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Retirement Plan Options When You’re Self-Employed

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

Self-employment is a dream for many who crave the flexibility and sense of autonomy being your own boss provides. No more worrying about taking those long lunches or running out of vacation days. On the flipside, it also means you’re on your own when it comes to saving for retirement. There are no company-sponsored plans or matching funds, and no human resources department to consult about your best options — it’s all up to you.

The good news is there are a host of great investment tools to help you plan for your future and build a solid nest egg for retirement, many of which have similar benefits as employer-sponsored plans. Here are six of the most common retirement plans for self-employed individuals.

1. Traditional Individual Retirement Account (IRA)

How it works

There are several types of Individual Retirement Accounts (IRAs) you can establish if you’re self-employed. First up is a traditional IRA, which allows you to deposit money in an investment account before paying taxes on it. Your funds then grow — tax-deferred — over the years until you reach retirement, at which point you will have to pay taxes on the funds as you withdraw them.

IRAs are more flexible than 401(k)s in that you can withdraw money from them at any time without paying a penalty to cover certain costs, including higher education, buying your first home and medical costs. You will, however, need to pay taxes on the funds in the year in which they’re withdrawn with a traditional IRA. You also can’t leave your funds in an IRA forever. Required minimum distributions begin at age 70 and a half.

Contribution limits

You can invest up to $6,000 in a traditional IRA in 2019 (an increase of $500 in 2018). If you’re over the age of 50, you can contribute an additional $1,000 a year ($6,500 in 2018 and $7,000 in 2019) as “catch-up” contributions. Note: This is the total yearly limit for all Roth and traditional IRA contributions.

Some additional limitations may apply depending on your income and you or your spouse’s participation in other work-sponsored retirement plans.

How it’s taxed

A traditional IRA allows you to invest the maximum amount for growth (as opposed to paying taxes up front, which is the case with a Roth IRA) because the funds aren’t taxed until after they’re withdrawn.

Your contributions may also be fully or partially tax deductible in the year in which you make them, so that may also decrease your taxable income.

Who it’s best for

Typically, traditional IRAs are a good option if you’re currently in a higher tax bracket and expect to be in a lower one when you retire. They’re also an attractive option if you want the ability to access funds before retirement for certain expenses without paying a penalty.

2. Roth IRA

How it works

A Roth IRA works much like a traditional IRA, but there’s one big difference: when you actually pay taxes. With a Roth IRA, you pay taxes on your contributions in the year in which they’re made. Those funds then grow tax-free over the years until you reach retirement. When you’re ready to withdraw them — as long as you’ve reached the age of 59 and a half — they’re yours, tax-free.

IRAs are more flexible than 401(k)s in that you can withdraw money from them at any time without penalty to cover certain costs, including higher education, buying a home and paying for medical costs. There are no required minimum distributions.

Contribution limits

You can invest up to $6,000 in a Roth IRA in 2019 (an increase of $500 from 2018). If you’re over age 50, you can contribute an additional $1,000 a year ($6,500 in 2018 and $7,000 in 2019). Note: This is the total yearly limit for Roth and traditional IRAs combined.

How it’s taxed

Contributions to a Roth IRA aren’t tax-deductible, so you don’t get a tax break in the year they’re made. However, because you pay taxes up front, those funds are not counted as taxable income when you retire.

Who it’s best for

In general, Roth IRAs are a good option if you’re currently in a lower tax bracket and expect to be in a higher one when you retire. They’re also good if you want the ability to access your funds before retirement for certain expenses without paying a penalty or paying taxes on the funds when needs arise.

3. Solo-401(k)

How it works

A solo-401(k), also referred to as a one-participant 401(k) plan, works much like a traditional, employer-sponsored 401(k); however, it’s designed for individual business owners or the owner and their spouse. It allows you to invest funds in a retirement savings account that then grows tax-deferred — traditional solo-401(k) or tax-free (Roth solo-401(k) — over the years until you withdraw them at retirement.

Penalties apply for early withdrawal if the account is less than five years old and you haven’t reached the age of 59 and a half. However, you may be able to take out a loan from your 401(k).

Contribution limits

Like a traditional 401(k), you can contribute up to $19,000 in 2019 ($18,500 in 2018). If you’re over the age of 50, the limit increases to $25,000 in 2019 ($24,500 in 2018).

One notable upside to this plan is you’re allowed to contribute additional funds because you act as both the employer and employee when you’re self-employed. Total contributions can’t exceed $56,000 for 2019 ($55,000 for 2018), unless you’re over the age of 50, when there are allowances for “catch-up” contributions.

How it’s taxed

Like IRAs, you can choose either a Roth or a traditional solo-401(k). With a traditional solo-401(k), taxes are deferred on the money you contribute to your account until you withdraw funds in retirement.

If you choose to designate some of your funds as Roth contributions, however, you will pay taxes on them up front, with tax-free withdrawals in retirement. Contributions to a traditional solo-401(k) aren’t counted as taxable income in the year they are made, while Roth solo-401(k) contributions are.

Who it’s best for

A solo-401(k) is a good option if your income surpasses the IRA limits and you want to invest more for your future.

4. Savings Incentive Match Plan for Employees (SIMPLE) IRA

How it works

Traditional and Roth IRAs are funded entirely by employee contributions, whereas SIMPLE IRAs allow contributions from both the employer and employee, which means you’re playing both roles if you’re self-employed.

Like with other IRAs, there are penalties for early withdrawal (before the age of 59 and a half), and there are exceptions for many expenses, including education, health care costs and buying a first home. If you withdraw funds before your plan is two years old, however, that withdrawal is subject to a hefty 25 percent tax penalty.

Contribution limits

You can contribute up to $13,000 in 2019 (an increase of $500 from 2018) to a SIMPLE IRA, but not more than the amount you earn. Additional “catch-up” contributions up to $3,000 can be made if you’re 50 or older.

As the employer, you can also contribute dollar-for-dollar matching funds up to 3 percent of your net earnings or make an additional non-elective contribution equal to 2 percent of your income, up to $280,000 in 2019 (an increase of $5,000 from 2018).

How it’s taxed

Contributions to a SIMPLE IRA aren’t taxed in the year in which they are made, but they are taxed when they’re withdrawn in retirement. Contributions are also tax deductible by the employer in the year in which they are made.

Who it’s best for

A SIMPLE IRA is a good option if you want to contribute funds in excess of the limits of traditional and Roth IRAs. They’re also worth considering if you have 100 employees or less, as they’re easy to set up and don’t come with the same startup and operating costs that other plans may have.

5. Simplified Employee Pension (SEP) IRA

How it works

Like other IRAs, a SEP IRA allows you (as the employer) to invest funds, tax-deferred, until you need them in retirement. There are penalties for early withdrawal (before the age of age 59 and a half) and there are minimum distribution requirements.

There are two primary differences that set the SEP IRA apart from others:
1. A SEP IRA has higher contribution limits than traditional and Roth IRAs, and;
2. If you have employees who meet certain qualifications, you must make contributions to their SEP IRA in equal amounts for all employees. Contributions are only made by the employer (which is you) if you’re self-employed.

Contribution limits

You can contribute up to 25 percent of your net earnings to a SEP IRA, up to a certain limit. In 2019, the limit is $56,000, an increase of $1,000 from the prior year (2018). There’s no extra allowance for catch-up contributions as there is with other retirement accounts.

How it’s taxed

Contributions to a SEP IRA are tax deductible, as funds are taxed when they’re withdrawn in retirement. There’s no Roth option to pay taxes up front, as the contributions are made by the employer.

Who it’s best for

A SEP IRA is a good option if you’re self-employed and want to save a large amount of money for retirement. It’s also a good option if you have 100 employees or less and want to establish a retirement plan without the associated costs of other plans.

6. Defined benefits plan

How it works

Like an employer-sponsored pension, an individual defined benefits plan lets you put away a certain amount of money for a guaranteed return in retirement. The amounts are based on a formula that takes into account the number of years you’ve worked and how much you earn. You must enlist the help of an actuary to help determine your contribution and benefits.

Contribution limits

The amount you may contribute is based on a formula and will vary from person to person. Generally, however, the annual benefit can’t be more than the highest salary they were paid for three years in a row, or surpass the annual limit of $225,000 in 2019 (a $5,000 increase from 2018).

How it’s taxed

Taxes are deferred up front and paid on the funds when they’re withdrawn during retirement. The contributions are tax deductible in the year in which they are made.

Who it’s best for

A defined benefits plan may be a good option if you’re a high earner and want to save aggressively for retirement.

How to open a self-employed retirement plan

To open any of these retirement plans, there are numerous online brokerages that can help, or if you prefer a more personal approach, you can seek out a financial advisor in your area. Banks can also help you establish some of these accounts as well. It may also be wise to work with an accountant to make sure you file the proper forms and pay the correct amount of taxes.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Julie Ryan Evans
Julie Ryan Evans |

Julie Ryan Evans is a writer at MagnifyMoney. You can email Julie here

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Investing

E*Trade vs. TD Ameritrade

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

E-Trade and TD Ameritrade are two of our picks for the best online brokers available in the market today. While these firms share broad similarities in the services they offer, there are some important differences that can hopefully help you make an informed choice between these two key industry players.

Based on our comparison, E-Trade is less expensive for high volume traders who do more than 30 trades per quarter. TD Ameritrade seems to offer a wider range of trading options, including foreign exchange and cryptocurrency, plus more portfolio management options for larger balance accounts.

E-Trade vs. TD Ameritrade: Feature comparison

E-TradeTD Ameritrade
Current promotions

For customers who deposit at least $10,000, E-Trade offers up to 500 commission-free trades for each stock or options trade executed within 60 days of funds becoming available.
For new accounts with a deposit of at least $25,000, you'll also receive a cash bonus, which can range from $200 to $2,500 depending on the amount deposited. 

Deposit $3,000 or more and get 60 days of commission-free online equity, ETF and option trades.
Stock trading fees
  • $6.95 per trade (less than 30 trades per quarter)
  • $4.95 per trade (more than 30 trades per quarter)
  • $6.95per trade
Amount minimum to open account
  • $500
  • $0
Tradable securities
  • Stocks
  • ETFs
  • Mutual funds
  • Bonds
  • Options
  • Futures/Commodities
  • Stocks
  • ETFs
  • Mutual funds
  • Bonds
  • Options
  • Futures/Commodities
  • Forex
Account fees (annual, transfer, inactivity)
  • $0 annual fee
  • $75 full account transfer fee
  • $25 partial account transfer fee
  • $0 yearly inactivity fee
  • $0 annual fee
  • $75 full account transfer fee
  • $0 partial account transfer fee
  • $0 inactivity fee
Commission-free ETFs offered
Mutual funds (no transaction fee) offered
Offers automated portfolio/robo-advisor
Account types
  • Individual taxable
  • Traditional IRA
  • Roth IRA
  • Joint taxable
  • Rollover IRA
  • Rollover Roth IRA
  • Coverdell Education Savings Account(ESA)
  • Custodial Uniform Gifts to Minors Act (UGMA)/Uniform Transfers to Minors Act (UTMA)
  • Custodial IRA
  • SEP IRA
  • Solo 401(k) (for small businesses)
  • SIMPLE IRA (Savings Incentive Match Plan for Employees)
  • Trust
  • Guardianship or Conservatorship
  • Individual taxable
  • Traditional IRA
  • Roth IRA
  • 529 Plan
  • Joint taxable
  • Rollover IRA
  • Rollover Roth IRA
  • Coverdell Education Savings Account(ESA)
  • Custodial Uniform Gifts to Minors Act (UGMA)/Uniform Transfers to Minors Act (UTMA)
  • Custodial IRA
  • SEP IRA
  • Solo 401(k) (for small businesses)
  • SIMPLE IRA (Savings Incentive Match Plan for Employees)
  • Trust
  • Guardianship or Conservatorship
Ease of use
 
 
Mobile appiOS, AndroidiOS, Android, Windows phone
Customer supportPhone, 24/7 live support, Chat, Email, 30 branch locationsPhone, 24/7 live support, Chat, Email, 364 branch locations
Research resources
  • SEC filings
  • Mutual fund reports
  • Earnings press releases
  • SEC filings
  • Mutual fund reports
  • Earnings press releases
  • Earnings call transcripts
  • Earnings call recordings

E-Trade vs. TD Ameritrade: Fees & account minimums

Some brokers charge an annual or monthly fee to maintain your account. Neither E-Trade nor TD Ameritrade impose such a fee, nor do they charge a fee if your account is inactive during the year. However, E-Trade does impose a $500 minimum to open an account at the firm. TD Ameritrade requires no minimum account balance.

E-Trade and TD Ameritrade charge investors a flat fee for each stock trade. At E-Trade, the charge is $6.95 a trade for the first 30 transactions in a quarter. When you make more than 30 transactions per quarter, E-Trade drops its commission to $4.95 per trade. TD Ameritrade charges a flat $6.95 commission per trade. This makes E-Trade less expensive for high volume traders. Both firms offer a range of commission-free exchange traded funds (ETFs) and the ability to purchase mutual funds without a transaction fee.

Both brokers charge fees for professional account management services. At E-Trade, fees range from 0.30% to 0.90% of assets under management, depending on the services chosen by the investor. At TD Ameritrade fees are similar, ranging from 0.30% to 0.90% of assets the firm manages.

E-Trade charges a $75 fee for a full account transfer and a $25 fee for a partial transfer. TD Ameritrade charges the same $75 fee for a full account transfer. However, at TD Ameritrade, partial account transfers are free, offering investors additional flexibility.

Many online brokers offer special incentives to attract investors. E-Trade and TD Ameritrade both currently offer commission-free stock and options trading. At E-Trade you get $600 (and up to 500 free trades) for a $10,000 deposit. At TD Ameritrade you must deposit at least $3,000 to get 60 days of free trades. In addition, you get $100 if you deposit $25,000, $300 if you deposit $100,000 and $600 if you deposit $250,000. Offers vary over time.

E-Trade vs. TD Ameritrade: Tradable securities

In addition to trading stocks and bonds, E-Trade and TD Ameritrade offer their customers a wide range of investable asset classes to choose from:

  • Mutual funds: For investors interested in the professional management that mutual funds offer, at E-Trade you can invest in more than 4,400 mutual funds with no transaction fee. Meanwhile, TD Ameritrade offers more than 13,000 mutual funds.
  • Options: An option allows an investor to sell a security at a predetermined price for a certain period of time. At E-Trade investors can trade options at regular commission rates plus an additional fee of $0.75, which drops to $0.50 with 30 or more trades per quarter. TD Ameritrade permits investors to trade options for $6.95 plus $0.75 per contract.
  • ETFs: Including ETFs in your portfolio is a great way to add an element of diversity. E-Trade gives investors access to more than 250 ETFs free of commission. At TD Ameritrade, investors have access to more than 550 ETFs that are commission-free.
  • Foreign exchange trading. At TD Ameritrade, investors can access the currencies of more than 20 countries. E-Trade does not offer foreign exchange trading.
  • Futures. If you decide to trade in futures you are essentially agreeing to sell a security or other asset at a set price at a predetermined time in the future. E-Trade offers futures trading for $1.50 per transaction. TD Ameritrade gives investors access to more than 70 futures products.
  • Cryptocurrency. TD Ameritrade recently began offering cryptocurrency investing through ErisX, a regulated exchange for cryptocurrency trades. E-Trade does not offer the ability to invest in cryptocurrency.

E-Trade vs. TD Ameritrade: Special features

E-Trade offers two levels of managed account services. Core Portfolios is the company’s robo-advisor product, which offers you an automated portfolio of ETFs customized to your investment goals. Just complete a five-minute online questionnaire to get started, which includes information about your goals, timelines and attitudes about risk. The minimum investment is just $500 and the annual fee is 0.30% with no commissions.

Blended Portfolios is E-Trade’s second level of managed accounts. Investors work with a financial consultant to tailor a portfolio that meets their needs, however you need a $25,000 minimum balance to gain access to Blended Portfolios. Annual management fees range between 0.65% and 0.90%, depending on the total amount of money invested under the service.

TD Ameritrade offers investors three levels of managed portfolios. Essential Portfolios is the firm’s robo-advisor option, offering five goal-oriented ETF portfolios. The minimum investment is $5,000 and the annual management fee is 0.30%.

Selective Portfolios offers more personalized service, and invests in both ETFs and mutual funds. A financial consultant helps you set investing goals, and a support team that regularly updates you on how the account is tracking towards those goals. The minimum investment is $25,000, while annual fees range from 0.55% to 0.90% depending on account balance.

Personalized Portfolios provides TD Ameritrade’s highest level of service, with tailored advice and portfolio construction. It gives you a one-on-one relationship with a financial consultant, plus extra guidance and support from a team of investment professionals. The minimum investment is $250,000, and annual fees range from 0.60% to 0.90%, depending on portfolio type and the total amount invested.

E-Trade advantages

  • If you are a high-volume stock trader, after you do 30 trades in a quarter, the cost per trade drops to $4.95 from $6.95. TD Ameritrade offers only a flat fee of $6.95 per trade.
  • E-Trade offers its clients access to solid research tools including market news, recordings and transcripts of earnings calls as well as the ability to analyze companies with fundamental stock research, technical research and bond, mutual fund and ETF research tools.
  • E-Trade has a “better” bonus for new clients. For a deposit of only $10,000 you get $600 and up to 500 free trades. While TD Ameritrade offers 60 days of free trades for only a $3,000 deposit, you need to deposit $250,000 to get a $600 cash bonus.

TD Ameritrade advantages

  • TD Ameritrade does not impose a minimum balance to open an account. At E-Trade, the minimum initial investment to open an account is $500.
  • Some transfer fees at TD Ameritrade are lower. For example, there is no charge for a partial account transfer while E-Trade imposes a $25 fee.
  • TD Ameritrade has 364 branches located around the country to provide customer support. E-Trade has only 30 branches.
  • TD Ameritrade offers investors access to more mutual funds and ETFs that are free of transaction fees. For example, TD Ameritrade offers more than 13,000 mutual funds, nearly three times the number of mutual funds at E-Trade(4,400).

E-Trade vs. TD Ameritrade: Which is best for you?

When the time comes to choose between E-Trade and TD Ameritrade, E-Trade is likely to appeal to high volume traders, since the cost per trade drops to $4.95 after 30 trades in a quarter. Similar price cuts are available for options as well. TD Ameritrade will appeal to investors who are looking to trade foreign exchange and cryptocurrency. And for investors who are looking for stronger portfolio consulting options, TD Ameritrade offers a wider choice of customized investing advice for larger account balances.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Peter Fleming
Peter Fleming |

Peter Fleming is a writer at MagnifyMoney. You can email Peter here

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Investing

Where Investing in Housing Outperforms the Stock Market

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

The housing market has come a long way since the Great Recession. The demand for homes has reached such a fever pitch that in certain U.S. metro areas, the equity you have in a home outperforms investments in index funds tracking the S&P 500 — long considered one of the most reliable vehicles for investors and a strong indicator of how the stock market is performing as a whole.

Key takeaways

  • We examined the performance of home prices in 20 U.S. metro areas from 2012 to 2018. Of these 20 areas, housing appreciation in the Los Angeles, San Francisco, San Diego, Miami and Seattle markets outpaced the S&P 500 over this period.
  • San Francisco outperformed the S&P 500 by the greatest margin, growing approximately 127 percentage points from 2012 to 2018, compared with the S&P 500’s gain of nearly 98 percentage points.
  • Among the five metro areas that outperformed the S&P 500, only Los Angeles has a majority of homes occupied by renters rather than by owners. Renters obviously don’t reap any benefits from the explosive growth in home values — in fact, they often see their rents rise as landlords see the growing value of their real estate.
  • From 2012 to 2018, the housing markets in all 20 cities we looked at increased in value. The slowest-growing market, Cleveland, still rose by almost 22 percentage points.

How we know housing markets have outperformed the stock market

Among the most reliable and most widely cited indices used to measure housing markets are the Case-Shiller indices, calculated each month by Standard & Poor’s and CoreLogic. There are several Case-Shiller indices, but we chose the Composite 20 index, which tracks housing values in the following 20 metropolitan areas:

  • Atlanta
  • Boston
  • Charlotte
  • Chicago
  • Cleveland
  • Dallas
  • Denver
  • Detroit
  • San Francisco
  • Seattle
  • Las Vegas
  • Los Angeles
  • Miami
  • Minneapolis
  • New York
  • Phoenix
  • Portland (OR)
  • San Diego
  • Tampa
  • Washington D.C.

The index examines the change in home prices for each of these cities by looking at residential home sales and running that data through an algorithm. To learn more about the Case-Shiller index, there’s plenty of information from Standard & Poor’s here.

In the 2012-2018 time period of our study, the Case-Shiller Composite 20 index showed a growth in average home values in all 20 metropolitan areas. You can then compare the Case-Shiller index to the growth in the S&P 500, an index of roughly 500 stocks that often serves as a bellwether for the U.S. stock market as a whole.

The chart above indicates that according to the Case-Shiller Composite 20 index, the housing markets of five metro areas grew quicker than the S&P 500 in the 2012-2018 period, which saw a rise of 97.97 percentage points:

  • San Francisco (+127.26 percentage points)
  • Los Angeles (+111.57 percentage points)
  • Seattle (+110.95 percentage points)
  • Miami (+109.10 percentage points)
  • San Diego (+98.67 percentage points)

That means in theory, the equity you have in a home in one of these markets may have appreciated by a greater amount than if you had invested it in an index fund that tracks the S&P 500 — a common stand-in for the entire stock market.

Good news for homeowners, bad news for renters

While homeowners may be celebrating, our study gives the renters living in these five metro areas little reason for joy. As the value of a home goes up, landlords increase rents to reflect the broader housing market (as much as they are able under the constraint of local housing laws and regulations). The chart below estimates the performance of rents in the five metro areas that outperformed the stock market from 2012 to 2018:

In San Francisco, for example, the average rent rose nearly 46% during the time period in question from $2,359 to $3,433 a month. While the City by the Bay offers the most dramatic example of rent increases, tenants in the other four metro areas also had to pay more for the privilege of renting in a hot housing market.

Another concerning consequence of rising home values in these cities is that homeowners in these markets tend to already be wealthier than their non-owning neighbors, which means real estate appreciation widens the wealth gap. For example in Los Angeles, only approximately 31% of renters have an income of $75,000 or more a year, compared with 63% of homeowners. Homeownership also has a racial disparity in these metro areas: Almost 71% of African American households in Seattle rent, compared with just 36% of white households.

Why stocks are still a better bet than housing

Despite the value of housing outpacing the growth of the stock market in certain metro areas, homeowners should think twice before funneling funds earmarked for their investment accounts into hearth and home.

The most obvious difference is the relative liquidity of investment securities and a house (especially one that’s your primary residence). Selling a house comes with a litany of costs that eat up both your time and your money, while cashing out on your investments can usually happen in a matter of days (not that selling an investment in an index fund or stock is without potential tax costs and other potential losses).

There’s also the matter of putting all of your eggs in one basket. The ability to diversify your investments is one of the greatest advantages of investing in markets. By placing your money in a diverse array of securities, from stocks, to bonds, to money market accounts, it can help shield you from volatility in any one particular market. But if you put all of your money in your home as an investment and the housing market crashes (like it did most recently in 2008), then your nest egg is scrambled.

Finally, owning a home comes with property taxes you need to pay every year. In the city and county of San Francisco, the property tax rate for the financial year of 2018-2019 was 1.1630%. With investments, you typically only pay a capital gains tax one time: when you sell it.

Methodology

Data on change in S&P 500 value over time comes from the Stern School of Business at New York University. Data on home value for each of the metro changes comes from the Case-Shiller Index of home values and is pulled from the Federal Reserve Economic Data. Data was analyzed over the 2012-2018 time period.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

James Ellis
James Ellis |

James Ellis is a writer at MagnifyMoney. You can email James here