Let me share why I dislike investing in the stock market even in good times. Times are good now because we’re near all-time highs after a scary March 2020. Corporate earnings are rebounding. The economy is gradually opening up. There is light at the end of the tunnel. The problem with the stock market is
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The Ideal Financial Scenario In Retirement: Conservative Returns, Steady Income
7:34 AMThe ideal financial scenario in retirement is steady income and conservative returns. Financial loss creates stress. And given stress kills, your goal as a retiree should be to remove as much stress from your life to live as long and happy as possible. Recently, I’ve been thinking about being OK with no longer making a
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Here's what you need to know about freelancer taxes, including the deductions you can take, the forms you need, and where to find help.
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A recession budget can help you lower your expenses if you’re going through a rough patch and need to cut back. Here are steps you can take.
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After the unforeseen volatility of 2020, CrowdStreet wanted to know how individual investors were thinking about real estate investing in 2021. CrowdStreet was able to conduct a survey with 1,200 respondents, one of the largest of its kind. The survey results provide an insightful commercial real estate outlook for 2021 and beyond. I’m particularly interested
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A stop-loss order is a type of stock trade you can make to limit your stock losses. Here's how to set a stop loss and mitigate your losses.
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Looking for life insurance in California can be cumbersome, but we've narrowed down our list of the best options for you in the state of California.
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If there is one time to have money and spend money, it’s during a pandemic. Money should help make difficult times more bearable. If you can’t afford to spend extra money during a pandemic, then you can always revenge spend once the pandemic is over. Revenge spending is a way to make up for tougher
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Robinhood pledges to make the stock market more accessible – but so does almost every investment platform today. Which ones do it most effectively?
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It is a new year and a new, fresh start for many of us. What better time to think about starting a business? Even with low capital.
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Before the internet, traditional publishing a book was the main way to get your book out into the world. Mainly thanks to the internet, many aspiring authors have decided to bypass the gate keepers and go the self-publishing route. Traditional publishing means that your book is published by an established publishing house. The largest publishers
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Throughout the long history of the stock market, finding undervalued stocks has been one of the time-honored ways to outperform the market over the long term.
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What tools can I use if I want to automate my trading? What are the best automated trading apps for day traders?
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There’s no doubt about it: the longer you wait to buy life insurance, the more expensive it gets. Even if you’re in top physical condition, a term life insurance policy bought at 60 will always be more expensive than it would have been at 30 or 40. But that doesn’t mean you have to go without.
There are some good reasons to purchase life insurance as a senior, or simply an older adult. First, we’ll give you our top picks for life insurance for seniors. Then we’ll dive more in depth in each of these life insurance picks to let you know why we chose these companies. Finally we’ll talk about the pros and cons of purchasing life insurance at an older age. 
Table of Contents
- Quick Picks: Our Top Five Options for Life Insurance for Seniors
- Our Top Five Picks in Detail
- So Which is the Best Option?
- What Is the Best Life Insurance Over 60?
- What Is the Best Life Insurance Over 70?
- What Is the Best Life Insurance Over 80?
- Frequently Asked Questions About Life Insurance for Seniors
Policygenius
Before we launch into our top picks, we want to mention a good option to consider called Policygenius. This company provides you with a side-by-side comparison of top name life insurance policies for seniors. Use the policy aggregator tool to get a comparison of your best policy options so that you can easily find the best choice for you. It makes searching for a policy quick and simple. Related: Policygenius ReviewQuick Picks: Our Top Five Options for Life Insurance for Seniors
When shopping for life insurance, it’s important to get multiple quotes. We pulled estimates from each of these companies that offered an online quote option. The estimate is for a 55-year-old woman in good health with a healthy BMI. We looked at $500,000 policies with a 10-year term. Here are our top five life insurance picks for older adults:| Company | Policy Cost | Why We Like It |
| Haven Life | $61.83/month | Underwritten by MassMutual, but with easy online application process. |
| State Farm | $93.55/month | Great reviews for customer service |
| AIG Life | $41.00/month | Low rates |
| North American Company for Life and Health Insurance | $67.32/month | Lower minimum amounts |
| Mutual of Omaha | N/A | No exam required for up to $100,000 of coverage |
Our Top Five Picks in Detail
We already listed our top five life insurance picks for seniors in the table above. Here, we’ll detail why we chose these particular companies and which is best.Haven Life
This company was created by MassMutual, which has a ton of products and an A++ A.M Best rating. Haven Life has an easy online application form and offers medically underwritten insurance, which is often cheaper. You can complete the majority of the paperwork online, which makes getting a life insurance policy really easy. Haven Life allows you to submit an application until the day before your 65th birthday. But you get an extra four months to actually complete the underwriting process to purchase the insurance.State Farm
State Farm consistently gets great ratings for its customer service. It offers both term and permanent life insurance policies. Plus, during the quote process, you can look at all sorts of additional rider options. Some of these are things you may not have even thought of. Start Farm offers term life insurance policies guaranteed to be renewable up to age 95, which is a huge benefit if you need longer-than-average coverage. The policies are also convertible to permanent policies.AIG Life
As far as customer service goes, AIG Life is somewhere in the middle of the road. But it consistently beats the competition purely on rates. And it has an A rating from A.M. Best. AIG’s Select-a-Term policy option gives you the ability to customize your coverage term to exactly suit your needs. There are 18 different terms available, which is nice if you have a specific coverage timeline in mind.North American Company for Health and Life Insurance
This company is rated A+ by A.M. Best. It offers level premium policies that are convertible to permanent life insurance through age 74. This is a good option if you think a term policy will work for you but might need a permanent policy, instead. The company offers a wide variety of riders, including one that waives certain monthly expenses if you become permanently disabled. Another rider allows you to extend the death benefit beyond the initial term, up to age 120.Mutual of Omaha
These policies are underwritten by United of Omaha Life Insurance Company, which is rated A+ by A.M. Best. Your term can last up to age 80, and you can take out a policy all the way up to age 74. If you need a smaller benefit amount, Mutual of Omaha may be right for you. You can get a benefit of $25,000 to $100,000 with an online application only and without a medical exam. Larger benefit amounts are also available, but they may require a medical exam and contact with an agent.Find the Cheapest Insurance Quotes in Your Area
So Which is the Best Option?
There’s nothing like the “personal” in personal finance. We’d love to say that one of these insurance companies is absolutely the best for all seniors. But we can’t. It really depends on what you’re looking for. Here are our top picks for two situations, though: If you’re looking for the most bang for your buck, go with Haven Life. Its medically underwritten policies fall on the mid-to-low end of the spectrum. But the online application process and reputation for good service make it worth a few extra bucks a month. If you’re not in great health, consider a no medical exam policy from Mutual of Omaha, especially if you only need a small amount of coverage. The online application makes your life easier. And you’ll know you’re getting a good policy, even without a medical exam.What Is the Best Life Insurance Over 60?
In the 60 to 65 age bracket, you can still apply for a term life insurance policy with most insurance companies. In this case, we’d recommend Haven Life if you still qualify for their under-65 application date. Their application process is the smoothest, and their pricing tends to be some of the lowest. Once you hit that 65th birthday, though, you won’t be able to apply for insurance from some of the companies listed above, including Haven. Mutual of Omaha offers insurance applications up to age 74, and if you are in your early 60s and think you might want to convert a term life policy to a whole life policy, check out State Farm.What Is the Best Life Insurance Over 70?
As noted above, Mutual of Omaha invites new applicants for life insurance all the way up to age 74, and North American allows some applicants up to age 75. Once you are in your 70s, your pickings will be significantly slimmer because many companies won’t allow you to apply for life insurance at all. So check with these two companies if you’re planning to take a new policy. If you already have a policy with a life insurance company that allows it, such as State Farm, you may be able to renew a term life insurance policy through your 70s. If you don’t have a renewal option with your current term policy, consider looking into one of the few companies, including Mutual of Omaha and North American, that do allow for new applicants after the age of 70. Or you might look at more expensive whole life insurance options, which may also have higher maximum ages for applicants.What Is the Best Life Insurance Over 80?
Life insurance companies won’t let you apply for new life insurance coverage at the age of 80, except for potentially burial-only coverage. This can be a helpful, affordable option for coverage if you want to help your family with these expenses when you pass away. But, again, if you’re with a company like State Farm, you may be able to renew an existing policy so that it extends into your 80s. And North American even has a rider that allows your coverage to extend to 120. The bottom line here is that it’s essential to think about life insurance for seniors and what your needs will be well before your 80th birthday. Your options for new policies will become increasingly slim past your 65th birthday, and will be virtually nonexistent in your late 70s and beyond. But you can consider extending existing policies or adding riders to these policies to extend your coverage into and even beyond your 80s if this suits your particular needs.Frequently Asked Questions About Life Insurance for Seniors
Life insurance is a sticky topic at any time. But when you’re an older adult, you may have even more questions. Here are some of the ones we hear most frequently:Do I even need life insurance?
The answer here is maybe, but maybe not. Term life insurance is most often geared towards younger consumers who are in the thick of paying off debt, buying a home, establishing a career, and raising a family. But that doesn’t mean you don’t need life insurance once you’re in your fifties, sixties, and beyond. Here are a few reasons you might:
- Your kids are still young. The average age of first-time parents in the U.S. is steadily creeping upwards. If you had kids in your late thirties or early forties–or even later–you may need a term life insurance policy that extends well into your sixties, seventies, or eighties to make sure your family is protected.
- You’re still providing for someone with your income. Even if your children are independent, someone else, such as a disabled spouse, may still rely on your work income. If this is the case, you want to be able to replace that income should something happen to you.
- You’re still in debt. The idea behind term life insurance is that you’ll eventually be able to self-insure. In other words, you won’t need insurance because you’ll have no debts and enough in savings to cover your end-of-life expenses. But if you’re still tackling that mountain of debt, you may need life insurance to protect your heirs.
- You just want to pay your final expenses. A small, affordable life insurance policy can be a good idea if you want to give your heirs a no-hassle way to pay for your final expenses.
- You have a large estate. Sometimes whole or term life insurance is part of a larger estate plan. Since proceeds of these policies are generally tax-free, they can be a good way to offset estate taxes. Talk to a professional estate planner if this is your idea.
- You just want some peace of mind. If the premium for a small life insurance policy slides easily into your budget, you may want it just to know your loved ones will be provided for upon your death.
What kind of life insurance should I buy?
Even as a senior, most of the life insurance policies available to younger adults are also available to you. With that said, some types of plans are better than others. Here are options to check out:
Term Life Insurance
Generally, term life insurance is the best option. It provides more coverage at a lower rate, since it’s purely insurance. Even if you’re approaching 65 (the upper limit to apply for term insurance at many companies), you can get a policy for less than $100 per month if you’re in good health. A term life insurance policy is a good way to insure for specific reasons, such as paying final expenses, paying off debts, or providing for your children and spouse for a certain amount of time. If you will only need the life insurance coverage for 10 to 20 years, opt for a term policy. Term life insurance comes in a few different types. Here are the ones that might suit you best:- Guaranteed Level Term: This type of insurance has a level benefit amount and level premium amount throughout the full term (usually five to 20 years). It gives you predictable monthly payments for a set payout, should you pass away within the term.
- Annual Renewable Term: This short-term life insurance policy can be renewed every year for a certain amount of time. So you could renew your policy annually for up to five years, for instance. The benefit is that premiums start out very low, comparatively. But each time you renew, your premiums will increase. Still, it’s a good option if you only need the insurance for a very short period, such as until you retire in two or three years.
- Decreasing Term: As you might guess, this type of insurance has a death benefit that decreases each year. The premium is often level throughout the plan, but it starts out lower because of the decreasing payout. If you’re insuring against your debt, this can be a great option.
Permanent Life Insurance
This is the other major category of life insurance. Unlike term life insurance, it covers you for your entire life. But it also isn’t just pure insurance. It also comes with a savings or investing component. Sometimes you’ll hear “whole life insurance” used interchangeably with “permanent life insurance.” But whole life insurance is actually just one type of permanent life insurance. Permanent life insurance is much more expensive than term life insurance. And since you’re already purchasing life insurance for a senior, the premiums could be prohibitively expensive. With that said, sometimes permanent life insurance is the right solution. For instance, say you want to provide for a disabled spouse or child. This person will never be financially independent. So you’ll never be in a position where you don’t need some life insurance coverage. In this case, a permanent life insurance policy is a good idea. And, again, sometimes these policies are part of a larger estate plan. If you’d like to learn more about the differences between whole and term life insurance check out this article. We’re focusing on term life insurance for seniors here with the companies we’ve chosen. But we’ll still give you a quick overview of the types of permanent life insurance you might encounter:- Whole Life Insurance: This option comes with a death benefit and a cash value. Parts of your premium go towards the investment portion, on which the insurance company pays dividends. You can withdraw money from the cash value on some policies, and some offer a guaranteed minimum cash value.
- Universal Life: This is similar to a whole life policy, but typically has a more aggressive investment strategy.
- Variable Life: This option has more investment options, and your cash value will change depending on the underlying investments.
- Survivorship Life: If you and your spouse are both providing for a disabled child, this is a good policy to have. It insures both of your lives together and only pays out when you both pass away. It’s cheaper than two separate whole life policies, but similar to them in other respects.
Should I go with a no medical exam policy?
It’s well-known that many life insurance policies require a medical exam. The healthier you are, the more likely you are to outlive your policy. This means you get a better rate. Most life insurance medical exams are pretty easy. A nurse in an office, or even at your home, will weigh you, give you a questionnaire, and maybe take blood and urine samples. This is by no means a complete physical. The insurer is simply looking for telltale signs of serious future medical problems. Some people will say you should avoid medical exams, especially if you’re a senior. And we’ve included companies in our list that offer medical exam free policies. If you’re not in great health, sometimes this can be a better option. However, if you’re in average to good health for your age, a medical exam could actually save you money. Policies that don’t require a medical exam are automatically more expensive, since the insurer is taking on more risk. Ultimately, the answer to this question depends on your medical history and current state of health. But, generally, if you’re healthy, a medical exam will help more than it hurts.
What should I look for in a policy or insurance company?
Shopping for life insurance online as a senior can be tough. There are loads of options. And more and more companies are offering life insurance for older adults. Having some criteria in mind up front will help you narrow down your options. Here’s what to look for in a company and a policy:
- Good Financial Rating: The life insurance company you choose should have a good financial rating with a third party company like Standard and Poor’s or AM Best. If they’re solid financially, there’s little chance they’ll be unable to pay out on your policy as promised.
- Easy Application: You should be able to start the application process largely online, even if you ultimately have to talk to a representative to complete the process.
- Customizable Options: When looking for a life insurance company, find one that will let you customize your policy. At this age, a policy with a long-term care rider could be helpful. You may also want to customize your policy amount and coverage term or add additional riders.
- Clear Terms: it’s especially important to understand the terms of your policy if you’re choosing one that’s not straightforward. If you opt for a decreasing term policy, for instance, how often does the benefit decrease? By how much? How does this affect your premiums? And does the policy have a limit on how quickly it will pay out? Some policies that don’t require a medical exam won’t pay if you die within the first two years of the policy.
Note
Click for detailsBased on our research at the time of this writing (December 2018), the life insurance companies listed in this article are the best options for seniors age 60, 61, 62, 63, 64, 65, 66, 67, 68, 69, 70, 71, 72, 73, 74, 75, 76, 77, 78, 79, 80, 81, 82, 83, 84, 85, 86, 87, 88, 89, 90. Applicants are not guaranteed coverage as other factors may also affect quotes and an applicant’s chance for coverage.
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Whether you like it or not, interest rates are rising once more. This article will discuss how to invest and profit in a rising interest rate environment. I’m in the camp that interest rates will stay low for years to come because of the following reasons: Information efficiency Economic slack Contained inflation Coordinated Central Banks The
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Talking about money benefits everyone. You learn together and grow together — and that’s what friends do.
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It is estimated that about 40 million Americans do not have a bank account. The reasons for this vary. For many, they are unable to qualify for a bank account because of past bounced checks. Bounce too many checks, and you’ll find yourself in the Chexsystems, which many banks use to evaluate potential new banking customers. For others it’s simply a distrust of the banking system or frustration with limited hours or the hoops one has to jump through to get service.
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Featured Prepaid Cards*
[showoff offer=netspend_visa template=card_bullets] [showoff offer=1_walmart template=card_bullets] Whatever the reason, the unbanked often turned to expensive check cashing stores to cash their weekly paychecks. Time Magazine wrote about this phenomenon, which costs consumers $10 billion a year in fees charged by check cashing stores, payday loan providers, and others. It’s not at all uncommon for consumers to spend 3% or more to get a paycheck cashed. In addition to high cost, check cashing stores present several other problems to consumers. First, there is the question of security. Taking your paycheck to a check cashing store and walking out with hundreds of dollars in cash is like wearing a bulls eye on your back. Second, there is simply the question of inconvenience. The weekly trip to a check cashing store takes time and gas. For those that can’t get a checking account or simply don’t want one, there is a no cost, convenient, and safe alternative to check cashing stores–a prepaid credit card with no fees or low fees.List of Low Fee and Free Prepaid Cards
The key to finding the right prepaid credit card is to find one that charges no fees or very small fees. All prepaid cards charge various fees, but some of them waive some or all of the fees if you sign up for direct deposit. So here are the top free prepaid cards and low fee prepaid cards to consider. [showoff offer=netspend_blue template=card_bullets] [showoff offer=western_union template=card_bullets] [showoff offer=brinks_prepaid template=card_bullets] [showoff offer=Netspend_mlb template=card_bullets] [showoff offer=green_dot_cash_back template=card_bullets] [showoff offer=paypal_prepaid template=card_bullets] [showoff offer=1_walmart_mc template=card_bullets] [showoff offer=kroger_prepaid template=card_bullets]Alternative to Prepaid Credit Card
[showoff offer=chime_prepaid template=card_bullets]How a Prepaid Credit Card Works
A prepaid credit card works very similar to a bank debit or ATM card. You can add money to the prepaid card and use it anywhere Visa or MasterCard debit cards are accepted. Money can be added to most prepaid cards in one of several ways:- Direct Deposit: Most prepaid cards allow you to have your paycheck, government check, or benefits check deposited directly onto the card. As described below, the direct deposit feature is extremely convenient and allows you to obtain a prepaid card for free or for a small monthly fee.
- Cash Networks: Cash can be added to most prepaid cards through one of several cash networks, including Green Dot, MoneyGram, Western Union, or Visa Money Link. These cash networks are located at many nearby stores, such as CVS, Walmart, Kroger, and UPS.
- Money Share: Prepaid cards also permit you to transfer funds from one card account to another. This is a convenient way to transfer money to friends and family, and is why many college students carry prepaid cards.
Benefits of a Free Prepaid Credit Card
Prepaid credit cards offer several benefits beyond a simple ATM card. Perhaps the key benefit is direct deposit of paychecks, government checks, and benefit checks. There are several prepaid cards that will waive all fees if you have your paycheck direct deposited to the card. With direct deposit, your paycheck will be added to your card on payday. You don’t have to go to the trouble and expense of driving to a check cashing store to cash your paycheck. And the money is available immediately. If you receive a government or benefits check, you can also have it deposited directly onto prepaid cards for no fee. There is one other important benefit to these cards–online bill pay. The top prepaid cards can be used to pay bills online. Just like a bank account, you can have funds transferred from a prepaid credit card to pay car loans, the mortgage, utilities, or just about any other monthly expense. Because of this, a no fee prepaid credit card is about as close to a bank account as you can get, without getting a bank account. Related: Why are Millennials Using Prepaid Credit Cards? Here are some other benefits of no fee prepaid cards:- Guaranteed Approval: Unlike a bank or traditional credit card, prepaid cards won’t check Chexsystems or your FICO credit score before approving your application. Approval is guaranteed.
- No Credit Check: Because prepaid cards do not extend credit, there is no credit check run when you apply.
- No Bounced Checks: Because the prepaid card acts as a debit card, there is no risk of overdrawing your account. With no bounced checks, there is no risk of paying a bounced check fee.
- No Over Limit Fees: Credit cards charge a hefty fee when cardholders exceed their credit limit. With prepaid cards, you can only spend what you’ve added to the card, so there is no risk of exceeding a card limit.
- Free Direct Deposit: For the prepaid cards listed below, they all offer free direct deposit of paychecks, government checks, and other benefits checks. In fact, by using direct deposit, you can get the prepaid card for no fees at all.
- No Interest Charges: Since you’re not borrowing money on a prepaid card, you never pay interest. Prepaid cards keep you from spending more than you have.
- No Fees or Low Fees: For the cards listed below, they either charge no fees if you use direct deposit, or their fees are very low (and a lot lower than using check cashing stores).
- Online Bill Pay: This is a big advantage of prepaid cards. You can use your account to transfer payments to creditors or even other cardholders. It makes paying bills easy and safe, and reduces the risk you’ll miss a payment by mistake.
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If you want to improve your credit score, using an app to identify problem areas and track your progress can be helpful. Here are the 5 best.
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Antoine Watson, 19, decided to bum-rush and kill an 84-year-old man walking on the sidewalk minding his own business. Apparently, Antoine Watson was vandalizing a car across the street when he looked up and barked at the 84-year-old man to mind his own business. This incident hit home with me. I was parking my car
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Popular wisdom once said that a new habit takes 21 days to become a permanent fixture in life. But according to one newer study, it’s actually closer to 66 days. I’m on a quest to find some powerful apps that will allow me to build a positive savings habit. If you have some bad spending habits you want to track down and eliminate, there’s help out there. Since there are apps for everything, you can train yourself for free with savings apps that will encourage you on your road to financial freedom. Let’s look at these 7 iPhone apps that encourage and track positive money saving habits for your life.
Tip Yourself is a savings app designed to motivate you to set aside money when you reach your life’s goals, big or small. The developers of Tip Yourself have created a community of like-minded savers who want to encourage others to do the same. Tip Yourself users literally “tip” themselves with small dollar amounts each time they feel like it. Skip Starbucks and drink the coffee you had at home? Put some money in the tip jar. Pack a lunch instead of eating out at work? That’s reason to celebrate. Tip Yourself harnesses the power of positive reinforcement, encouraging you to save money for a higher purpose and help others do the same. To set-up a profile, you’ll have to enter some online banking information, confirm the account, and then you’re on your way. Savers get an electronic “Tip Jar” to fill with deposits that you can easily track over time via a handy calendar view. Each day that you tip yourself, you’ll see that date turn green in the calendar view. View your tips in several categories to see how you’re doing – average tips per week, average tip, highest tip, and total amount. Pre-set amounts are $2, $5 and $10, but you can donate any other amount from $1 up. After you select your tip you can shout to the world that you’ve saved money! The money you save is stored in the online tip jar (encrypted and FDIC insured) and then returned to you when you want to use the money. Canceling your account will withdraw all tips from your tip jar and return them to the account from which they were withdrawn. Likes: The community. Be encouraged by others and pay that same encouragement forward. Users can give props and leave comments for other savers around the globe. Having partners in saving increases accountability, and you can invite friends from your Contacts and Facebook account. Dislikes: Flexibility. To change your bank information, you’re required to email the support email address at Tip Yourself.
A simple piggy bank app, iMoneyLover requires no bank account information for setup and offers a customizable savings goal creator. Set your Goal’s Name, Amount to Save, Currency Name (great for those saving other than $), and the time frame for when you want your goal accomplished. You can activate daily notifications to remind you to “feed the pig” and when you complete your goal, reset your data and start a new one. Likes: Simplicity of use. Feed this pig and he’ll tell you he’s full for the day and to come back tomorrow. Dislikes: This app is free but an advertisement bar appears at the bottom. There’s no way to track your savings goals over time, as MoneyLover will only keep one goal active and visible.
The Money Box app is a step up from other electronic piggy banks that will help you create that positive savings habit. Users can track goals throughout their lifetime, sort by due date or alphabetically, and even add their own pictures (or stock icons) to help visualize each goal. I was able to set my master currency to USD, but global savers can choose anywhere from the Hungarian Forint to the Chinese Yen. You can add a Facebook or Twitter handle and activate sharing for Creating, Achieving, Contributing, and reaching a Milestone goal. To create a goal, you’ll select a photo/icon and enter the title of the goal. Choose your target amount, currency, and target date. While not connected to your real bank account, there’s an option to “name” your savings account. Like other electronic piggy banks, you’re responsible for creating your own separate savings account to fund your goals. Finally, you’re able to set how often you want to save for this goal: Daily, Weekly, Bi-Weekly, and Monthly. Likes: Customizable options and visualization tools, like adding a photo. Then track the goal status with color-coded bars and percentages. This makes for a subtle-yet-powerful motivator to save. Dislikes: Inability to link a bank account. Coupled with the power of the visualization, being able to transfer money with one touch of a button on this app would make it more powerful on the road to building positive savings habits.
An elegant savings app for positive habit transfer, fineants provides monetary proverbs from the likes of Benjamin Franklin and other financial gurus as it motivates you to develop a habit of saving. Create a goal, then track the money you’ve saved over time after squirreling it away in your real piggy bank. Under each goal you can track the progress by percentage complete and total dollar amount you’ve saved. A downside to this fast and easy app is that you can only track one goal at a time unless you buy the pro version. Likes: Visually simple and to the point. Move the money on your own but track progress on your iPhone, inside the app or in the widgets section under the “Today” option. Dislikes: Cost. Upgrade to the pro version to track more than one goal.
The FiftyTwo app is based off a 52-week money saving challenge. The idea is that you start with $1 saved the first week, and end with $52 saved the final week. At the end of the challenge, you’ll have $1,378 stashed away. FiftyTwo has a clear and easy tutorial page you can review before getting started. Simple features, like swiping right to mark a weekly deposit complete or cancel out a week’s progress, make FiftyTwo easy to use and be on your way. There are only two pages to navigate: the home page and the settings page. On the home page you’ll see each week and the required savings amount to meet the challenge goals. Settings include a Sync to iCloud option and the ability to set a next reminder, but this is for the paid version only. Here you can also customize the name of your goal for extra motivation. Likes: You’re taking part in an effective habit building system. At the top of the app you can quickly identify how much of the $1,378 you have piled up. Dislikes: No option to link a bank account for instant savings. There’s also an advertisement bar just below the top of the app, which can be removed for $0.99.
An advanced and slick savings app, Clink has enough options to satisfy any aspiring saver. It’s not only a savings platform but an investment primer as well. You can personalize and tailor this online piggy bank to suit your needs. At setup, users are asked to identify what kind of portfolio they want, ranging from very conservative (about 70% bond/30% stock) to very aggressive (20% bond/80% stock). The Clink platform will automatically invest in Exchange Traded Funds (ETFs) that match your desired rate of return for the newly created, automated savings account. For example, if you want a stable, lower risk savings option that will provide returns similar to a Certificate of Deposit (CD) or money market account, you will probably choose the very conservative option. If you’re chasing the gains, you might pick aggressive or very aggressive. No matter where you fall on the risk spectrum, there is a portfolio option to meet your needs. (Keep in mind there may be tax consequences when you withdraw money from your account.) Track and manage savings under the Savings Management tab, where you can set your options for automatic savings and view your savings history over time. Choose between saving every day, every other day, weekly, every other week, or monthly. Base amounts are $1, $5, $20, $50, $100, and $500. There is no option to apply a different amount to your automated savings schedule. You can, however, deposit and withdraw any amount at any time, provided the funds have cleared your bank. If you link a credit card with Clink, you can set a percentage of each restaurant purchase to automatically save. The default is 20%, but you can modify it to a different amount if desired. Bonus: Earn $5 per referred friend or family member that registers to use the app. Navigate to the Invite Friends tab and choose between Facebook, email, or a text message invitation. Likes: Groups. Get your family and friends to sign up with you. That way, you can all work toward a shared goal, like saving for college, a car, or a family vacation. The possibilities are only limited by your imagination. The bonus mentioned above will be added to your account, so there’s one more reason to start a savings group. Dislikes: The functionality of the app is not quite complete – a Clink video advertisement claims you can set automatic savings percentages for purchases made on your favorite credit card. However, this feature isn’t fully available. Clink’s support team explained that their current version of the app only allows for automated savings in one category (restaurants), but future versions will allow users to pick more categories to collect automatic savings. Additionally, there is no way to view which credit card you’ve linked to Clink nor is there a way to change the card unless you have Clink reset your account. Expect upcoming updates to resolve these functionality issues.
Penny is more of a financial assistant, rather than a “piggy bank” savings app like most. It was also the most fun I’ve had exploring a personal finance app yet. It helps you develop positive financial habits. Intuitive and fun interaction walks you through setup and account linking as if you’re having a conversation with a human being. Once complete, Penny tracks spending (and income) with all linked accounts, providing easy-to-read charts and progress reports whenever you want them. Penny is like Personal Capital, but without as much detailed information. This app is focused on spending, saving, and income rather than investments. Penny’s programming will scan your purchase patterns to identify your subscriptions and frequently used products. After my first 5 minutes on the app, I got my first helpful alert. Penny asked me if I’d like to cancel or upgrade my Audible subscription based on usage. I told her I was happy with what I had. After a few days, I checked back in to see what I could learn from my new personal assistant. Penny pointed out that in each of the four preceding weeks, I was spending less and less money. This is a very powerful motivator and positive way to develop a conscious thought process focused on saving more and spending less. “We” went over my top three purchases so I could identify what was costing me the most money each week. Ask Penny how the month is going, and you’ll get a side-by-side comparison of the current and previous month. You’ll know right away if you’re spending more or less than you did at that same time last month. If you’ve made a large purchase, Penny will identify the transaction and remind you of the details. If there’s a spike in spending, Penny will point it out. If you have transactions you don’t want to show up on the app’s register, you can categorize them as “ignored”. This will prevent normal expenses (fees, payments, transfers, etc.) from distracting you from your goals. Other selectable categories include food, transportation, other purchases, income, and bills. Bonus: Earn swag from Penny by referring friends and family. Likes: Interaction. I enjoy the conversation style interaction with Penny. It give me the feeling I have my own personal finance assistant to help me along the way. Dislikes: Category options. I want to include charitable giving and other expenditures, but with only 5 categories to choose from it’s not possible to break it down further than “other purchases.” Adding more categories would help users easily identify positive and negative spending habits. Whether it’s 21 days, 66 days, or somewhere in between, developing a habit of saving is possible. We use our phones and computers every day anyway. Installing a habit-reinforcing savings app will increase your chances of success. If you want simple tracking that reminds you to move money into your savings account, an app like fineants, FiftyTwo+, or iMoneyLover is the way to go. If visual motivation works better for you, use Money Box to set up goals with custom photos. If you want a personal touch you’ve got to choose Penny. The socially-motivated saver should use Tip Yourself. For a group setting amongst family or friends, Clink can connect you to your desired goals. What app do you use to help you remember to save? Leave a comment below and let us know.If tracking your spending and saving more money is your goal, using a smartphone or computer savings app can be a big asset. Here are our favorites.
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Tip Yourself – iOS
Tip Yourself is a savings app designed to motivate you to set aside money when you reach your life’s goals, big or small. The developers of Tip Yourself have created a community of like-minded savers who want to encourage others to do the same. Tip Yourself users literally “tip” themselves with small dollar amounts each time they feel like it. Skip Starbucks and drink the coffee you had at home? Put some money in the tip jar. Pack a lunch instead of eating out at work? That’s reason to celebrate. Tip Yourself harnesses the power of positive reinforcement, encouraging you to save money for a higher purpose and help others do the same. To set-up a profile, you’ll have to enter some online banking information, confirm the account, and then you’re on your way. Savers get an electronic “Tip Jar” to fill with deposits that you can easily track over time via a handy calendar view. Each day that you tip yourself, you’ll see that date turn green in the calendar view. View your tips in several categories to see how you’re doing – average tips per week, average tip, highest tip, and total amount. Pre-set amounts are $2, $5 and $10, but you can donate any other amount from $1 up. After you select your tip you can shout to the world that you’ve saved money! The money you save is stored in the online tip jar (encrypted and FDIC insured) and then returned to you when you want to use the money. Canceling your account will withdraw all tips from your tip jar and return them to the account from which they were withdrawn. Likes: The community. Be encouraged by others and pay that same encouragement forward. Users can give props and leave comments for other savers around the globe. Having partners in saving increases accountability, and you can invite friends from your Contacts and Facebook account. Dislikes: Flexibility. To change your bank information, you’re required to email the support email address at Tip Yourself.
iMoneyLover – iOS
A simple piggy bank app, iMoneyLover requires no bank account information for setup and offers a customizable savings goal creator. Set your Goal’s Name, Amount to Save, Currency Name (great for those saving other than $), and the time frame for when you want your goal accomplished. You can activate daily notifications to remind you to “feed the pig” and when you complete your goal, reset your data and start a new one. Likes: Simplicity of use. Feed this pig and he’ll tell you he’s full for the day and to come back tomorrow. Dislikes: This app is free but an advertisement bar appears at the bottom. There’s no way to track your savings goals over time, as MoneyLover will only keep one goal active and visible.
Money Box – iOS
The Money Box app is a step up from other electronic piggy banks that will help you create that positive savings habit. Users can track goals throughout their lifetime, sort by due date or alphabetically, and even add their own pictures (or stock icons) to help visualize each goal. I was able to set my master currency to USD, but global savers can choose anywhere from the Hungarian Forint to the Chinese Yen. You can add a Facebook or Twitter handle and activate sharing for Creating, Achieving, Contributing, and reaching a Milestone goal. To create a goal, you’ll select a photo/icon and enter the title of the goal. Choose your target amount, currency, and target date. While not connected to your real bank account, there’s an option to “name” your savings account. Like other electronic piggy banks, you’re responsible for creating your own separate savings account to fund your goals. Finally, you’re able to set how often you want to save for this goal: Daily, Weekly, Bi-Weekly, and Monthly. Likes: Customizable options and visualization tools, like adding a photo. Then track the goal status with color-coded bars and percentages. This makes for a subtle-yet-powerful motivator to save. Dislikes: Inability to link a bank account. Coupled with the power of the visualization, being able to transfer money with one touch of a button on this app would make it more powerful on the road to building positive savings habits.
fineants – iOS
An elegant savings app for positive habit transfer, fineants provides monetary proverbs from the likes of Benjamin Franklin and other financial gurus as it motivates you to develop a habit of saving. Create a goal, then track the money you’ve saved over time after squirreling it away in your real piggy bank. Under each goal you can track the progress by percentage complete and total dollar amount you’ve saved. A downside to this fast and easy app is that you can only track one goal at a time unless you buy the pro version. Likes: Visually simple and to the point. Move the money on your own but track progress on your iPhone, inside the app or in the widgets section under the “Today” option. Dislikes: Cost. Upgrade to the pro version to track more than one goal.
FiftyTwo+ – iOS
The FiftyTwo app is based off a 52-week money saving challenge. The idea is that you start with $1 saved the first week, and end with $52 saved the final week. At the end of the challenge, you’ll have $1,378 stashed away. FiftyTwo has a clear and easy tutorial page you can review before getting started. Simple features, like swiping right to mark a weekly deposit complete or cancel out a week’s progress, make FiftyTwo easy to use and be on your way. There are only two pages to navigate: the home page and the settings page. On the home page you’ll see each week and the required savings amount to meet the challenge goals. Settings include a Sync to iCloud option and the ability to set a next reminder, but this is for the paid version only. Here you can also customize the name of your goal for extra motivation. Likes: You’re taking part in an effective habit building system. At the top of the app you can quickly identify how much of the $1,378 you have piled up. Dislikes: No option to link a bank account for instant savings. There’s also an advertisement bar just below the top of the app, which can be removed for $0.99.
Clink – iOS and Android (available soon on Google Play)
An advanced and slick savings app, Clink has enough options to satisfy any aspiring saver. It’s not only a savings platform but an investment primer as well. You can personalize and tailor this online piggy bank to suit your needs. At setup, users are asked to identify what kind of portfolio they want, ranging from very conservative (about 70% bond/30% stock) to very aggressive (20% bond/80% stock). The Clink platform will automatically invest in Exchange Traded Funds (ETFs) that match your desired rate of return for the newly created, automated savings account. For example, if you want a stable, lower risk savings option that will provide returns similar to a Certificate of Deposit (CD) or money market account, you will probably choose the very conservative option. If you’re chasing the gains, you might pick aggressive or very aggressive. No matter where you fall on the risk spectrum, there is a portfolio option to meet your needs. (Keep in mind there may be tax consequences when you withdraw money from your account.) Track and manage savings under the Savings Management tab, where you can set your options for automatic savings and view your savings history over time. Choose between saving every day, every other day, weekly, every other week, or monthly. Base amounts are $1, $5, $20, $50, $100, and $500. There is no option to apply a different amount to your automated savings schedule. You can, however, deposit and withdraw any amount at any time, provided the funds have cleared your bank. If you link a credit card with Clink, you can set a percentage of each restaurant purchase to automatically save. The default is 20%, but you can modify it to a different amount if desired. Bonus: Earn $5 per referred friend or family member that registers to use the app. Navigate to the Invite Friends tab and choose between Facebook, email, or a text message invitation. Likes: Groups. Get your family and friends to sign up with you. That way, you can all work toward a shared goal, like saving for college, a car, or a family vacation. The possibilities are only limited by your imagination. The bonus mentioned above will be added to your account, so there’s one more reason to start a savings group. Dislikes: The functionality of the app is not quite complete – a Clink video advertisement claims you can set automatic savings percentages for purchases made on your favorite credit card. However, this feature isn’t fully available. Clink’s support team explained that their current version of the app only allows for automated savings in one category (restaurants), but future versions will allow users to pick more categories to collect automatic savings. Additionally, there is no way to view which credit card you’ve linked to Clink nor is there a way to change the card unless you have Clink reset your account. Expect upcoming updates to resolve these functionality issues.
Penny – iOS
Penny is more of a financial assistant, rather than a “piggy bank” savings app like most. It was also the most fun I’ve had exploring a personal finance app yet. It helps you develop positive financial habits. Intuitive and fun interaction walks you through setup and account linking as if you’re having a conversation with a human being. Once complete, Penny tracks spending (and income) with all linked accounts, providing easy-to-read charts and progress reports whenever you want them. Penny is like Personal Capital, but without as much detailed information. This app is focused on spending, saving, and income rather than investments. Penny’s programming will scan your purchase patterns to identify your subscriptions and frequently used products. After my first 5 minutes on the app, I got my first helpful alert. Penny asked me if I’d like to cancel or upgrade my Audible subscription based on usage. I told her I was happy with what I had. After a few days, I checked back in to see what I could learn from my new personal assistant. Penny pointed out that in each of the four preceding weeks, I was spending less and less money. This is a very powerful motivator and positive way to develop a conscious thought process focused on saving more and spending less. “We” went over my top three purchases so I could identify what was costing me the most money each week. Ask Penny how the month is going, and you’ll get a side-by-side comparison of the current and previous month. You’ll know right away if you’re spending more or less than you did at that same time last month. If you’ve made a large purchase, Penny will identify the transaction and remind you of the details. If there’s a spike in spending, Penny will point it out. If you have transactions you don’t want to show up on the app’s register, you can categorize them as “ignored”. This will prevent normal expenses (fees, payments, transfers, etc.) from distracting you from your goals. Other selectable categories include food, transportation, other purchases, income, and bills. Bonus: Earn swag from Penny by referring friends and family. Likes: Interaction. I enjoy the conversation style interaction with Penny. It give me the feeling I have my own personal finance assistant to help me along the way. Dislikes: Category options. I want to include charitable giving and other expenditures, but with only 5 categories to choose from it’s not possible to break it down further than “other purchases.” Adding more categories would help users easily identify positive and negative spending habits. Whether it’s 21 days, 66 days, or somewhere in between, developing a habit of saving is possible. We use our phones and computers every day anyway. Installing a habit-reinforcing savings app will increase your chances of success. If you want simple tracking that reminds you to move money into your savings account, an app like fineants, FiftyTwo+, or iMoneyLover is the way to go. If visual motivation works better for you, use Money Box to set up goals with custom photos. If you want a personal touch you’ve got to choose Penny. The socially-motivated saver should use Tip Yourself. For a group setting amongst family or friends, Clink can connect you to your desired goals. What app do you use to help you remember to save? Leave a comment below and let us know.If tracking your spending and saving more money is your goal, using a smartphone or computer savings app can be a big asset. Here are our favorites.
The post How to Build Saving Habits With These 9 Apps appeared first on The Dough Roller.
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If you’re wondering if cheap food delivery services exist, there are a few options to consider. We’ve rounded up the cheapest meal delivery services.
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If you're in a situation where your tax bill is more than you can afford, one option is to take out a personal loan to pay those taxes.
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Are you a parent who feels guilty for not spending enough time with your kids every day? Perhaps you are chasing money and prestige more than you should. Good news! The average amount of time parents spend with their kids a day is shockingly low! The average amount of time is so low, it makes
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Changing banks can be a real hassle. But we these simple steps, you can switch banks effortlessly, without missing a direct deposit or automated payment.
Switching banks may seem as daunting as buying a new computer or doing your own taxes — or both, put together. You’d love better service, but dread the tedium of the transfer, set-up, and orientation process. There have been times when I’ve wanted to change banks, but the thought of going through all the hassle just didn’t seem worth it. While it does take some effort, moving your accounts from one bank to another is really not that difficult. There are a few traps to watch out for (see below), but the process is not as painful as we sometimes make it out to be. I’m in the process of changing my business bank accounts from Capital One to Citibank and thought it would be a good time to cover the steps you should take if you ever want to switch banks.
Step 1: Choose Your New Bank
You may already have a new bank in mind, but if not, it’s time to do a little bit of homework. To find a new bank, you might start by asking friends and family members if they are happy with their bank. Current customers have the low-down on what a bank is really like. How long are the lines at lunchtime? How user-friendly is the online banking? How accessible are the ATMs? These are questions that only a current customer can answer. Call it a shortcut, but they’ve already done the legwork you’re setting out to do. You should also consider local banks and credit unions. Often these smaller financial institutions offer great service and competitive rates. And finally, it’s worth consider some of the best online banks. Because they don’t have the expense of maintaining branches, online banks typically offer the highest interest rates on savings accounts, high yield CDs, and even free checking accounts.Step 2: Open the New Bank Account
The next critical step is to open your new bank account before closing your old one. It may seem like an obvious step, but sometimes in frustration with their current bank, people close an existing account out of anger. Resist this temptation. No matter how anxious you are to switch banks, open your new account first. This includes not only applying for the new account, but getting your debit card and checks. You want to have the new account fully in place and ready to go.Step 3: Set Up Direct Deposit
If you use direct deposit for your paycheck or government benefits check, set up direct deposit to your new bank account. Setting up direct deposit is extremely easy, and your new bank can walk you through the steps. All you will need is the bank’s routing number and your account number, both of which will appear on your new checks.Step 4: Switch Automatic Payments
You may pay a number of bills automatically from your old bank account. For example, we have our mortgage, home equity line of credit payment, and several utility bills paid automatically from our checking account. You may also have automatic transfers from your checking account to some form of savings or brokerage account. If you use these automated features, you’ll need to change them over to your new bank account. This is a critical step that can trip up folks. If you close your old account before making these changes, you may miss important payments. It’s also critical to remember to keep enough money in your old account to cover these payments until you’ve made the switch.Step 5: Close Your Old Account
Now to the last step. Wait until all checks and other withdrawals have cleared your old bank. Then confirm that all automatic payments are withdrawn from your new bank. Then you can close your old bank account. With this step, it’s critical to make sure all payments have cleared your old account, otherwise you could end up bouncing a check. Some banks offer a brochure to help walk you through the bank switch process (download the pdf here). At the end of the day, it can really pay to switch banks. In fact, as the banking industry gets back on its feet, you might find the incentives to do so downright irresistible.If you’re hoping to switch banks, here’s what you need to know about making the process as smooth as possible.The post How to Switch Banks appeared first on The Dough Roller.
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We'll provide details of the free tax software offered by six of the most popular software providers so you can choose the best one for you.
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In the never-ending desire to get rich quick, Reddit investors are the new kings and queens of day trading. Back in college, I was a degenerate day trader who bet on stocks between classes, partially based on what I read on message forums. More than 25 years later, it is fascinating to see forum-based trading
The post Reddit Investors Shake Up Wall Street: Why Portfolio Diversification Is Key appeared first on Financial Samurai.
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The extraordinary circumstances of 2020 may make your 2021 tax process more complicated than ever. Here's what you need to know.
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Talk about your goals and your future. Learn how to save and invest smarter. These are habits that make love and money go well together.
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How I Took Advantage of Credit Card Bonuses When I Moved Into My First House
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Moving to a new home can come with a lot of expenses. Why not at least get some credit card bonuses while you spend? Find out how.
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January 2021 went by so fast I almost forgot to do a review. Although January flew by, it didn’t feel that different compared to the end of last year. COVID-19 is still out there in force. When I saw 22,000+ fans at the Super Bowl in Tampa, I was shocked! However, upon learning they were
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Downgrading your car to pay less on monthly car payments frees up resources for other purposes, including tackling other high-interest debt. Here's how.
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If there’s ever a time to have the ideal body weight, it’s during a global pandemic! All the studies have shown that those who are overweight or obese have a much tougher time combatting the coronavirus. Another thing to think about is maintaining an ideal body weight once you’ve reached financial independence. If you’re financially
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There are many programs designed to help people prepare and file their taxes. One of the best-known is TurboTax, but there are plenty of alternatives.
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There are two different retirement philosophies that will determine your safe withdrawal rate. It is up to you to decide which retirement philosophy is best for you. There is no right or wrong philosophy. The first retirement philosophy is to spend all your money before you die. In other words, you wish to accomplish complete
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$5,000 is plenty of capital to get started investing. All you need is a clear plan and a goal for your money.
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With the right software, filing your own taxes can be easy and affordable. But with so many DIY options, how do you choose? Here we’ll compare the 7 best tax software programs to help you find your perfect fit.
In 2016, 43% of tax filers used a digital tax preparation tool. Being that was a few years ago, I’d venture a guess that the number has gone up since then. So, why the huge jump in e-filing taxpayers? The federal “Free File” program may be one answer. Free File is an alliance between the IRS and certain tax preparation software companies. If your income is below $66,000, you can use Free File software to quickly and easily file your taxes online for free. If you’re planning to jump on the bandwagon this year by filing your taxes online, be sure to get the best tax software for your particular needs. Luckily, there are plenty of great options to choose from. Here, we’ll look at seven tax preparation software companies–TurboTax, H&R Block, TaxAct, Tax Slayer, Free Tax USA, e-File, and e-Smart. While these aren’t the only names on the market, they’re some of the most well-known. Any of these options could be a good fit for you, depending on your needs and how much assistance you’ll need to safely get through filing your taxes. Related: What happens with you miss the tax deadline?.
How to Choose Your Tax Preparation Software
To start, you’ll have to get an idea of what type of help you’ll need. If you’re a straight W-2 employee with employer-paid healthcare, a simple retirement plan and planning to take the standard deduction (which is increasing this year), you don’t need much. The most basic version of any of these tax software options would likely work for you. But if you need more forms to claim things like mortgage interest deductions, rental income, or business income, you’ll want to dive deeper into what each of these software options offers and how much they’ll cost. You may also want to look at the long-term benefits, like audit security if your audit risk is high or file storage if you plan to use the same tax software year after year. We’ll take you through each of our favorite software choices. But for a quick comparison, the table below has everything you need to know about the features included with each software option:| TurboTax | H&R Block | FreeTaxUSA |
TaxAct | Tax Slayer | eSmart Tax | e-File | |
|---|---|---|---|---|---|---|---|
| Federal e-File Cost | $0 to $110 | $0 to $84.99 | $0 to $6.99 | $0 to $74.95 | $0 to $47 | $44.95 | $0 to $34.49 |
| State e-File Cost | $40 | $0 to $39.95 | $12.95 | $0 - $49.95 | $0 to $39 | $36.95 | $28.95 for unlimited state tax returns |
| Free File Qualifications | Simple returns | Income under $69,000 and simple filing situations |
Income under $69,000 or qualify for EITC | Simple filing situations | Able to file using basic 1040 | Simple return situations, taxable incomes under $100,000 | Taxable income of under $1,000; married filing jointly or single, no dependent deductions |
| Forms Available on Free Edition | 1040, Schedule EIC, limited interest and dividend income | 1040, Form 1099, Forms 1095-A/1088/1098-E/1098-T/1099-B/1099-DIV/1099-INT/1099-R, Schedule EIC | Most tax forms | 25+ tax forms | 1040 | Form 1040, Form 8853, Schedule A, Schedule B | 1040, Schedule EIC |
| Step-by-Step Guidance | Yes | Yes | Yes | Limited | Limited | No | Limited |
| Bookmarking Capabilities | Yes | Yes | Yes | Yes | No | Yes | Yes |
| Getting Your Refund | Direct Deposit, Check, H&R Block Emerald Prepaid Mastercard, Amazon Gift Card with bonus | Direct Deposit, Check, H&R Block Emerald Prepaid Mastercard, Amazon Gift Card with bonus | Direct Deposit, Check | Direct Deposit, Check, Serve Free Reloads Card | Direct Deposit, Check, Debit Card, Bank RT/File & Go Refund Transfer | Direct Deposit or Check | Direct Deposit, Check |
| Help Options | Online Chat, Phone | Online Chat, Phone | Chat, Email | Phone, Email | Email, Phone, Live Chat on All Plan Levels | Online chat or email | Online Form |
| Prior-Year Returns Imported | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Automatic Import | Yes with photo of W-2 or auto-import |
Yes | No | Yes | Yes | No | No |
| Accuracy Check | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Audit-Risk Check | Yes | Yes | No | Yes | Yes | No | No |
| Audit Support | Yes | Yes | Yes | Yes | Yes | No | Yes |
| Saves Filed Taxes Online | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Mobile-Friendly | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
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TurboTax
TurboTax is one of the most popular online tax preparation options, but it can also get pricey. It offers some great features and a very slick, easy-to-use interface. If you’re nervous about missing something when filing your taxes online, TurboTax may be the software for you. It walks through every potential income, expense, deduction, and credit option, one by one. TurboTax offers:
- A 24/7 help line for customers, including the ability to screen share with a representative so that they can easily figure out exactly what’s going on with your taxes.
- Snap and Autofill, which allows you to auto-fill your W-2 information by uploading a picture of your W-2 form. This can save you some time. Depending on who you work for, just your personal and employer information may be enough to pull your W-2 information into your tax filing automatically.
- A mobile app, which lets you file your taxes on the go or even if you don’t have a home computer.
- ExplainWhy technology, which will highlight and explain the largest components of your tax return, so that you can have a better understanding of those components.
- SmartLook, which lets you connect to a TurboTax expert via video to get answers and guidance when you need it.
- An Audit-Risk identifier that will scan your taxes for auditor red flags after you file, allowing you to see how likely you are to be audited this year.
- Audit Support, which is free for basic answers to questions if you’re audited at any point after filing your taxes. You can also choose to pay for additional audit support up front, which would then give you access to a professional who would take care of most of the proceedings in case of an audit.
H&R Block
H&R Block is a trustworthy name if you want to go and have your taxes done in person, but its software is also a good option. It’s still not quite as intuitive as TurboTax’s, but it’s getting there. And it also has started offering the option to get live tax help while you’re filing your own taxes at home. H&R Block offers:
- Its Maximum Refund Guarantee, which means that if you use H&R Block’s software as well as another program that gives you a smaller tax liability or bigger refund, you’ll get a refund and free amendment to your return.
- A bonus on your return amount when you choose to receive your funds as a gift card. You can get an additional 5% on top of your return amount when you choose to receive some or all of your refund as an Amazon gift card.
- Free in-person audit support if you purchase and use their software. When you get audited, your audit support is free, and comes from a real-live person. This is one of the better audit support options on the market.
- Loads of forms available on its free version. Each type of tax software comes with various levels, with the more affordable options giving you access to fewer tax forms. The free version of H&R Block is surprisingly robust and fits a variety of tax situations. Some of the impressive features of the free version include support for student loan interest, tuition payment, child and dependent care support, social security, and unemployment income.
FreeTaxUSA
If you’re self-employed or otherwise have more complex taxes than the average person but also don’t want to pay a fortune, FreeTaxUSA may be the software for you. Its deluxe version handles tax forms that most softwares don’t handle until you pay for the premium or self-employed version. This includes Schedule C for self-employment, Schedule E for rental real estate, and Schedule D for capital gains. Instead of upgrading to access more forms, the Deluxe version includes additional support and audit support for a low price. FreeTaxUSA offers:
- Free customer support via email, or if you pay for the deluxe version via chat.
- An accuracy guarantee that will pay interest and penalties assessed by the IRS due to a calculation error in their software.
- Free audit assistance with the Deluxe version. It includes access to audit specialists to answer your questions.
- Cheaper than average state returns.
TaxAct
TaxAct is known more for its low prices than anything else, but it also has a good interface and is good at helping you find deductions to save money. TaxAct’s process isn’t quite as guided and foolproof as TurboTax. But if you know which income and deductions you’re going to file, it’s easy to use. TaxAct offers:
- Direct deposit returns to an American Express Serve Free Reloads Prepaid Debit Account, which gives you easy access to your tax return money.
- A Maximum Refund Pledge similar to the one offered by H&R Block.
- Helpful popups to guide you if you’re confused about a form or what information you need to put into that form.
- TaxAct inspects returns for incomplete information, errors, and additional savings opportunities.
TaxSlayer
This is another lower-cost tax preparation software that may interest you, especially if you know a bit about filing your taxes already. As with most of these other services, TaxSlayer comes with free email and phone support to make sure you get all your questions answered while filing your taxes. It is also available for use on your desktop or mobile device. TaxSlayer offers:
- Another refund guarantee, which is similar to those offered by TaxAct and H&R Block. The money-back guarantee is a little less robust than H&R Block’s though, as it will only refund the cost you paid for the software, not a free adjustment to claim the rest of your deduction.
- Free email and phone support if you have technical problems with the software.
- Error-checking software that lets you ensure your taxes are correct before you e-file them.
- Access to the Classic edition of TaxSlayer for free for military members and active-duty military families.
eSmart Tax
One of the lesser-known online tax filers is eSmart Tax. Don’t be fooled if you haven’t heard of them before, though: eSmart Tax is an extension of Liberty Tax, which has been a trusted name for over 20 years. You won’t find any sign-twirlers in Statue of Liberty costumes with eSmart Tax, though; the online-only company is more focused on offering affordable, simple tax returns on an easy-to-use platform. While this software is, on average, more expensive than other e-filing companies, it might be a great option if you want a guaranteed return through a company that’s backed by decades of experience (and over 4,000 brick-and-mortar locations). At eSmart Tax, you’ll get:
- Biggest Refund Guarantee: If you get a bigger refund through another filing company, eSmart Tax will eat the filing fees.
- 100% Accuracy Guarantee: If one of their calculations is incorrect and results in penalties and/or interest fees, eSmart Tax will pay for it.
- Federal and State tax filing, as well as access to ACA forms.
- Free online chat and tech support for all, regardless of package tier (in the past, this was only available to their paid customers).
- Access to prior year’s returns and W-2 downloads.
- Preparation for non-residents and partial year state returns available with the free version.
- Paid versions offer access to a variety of forms, including those for self-employed, sole proprietors, investors, landlords, and more.
e-File
This quick tax filing service definitely focuses on those with simpler-to-file taxes, but it also offers support for those with more complex tax situations. Its user interface is simple, and doesn’t include as much additional information as some of the above software options. But it does let you get your taxes filed quickly, and offers access to live support when you need it. e-File offers:
- Live chat support, even during peak hours. This can help you out in a pinch if you aren’t sure what to do next when filing your taxes.
- Electronic and mail filing options.
- A quick refund option that gets you access to your money fast when you file online.
Which Tax Software Is Best?
If your tax filing situation is relatively basic, any of these software options could work for you–especially the free versions. However, some have features that might win out over competitors, including:- TurboTax’s superior guide: TurboTax is known as one of the most user-friendly options on the market, as it will guide you through every step of the process so you don’t miss anything. It also bookmarks where you leave off if you file your taxes in several sessions, so again, you don’t miss any major pieces.
- H&R Block’s refund bonus: If you’re already a big-time consumer at the retailer partners from H&R Block, you could get some serious extra cash from your return by using this software to file.
- TaxAct and eSmart’s balance of pricing and guidance: TaxAct seems to offer more guidance than the other cheaper options on the market, so if you’re willing to pay slightly more for this extra guidance, it’s a great option. eSmart also provides loads of resources, a free chat function, and you can get help at a Liberty Tax branch office.
- FreeTaxUSA’s and e-File’s pricing: These are definitely the cheapest options on the market. Check each one for the tax forms you need before you decide which super-cheap option to choose.
| Software | Federal eFile Cost | Best For |
| TurboTax | $0 to $179.99 | Those who want extra guidance and advice while filing, along with an easy-to-use interface. |
| H&R Block | $0 to $49.99 | Those at a higher risk of being audited, since they offer free in-person audit support. |
| TaxAct | $0 to $49.95 | Those who want to save money but still need some guidance on taxes. |
| Tax Slayer | $0 to $57 | Those who are confident in filing their taxes and want to save as much as possible. |
| FreeTaxUSA | $0 to $6.99 | Those who want to save money when filing taxes more than anything else. |
| eSmart Tax | $0 to $54.95 | Those who want to save but also have the security and backing of a trusted company. |
| e-File | $0 to $34.95 | Those who have more complex tax situations but still want to save money. |
The post Comparing the 7 Best Tax Return Software Programs appeared first on The Dough Roller.
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