to buy Series I savings bonds with part or all of your refund. If you use tax preparation software like TurboTax, the program will walk you through the process. The Internal Revenue Service (IRS) will forward your savings bond request to the Treasury Department, and you should receive your paper bond at the address on your tax return in about three weeks. Different Types of Savings BondsThe biggest difference between I bonds and EE bonds is how they earn interest. Series I BondsSeries I bonds rates are tied to inflation. As inflation goes up, so does the variable interest rate on these bonds. I bond rates are derived from two different figures:
I bonds issued from November 2021 through April 2022 pay a composite annualized rate of 7.12% for six months. On May 1, 2022, The Treasury will calculate a new inflation rate. If inflation continues to heat up, you could earn more interest. If it cools off, your variable rate declines. Remember: Even if inflation goes down, you won't lose any money. You just won't earn as much interest as you did when inflation was higher. Series EE BondsEE savings bonds earn the same fixed interest rate for up to 30 years. It doesn't change over time. Regardless of the fixed interest rate, the bond will be worth twice what you paid for it after 20 years. These bonds will continue earning interest at their original fixed rate for another 10 years unless new terms and conditions are announced before the final 10-year period begins. Series EE savings bonds purchased from November 2021 through April 2022 earn an annual rate of 0.10%. Series EE bonds replaced Series E bonds which were first issued to help the government fund itself during World War II. Series E bonds were sold until 1980 and are no longer issued. How to Cash in Savings BondsCashing in electronic savings bonds is quick and easy. Simply log in to your account on TreasuryDirect and follow the redemption instructions. Your initial investment plus any interest earned will be deposited into your linked checking or savings account within two business days. Important facts to know about cashing in your bonds:
You can redeem the cash value of paper bonds on the TreasuryDirect website or at financial institutions. If you redeem a paper bond at a bank or credit union, bring your ID with you along with the savings bond. The financial institution will usually give you a tax form when you're there, or it will mail one to you. Pro Tip If a financial institution doesn't accept your bond, check out these institutions from the Treasury website. Pros and ConsSavings bonds can be a great way to diversify your portfolio. But they're not the best investment in every situation. Pros
Cons
Pro Tip You can earn a better return by putting your money in a high-yield savings account or investing in the stock market. Savings Bonds FAQAre Savings Bonds a Good Investment? When inflation is high, Series I bonds are a great investment. They earn an attractive rate that compounds twice a year. You can start small and your investment is backed by the U.S. government. But when inflation is lower, other investments have historically earned higher returns. The stock market, for example, has historically earned a 10% annual return. Series EE bonds can be a good investment if you have a long time horizon and a very low risk tolerance. They can also be useful to pay for future college expenses. Do I Have to Pay Taxes on the Interest? You don't pay federal taxes on accrued interest until you redeem the savings bond. Savings bonds aren't subject to state or local taxes either. Savings bonds used to finance education won't be subject to any taxes. Can You Buy U.S. Savings Bonds As a Gift? Yes. To give an electronic bond to someone else, both you and your recipient must create a TreasuryDirect account. You will also need to know the recipient's full name and Social Security number or taxpayer ID number. To gift a paper I bond, you need to fill out an additional form when you file your federal tax return. Rachel Christian is a Certified Educator in Personal Finance and a senior writer for The Penny Hoarder. This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017. This posting includes an audio/video/photo media file: Download Now | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Dear Penny: Are We Nuts to Retire at 42 With $1.5 Million? Posted: 06 Apr 2022 07:00 AM PDT Dear Penny, My wife and I are both 39 and have worked hard since graduating college. For the past 17 years, neither of us have been out of a job or for that matter ever really taken a vacation for more than a couple days. We've always planned to retire early, but in the past couple of years with COVID and our sons' (11 and 8) activities, we've been counting down the days. We both have set a target date of three years from now when we are 42. This would allow us to enjoy some years with our boys, who will then be 14 and 11, before they go off to college. We currently own our house and cars completely debt-free. Between 401k(s), investments and cash, we will have around $1.5 million combined, about $350,000 of which is in 401(k)s, or $2.3 million when adding in home and cars. We live in a suburban/rural area of Missouri, so the cost of living is below the national average. Further, my wife owns one third of the business I'm currently running, which is a family business. The business currently is successful, and her shares will be completely paid off at 42 under the current model. The company currently produces around $2 million a year of distributed income after tax that she will receive one third of once the sale is complete. After purchase, the dividends will go into a trust fund and should be around $750,000 a year. We plan to accumulate that money and live off the interest from her trust and our aforementioned assets. Our kids have fully funded 529 plans and starter accounts that will have restrictions on age for them. Are we nuts for wanting to just drop out of the workforce and live our lives with our kids? Are we missing something here? We both would like to travel and spend time with them until they go off to college, as we feel we will never be able to get those years back. Then, perhaps, we can reassess whether we'd like to work part time or do consulting when they leave our home. To further complicate things, I'm an only child. I want to make sure we have time to do some of these activities, as ultimately I feel I will have to help take care of my parents as they age. It's a great predicament to have, but not one that is openly discussed. We currently make around $350,000 a year in combined income but only spend around $125,000, putting away around $125,000 after taxes. -M. Dear M., You and your wife are really good at working and saving money. But have you considered whether you'll actually be good at not working? Boredom can take a toll on retirees of any age. After barely hitting pause over 17 years, I wonder how you'd adjust to suddenly having so much free time. That said, I think you can easily retire from your full-time jobs in three years, but I wouldn't leave the workforce altogether just yet. Most people can expect somewhat lower expenses in retirement. But since you have school-age kids and you want to travel, I'd expect your expenses to stay the same or even increase at first. So at a minimum, I'd plan to replace the full $125,000 you live on.
In this case, work could take the form of consulting for five or 10 hours a week or pursuing something you enjoy that's also profitable. In the best-case scenario, you won't need this money. But you'll also be grateful for the income in the event that things don't go as planned. You have a lot riding on one small family-owned business. What if its fortunes flipped, even temporarily? If that business income dried up, you'd have to take bigger withdrawals from your investments. One common recommendation is for retirees to limit their withdrawals to no more than 4% of their portfolios. But you need to make your money stretch about two decades longer than a typical retiree, so you'd want to be more conservative. What if that happened as part of a wider downturn? Taking significant withdrawals from your investments after the market has tanked could be a severe blow to your wealth. A stock market crash is a big risk, particularly in the first years of an early retirement. And regardless of market performance, you wouldn't want to touch any 401(k) money before age 59 ½ to avoid early distribution penalties. Having a source of non-investment income will help you limit your withdrawals, giving your money more time to compound. Plus, if you decide you want to come out of retirement for any reason, it will be easier to scale up your work if you haven't checked out completely. Don't worry that working a few hours a week will cause you to miss out on time with your boys. Sorry to say it, but most teens and pre-teens don't want to spend every waking hour with their parents. You say that you and your wife are counting the days until retirement. Is that excitement talking, or is it burnout? Make sure you're not discounting the value of the present. The next three years matter, too. These are years you'll never get back with your sons. So make spending time together a priority now. No matter how hectic work is, schedule at least a couple of weeks of family vacation time. You've worked hard to make early retirement viable for yourselves. Perhaps if you can achieve some semblance of work-life balance now, the idea of working a little in retirement won't sound so bad. Robin Hartill is a certified financial planner and a senior writer at The Penny Hoarder. Send your tricky money questions to AskPenny@thepennyhoarder.com or chat with her in The Penny Hoarder Community. This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017. This posting includes an audio/video/photo media file: Download Now | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Find Remote Jobs at These 32 Work-From-Home Companies Posted: 06 Apr 2022 05:00 AM PDT Since the beginning of the COVID-19 pandemic, more and more Americans have been working from home. And a recent survey from FlexJobs found that 65% of full-time workers want to remain working remotely regardless of the status of the pandemic. And 58% of respondents reported that they would look for a new job if their employer asked them to give up remote work. Since vaccinations became widely available last year, many workplaces have asked their employees to return to the office, pushing some workers to seek remote roles elsewhere. If the thought of giving up your WFH life fills you with dread (or your employer has already required you to return to the office), it may be time to look for a new job that allows you to work remotely 100% so you can continue your newfound work/life balance. To help your search, we have put together this list of companies that regularly offer WFH positions. This list is not exhaustive. A lot of companies who previously only had in-office positions are moving toward more remote positions to attract qualified candidates and to save money on office rentals. 32 Companies With Work-From-Home JobsWe do our homework on companies before sharing them with our readers by vetting them. Here's a list of work-from-home companies with regular job opportunities. AdobeAdobe is known for several products, including Acrobat, Photoshop and Illustrator. The company, which employs more than 21,000 people, has offices in cities around the world but also offers numerous work-from-home opportunities. Benefits: Adobe has a substantial benefits package that includes medical insurance, 401(k), dependent care FSA, unlimited PTO and tuition reimbursement. The company also offers employee resource groups to help workers from similar backgrounds connect. Pay: Varies by position. How to Apply: Go to the Adobe careers page and type "Remote" in the search bar to see all current remote positions. AloricaAlorica provides customer service and customer relationship management across a variety of industries, including healthcare and retail. The company employs more than 100,000 people and hires WFH customer service positions. There are a variety of shifts available, so it's ideal if you're looking for a flexible schedule. Benefits: Alorica's employee benefits include health insurance, tuition reimbursement, bonus potential, paid vacation and retirement planning. Pay: Varies by position. How to Apply: On the Alorica jobs page, select your country and "Virtual" as your location to see what opportunities are available. Need a banking service that's built for gig workers and freelancers, helping you save for taxes and keep track of your expenses? Check out Lili. (It's free!) Amazon There's no need to explain what Amazon does; it's one of the best-known companies in the world. Amazon employed more than 1.6 million people in 2021, according to Statista. Want to be one of those people? Amazon has an entire page that lists work-from-home jobs in several areas, including HR, software development and sales. Benefits: Amazon's benefits package for employees includes health coverage, 401(k), paid parental leave, adoption assistance and employee discounts. Amazon's tuition assistance program will fund tuition – up to $5,250 annually for full-time associates and $2,625 for part-time associates – in advance for bachelor's degrees, associate's degrees, GEDs and ESL certifications. Pay: Varies by position. How to Apply: See a list of open WFH positions here. AnthemAnthem is a health insurance company that offers various part-time and full-time positions in a remote capacity. WFH jobs at Anthem include nurse reviewer, behavioral health care manager and customer care representative Benefits: Benefits at Anthem include 100% paid preventative health care, six weeks of parental leave at 100% of pay, adoption and surrogacy assistance, paid time off and back-to-school assistance. Pay: Varies by position. How to Apply: Search for remote jobs here and narrow your search down by career area to see what options are available to you. AppenAppen is a software company that counts training data and data collection among its solutions. The company serves numerous industries, including technology, automotive, government and healthcare. It has various remote job roles that include part-time to longer-term projects as well as full-time corporate positions in management, engineering and more. Appen was named the most remote-friendly company in the U.S. by FlexJobs. Benefits: Full-time employees enjoy a variety of benefits, such as health insurance, 401(k), parental leave, tuition assistance and volunteer time off. Part-time or contract associates are not offered any benefits. Pay: Varies by position. How to Apply: Go to the Appen job portal to see current WFH opportunities. Cigna Cigna is a medical insurance company that employs more than 73,000 people. The company is headquartered in Connecticut but offers various positions in a remote capacity, including sales administration, financial analyst, business analyst, claims professional and engineer. Cigna also focuses on recruiting veterans and runs a Veterans Enterprise Resource Group called Salute. Benefits: Cigna's main benefits fall into one of four categories: Personal health, family health, community health and financial health. That includes medical insurance, 401(k), paid time off and tuition reimbursement. Pay: Varies by position. How to Apply: See a list of remote positions by typing "Remote" into the search bar on the Cigna careers page. Citizens BankCitizens Bank is one of the oldest and largest financial institutions in the country. The company's headquarters are in Providence, Rhode Island, but it hires remote associates for positions like mortgage underwriter, software engineer and account executive. Benefits: Citizens Bank offers a comprehensive benefits package that includes health insurance, 401(k) with company match, educational assistance and discounts on financial products like mortgages and savings accounts. Pay: Varies by position. How to Apply: Browse remote jobs at Citizens Bank by typing "Remote" into the search bar. ConcentrixConcentrix is a customer experience outsourcing company that employs people in more than 40 countries, many of whom work from home full time. Most available positions are in customer service. Benefits: Benefits at Concentrix include health insurance, individual and team rewards and performance-based pay. Pay: Varies by position. How to Apply: See what WFH jobs are available here and apply through the Concentrix website. CVS HealthCVS Health is known for its pharmacies in states across the country, but it also offers a lot of WFH positions. Remote roles at CVS include social worker, pharmacy technician, customer service representative and outreach coordinator. Some positions require you to be located within certain states, but others can be done from anywhere in the U.S. Benefits: CVS Health offers a wide range of benefits, including medical insurance, a stock purchase plan, tuition reimbursement and an employee discount at CVS stores. Pay: Varies by position. How to Apply: Apply for remote positions via the CVS jobs website. DellDell is best known for its range of personal computers. Headquartered in Round Rock, Texas, Dell employs more than 165,000 people worldwide, including many remote employees. As of March 2022 Dell listed more than 1,700 open WFH positions on its job website. Benefits: Dell's benefits package includes health coverage, employee pricing on Dell products, employee referral bonuses and professional counseling. Dell puts great importance on work-life balance for its employees. Pay: Varies by position. How to Apply: Browse WFH jobs by typing "Remote" in the location box on Dell's job portal. HCAHCA Healthcare is made up of 185 hospitals and over 2,000 sites of care in 20 U.S. states and the U.K. Sites of care include freestanding ERs, surgery centers, urgent care centers and physician's offices. The company employs more than 275,000 people in total, both within its facilities and in a remote capacity. Remote opportunities at HCA include clinical statistical programmer, placement specialist PRN and clinical team lead. Benefits: Benefits at HCA include tuition reimbursement, health benefits, time away from work policies, adoption reimbursement and 401(k). Pay: Varies by position. How to Apply: Browse WFH jobs by selecting the checkbox under the "Remote" option in the left-hand toolbar on Dell's job portal. Hilton Hotels and ResortsIf you haven't heard of Hilton Hotels, chances are you live under a rock. Hilton owns hotels and resorts around the world and employs more than 360,000 people globally, including many in remote customer experience positions. Hilton provides some equipment to its WFH customer experience employees, but you must have a wired connection (wireless not permitted), monitor and dedicated work space of your own in order to do the job. Benefits: Hilton offers several benefits for its WFH employees, including health insurance, 401(k), paid time off and discounts on travel. Pay: The base pay for a customer experience position is $11 per hour, and there are monthly incentive programs that give you more opportunities to earn. How to Apply: Search for available WFH jobs at the Hilton jobs website. HopperHopper is a website and app that helps you find good deals on flights, hotels and car rentals. While Hopper isn't as large a company as many on this list, it offers a lot of opportunities for those who want to work from home, specifically in customer service. Benefits: Benefits at Hopper are typical and include health coverage, paid time off, 401(k) and company stock options. Pay: Varies by position. How to Apply: Browse Hopper's customer service jobs to see what's available in your field. HubstaffHubstaff is a fully remote company that offers monitoring services, such as time-tracking software, to other companies with remote workforces. Hubstaff lists customers such as Groupon and Instacart on its website. Remote opportunities at Hubstaff are vast and include customer service, digital advertising, engineering and more. Benefits: Benefits at Hubstaff include annual retreats, generous PTO and paid parental leave. However, health insurance isn't listed as an offered benefit, possibly because Hubstaff hires on a contract basis. Pay: Varies by position. How to Apply: Browse Hopper's remote jobs to see what's available in your field. HumanaHumana is a health insurance company offering medical, dental and vision coverage. The company has long believed in the power of a remote workforce — Humana reports that 47% of its workforce is remote during "normal" times, though this has risen during the COVID-19 pandemic. Available remote job roles include nursing educator, counselor and sales representative. Benefits: Benefits at Humana include medical insurance, 401(k) with 125% company match up to 6%, paid volunteer time and life insurance. Pay: Varies by position. How to Apply: Check the box that says "Work at Home" under "Work Style" in the Humana job listings site to see what's available in your field. IntuitYou might not have heard of Intuit directly, but you've certainly heard of its products, which include TurboTax, QuickBooks and Mint. Intuit hires remotely for positions such as talent acquisition, service and support and loan servicing. Benefits: Full-time employees at Intuit enjoy benefits like healthcare, professional counseling, fertility benefits and dependent care FSA. Pay: Varies by position. How to Apply: WFH jobs are denoted with a green circle on the Intuit careers website. Kaplan Kaplan provides learning resources such as test prep, career advancement and foreign language instruction for students of all ages. Kaplan has a global presence but is headquartered in the U.S. and has many remote job openings. Positions are available in multiple areas such as marketing, accounting, recruiting and IT. Benefits: Kaplan offers the usual benefits — health, 401(k), etc. — in addition to its Gift of Knowledge Program, which offers free or discounted courses to employees and their immediate family through the Kaplan platform. Pay: Varies by position. How to Apply: Browse Kaplan's remote job listings by selecting "Remote/Nationwide, USA" under "Locations." Kelly ServicesKelly Services is a staffing agency that hires internally as well as for its business partners. Kelly's specialty areas include education, technology, engineering, science and government. Benefits: Benefits vary based on the position. Pay: Varies by position. How to Apply: Click to see available WFH job listings through Kelly Services. LionbridgeLionbridge provides content, testing and translation services to multiple industries, including life sciences, automotive, gaming, banking and travel. The company operates in 28 countries and employs thousands of people worldwide. Lionbridge has plenty of remote job openings in positions like content editor, web production engineer,, product manager and production artist. Benefits: In addition to typical benefits like health insurance and 401(k), Lionbridge lets employees take their birthday off and encourages employees to volunteer by offering paid time off for this purpose. Pay: Varies by position. How to Apply: Click here to see a list of current remote positions at Lionbridge. LiveopsLiveops offers virtual call center services to companies in multiple industries, including healthcare, retail, insurance, energy and travel. While corporate jobs at Liveops are based at the company's headquarters in Scottsdale, Arizona, the company hires work-from-home agents on a contractor basis. This allows you to work as much or as little as you want, and whenever you want. Be prepared for some upfront costs, including providing your own equipment and paying for your own background check. Benefits: Because Liveops agents are independent contractors and not employees, no benefits are offered. Pay: Earnings are dependent on call volume, incentives, utilization and how many hours you can commit, but most agents earn between $12 and $17 per hour. How to Apply: Click here to see current openings for Liveops agent positions. Nielsen Nielsen is known for its TV ratings, but the company offers so much more. Its suite of solutions includes audience measurement, audience outcomes and Gracenote content services. Nielsen's remote positions include product manager, solutions engineer, call center, account manager and financial analyst. Benefits: Benefits at Nielsen for full-time associates include health coverage, 401(k), unlimited vacation time and paid parental leave. Pay: Varies by position. How to Apply: You can view a list of current remote opportunities at Nielsen by clicking here. Qurate Retail GroupAlthough you might not recognize the name, Qurate owns home shopping network titans HSN and QVC. The company employs remote associates mostly in customer service positions. Though remote, these employees must be located in certain cities with local phone numbers, and they must supply their own equipment (like computer, headset and phone). Benefits: Qurate focuses its benefits on its employees' physical health, financial health and work-life balance. Pay: Customer service positions at HSN start at $13.25/hour with increases every 3 months for the first year, and every 6 months after that. How to Apply: Check out opportunities in your area at the Qurate website. SalesforceSalesforce is a customer relationship management company that serves a huge variety of industries. It's one of the best-known CRM providers out there right now, and the company is always hiring for new positions, many of which are remote. Benefits: Benefits at Salesforce include medical coverage, flexible spending accounts, 401(k), employee stock purchase plan, educational reimbursement and paid parental leave. Pay: Varies by position. How to Apply: To see current remote job listings at Salesforce, click here, then select United States of America and your state followed by "Remote" in the left sidebar. Add to your skill set without going back to school. We have great deals on courses you can complete from home. Stride K12Stride K12 is an education company that offers online, in-person or hybrid learning. The company caters to homeschooled kids, military families and those looking for learning opportunities beyond their local public K-12 schools. Stride K12 has virtual jobs in several areas, including teaching, HR and marketing. Benefits: Benefits include health coverage, parental leave, flexible spending accounts, paid time off and 401(k). Pay: Varies by position. How to Apply: See a list of virtual jobs in corporate and teaching by selecting "Virtual" under "Company Location." Sutherland Global ServicesSutherland Global Services is a process transformation company that specializes in helping its customers bring their processes into the digital age. The company serves clients in more than 140 countries and in over 40 languages. Sutherland hires remotely for numerous roles, including customer service, software development, sales and IT. Benefits: Sutherland's benefits package includes paid time off, paid training, medical benefits, flexible scheduling, performance incentives and career advancement opportunities. Pay: Varies by position. How to Apply: Search for remote roles at Sutherland by clicking here. Trusted HealthTrusted Health matches travel nurses with jobs that fit their requirements, preferences and location. When you sign up for an account with Trusted Health, you'll see personalized job matches based on your license type and clinical specialties. When you get a match, you will see information about the facility, the pay and the assignment (length, shift, etc) so you can determine whether it's a good fit. Benefits: Benefits depend on the assignment you are contracted for. Pay: Varies based on assignment. How to Apply: Sign up for Trusted Health by clicking here. TTECTTEC is a customer experience software as a service company whose employees help solve problems and provide support for their customers' customers. TTEC hires remotely for positions such as customer service, IT, consulting, marketing and sales. Benefits: Benefits at TTEC include medical, dental and vision coverage; 401(k); pet insurance; paid leave; and tuition reimbursement. Pay: Tutor.com does not list its hourly rate, but tutors report an average of $13-$14 per hour on Glassdoor. How to Apply: Search for available WFH jobs on the TTEC careers portal. Tutor.com Tutor.com is a service of the Princeton Review that offers personalized tutoring services for students in all stages of their education. Tutor.com offers work-from-anywhere opportunities for tutors who want flexibility and regular payments with no invoices required. Benefits: No benefits are offered to tutors, as they are considered independent contractors rather than employees. Pay: Tutor.com does not list its hourly rate, but tutors report an average of $12-$13 per hour on Glassdoor. How to Apply: Click here to apply to be a tutor. UnitedHealth GroupUnitedHealth Group primarily provides medical insurance policies through United Healthcare. It is also the parent company of Optum, which is a health information and technology firm. UnitedHealth Group hires in many areas, including clinical, consulting, corporate, healthcare, project management and technology. Many of these jobs are remote. Benefits: Benefits include medical plans, savings and retirement plans, tuition reimbursement, adoption assistance and paid time off. UnitedHealth Group offers medical and wellness benefits to full-time employees, as well as part-time employees who work 20 hours or more per week. Pay: Varies by position. How to Apply: To see a complete list of remote job openings at UnitedHealth Group, click here. Working SolutionsWorking Solutions provides customer service through its virtual contact center network. Companies that use Working Solutions include Shell, Intuit, Pfizer, Sprint, Peloton, Zillow and Expedia. Agents at Working Solutions are all WFH and can work when and where they want. Because of that, agents are considered independent contractors instead of employees. Benefits: Because agents are not employees of Working Solutions, there are no benefits offered. Pay: Working Solutions reports that its agents earn an average of $15 per hour. How to Apply: Search for available jobs here, and click the button to apply. XeroxXerox has been around since the early 1900s and offers printers and supplies, 3D printing and various business solutions. The company is headquartered in Rochester, New York, but employs over 8,000 remote associates through its Virtual Office Program. This program employs associates in customer care, tech support, quality control, systems development and more. Benefits: Benefits at Xerox include paid holidays, healthcare, life insurance, retirement savings plans, employee assistance programs and resources for childcare and eldercare. Pay: Varies by position. ZoomZoom has been providing cloud video conferencing since its initial release in 2012, but thanks to the pandemic pushing all meetings to virtual, it became the fifth-most-downloaded app worldwide in 2020. Zoom is hiring for many positions, including some that are fully remote (and, presumably, meet with their teams via Zoom). Remote positions at Zoom include enterprise sales associate, data scientist, software engineer and visual/web designer. Benefits: Zoom offers benefits like health insurance, 16 weeks paid parental leave, generous PTO, personal finance coaching and book reimbursement. Pay: Varies by position. How to Apply: View remote job listings at Zoom here. Ohio-based Catherine Hiles is a British writer and editor living and working in the U.S. She has a degree in communications from the University of Chester in the U.K. and writes about finance, cars, pet ownership and parenting. Information from contributor Danielle Braff and former staff writers Kaitlyn Blount and Matt Reinstetle is included in this report. This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017. 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