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Money walkthrough

Every SumLoft guide filed under Money walkthrough. Practical, plain-English walkthroughs, ranked on what actually matters.

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A curved wooden footbridge with a plank deck and rail crossing calm water in heavy mist, with trees faintly visible on the far bankLatest in Money walkthrough
Money walkthrough

What Is a Pension? How It Works vs a 401(k)

What is a pension? This explainer covers defined benefit plans, benefit formulas, vesting, survivor and lump sum elections, and pension versus 401(k).

· 28 min readRead the guide →
An older couple walking together along a quiet tree-lined path in warm afternoon lightMoney walkthrough

How Long Will Retirement Savings Last? The Real Math

This walkthrough answers how long will retirement savings last: the withdrawal rate math, sequence of returns risk, and what actually moves the number.

· 29 min read
Several labeled glass savings jars in a row on a shelf, each holding a different amount of coins, suggesting the different types of retirement accountsMoney walkthrough

Types of Retirement Accounts: The Differences, Explained

This explainer maps the types of retirement accounts: 401(k), 403(b), IRA, Roth, HSA, annuities, and how each differs from investment and savings accounts.

· 28 min read
A wooden footbridge crossing calm water in misty light, the crossing an old 401(k) makes after a job changeMoney walkthrough

What Happens to Your 401(k) When You Leave a Job? 4 Options

This walkthrough answers what happens to your 401(k) when you leave a job: the four options, vesting, rollover mechanics, and what cashing out commonly costs.

· 27 min read
A row of glass jars holding steadily more coins on a table, suggesting the birth-year schedule that sets the Social Security full retirement ageMoney walkthrough

What Is the Full Retirement Age for Social Security? By Year

This walkthrough answers what is the retirement age for Social Security: full retirement age by birth year, early claiming cuts, and delayed credit math.

· 28 min read
Two open hands receiving a small stack of coins over a wooden table in warm light, suggesting an employer adding matching money to an employee's retirement savingsMoney walkthrough

What Is a 401(k) Match? How Employer Matching Works

This explainer covers what a 401(k) match is: how employer matching formulas work, vesting, true-ups, and the math that makes the match worth grabbing.

· 28 min read
A footbridge connecting two banks of a calm stream in soft morning light, suggesting money moving from one account to anotherMoney walkthrough

Backdoor Roth IRA: How It Works (Step by Step)

This explainer covers the backdoor Roth IRA: how earners over the Roth income limit fund a Roth by contributing to a traditional IRA, then converting it.

· 24 min read
A desk calendar, a stethoscope, stacked coins, and a piggy bank arranged together on a light surface in cool lightMoney walkthrough

HSA vs FSA: Key Differences (and Which to Pick)

This explainer compares HSA vs FSA: ownership, rollover, contribution limits, investing, eligibility, having both, and which account fits your situation.

· 31 min read
A family sitting together on their front porch steps in warm evening light, the settled home life a steady income is meant to supportMoney walkthrough

What Is an Annuity? (Types & How They Work)

What is an annuity? This explainer covers the insurance contract that pays retirement income, its main types, phases, fees, riders, pros, and the honest cons.

· 34 min read
An upward escalator in a bright modern building, suggesting the slow, steady rise in prices that inflation describesMoney walkthrough

What Is Inflation? (and How to Protect Your Money)

This explainer covers what inflation is, how the CPI measures it, what causes it, why some inflation is normal, how it erodes cash, and ways to protect money.

· 29 min read
A piggy bank beside sorted coin stacks, bank cards, and a folded stack of cash, suggesting money kept in two different account typesMoney walkthrough

What Is a Money Market Account? (MMA Guide)

This explainer covers what a money market account is, how it works, MMA versus high-yield savings and CDs, and the crucial money market fund distinction.

· 32 min read
A calculator, a coffee cup, and a stack of printed statements on a sunlit wooden desk, the paperwork side of planning retirement contributionsMoney walkthrough

What Is a SEP IRA? (Self-Employed Retirement)

This explainer covers what a SEP IRA is: the self-employed retirement plan funded by employer contributions, its limits, tax breaks, deadlines, and rivals.

· 27 min read
Four labeled glass jars holding coins on a wooden shelf, each fuller than the lastMoney walkthrough

Sinking Fund: What It Is, Examples, and Monthly Math

A sinking fund saves gradually for one planned expense. This walkthrough covers what it is, the categories, worked examples, the math, and where to keep it.

· 30 min read
A calculator, a coffee cup, and a stack of printed account statements on a sunlit wooden deskMoney walkthrough

Do You Need a Financial Advisor for Your 401k?

This walkthrough explains whether you need a financial advisor for your 401k, what one does, fee models versus target-date DIY funds, and when it pays off.

· 28 min read
A model oak tree with an acorn at its base beside a jar of coins, representing long-term tax-free growthMoney walkthrough

Roth IRA Growth: How Much It Can Grow

Roth IRA growth explained: how tax-free compounding, contributions, time, and return rate turn steady saving into a big balance, plus a growth calculator.

· 23 min read
A retirement account statement, a jar of coins topped with an egg, and reading glasses on a calm desk with blue accentsMoney walkthrough

403(b) vs 401(k): What's the Difference?

This explainer compares 403(b) vs 401(k): who each plan is for, and the real differences in fees, investment options, ERISA, catch-up rules, and limits.

· 29 min read
A retirement account statement, a jar of coins topped with an egg, and reading glasses on a calm desk with blue accentsMoney walkthrough

IRA vs 401(k): How to Choose (or Use Both)

This explainer breaks down IRA vs 401(k): how an individual account and an employer plan differ, why the match comes first, and the order to use both.

· 28 min read
A young person setting up an investment account on a laptop at a bright table in warm morning lightMoney walkthrough

Roth IRA vs Traditional IRA: How to Choose

This explainer compares Roth IRA vs traditional IRA: tax now versus tax later, income limits, RMDs, early withdrawals, and who each account really suits.

· 28 min read
A stethoscope resting on a stack of paperwork beside a calculator in cool lightMoney walkthrough

What Is an HSA? Rules, Eligible Items, and Perks

This explainer covers what an HSA is, the HDHP eligibility rule, the triple tax advantage, HSA-eligible items, and how an HSA stacks up against an FSA.

· 29 min read
A bright modern clinic reception area with an older patient checking in, calm and welcoming, used here as a metaphor for a routine financial checkupMoney walkthrough

How to Do a Financial Checkup (8-Point Review)

This checkup runs a financial review in eight points: net worth, budget vs actual, emergency fund, debt, retirement, insurance, credit, and goals, in one afternoon.

· 28 min read
Rising wooden blocks each topped with a taller stack of coins, showing savings growing step by step toward a goalMoney walkthrough

How to Set Financial Goals That Work (7 Steps)

This worksheet sets financial goals in seven steps: list what you want, make each one SMART, sort by time horizon, fund the essentials first, then automate and review.

· 25 min read
A green seedling growing from a jar of coins beside a larger established plant in cool lightMoney walkthrough

401(k) Withdrawals: Rules, Age, and Taxes Explained

This explainer covers 401(k) withdrawal rules: when you can withdraw from a 401(k), how to take money out, at what age it is penalty-free, taxes, and 401(k) loans.

· 27 min read
A person budgeting at a table with an open laptop and a paper notebookMoney walkthrough

Checking vs Savings Account: How They Differ and When to Use Each

This explainer breaks down checking vs savings account: what each is for, how they differ on interest and access, whether you need both, and how to use them together.

· 24 min read
A young person setting up an investment account on a laptop at a bright table in warm morning lightMoney walkthrough

Roth IRA Contribution Withdrawal Rules (and Multiple IRAs)

This explainer covers Roth IRA contribution withdrawal rules: why contributions come out anytime, when earnings are taxed, and how the five-year rule works.

· 32 min read
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What Is a High-Yield Savings Account? How They Work and Why

This explainer covers what a high-yield savings account is, how high-yield savings accounts work, APY vs interest rate, and the real benefit of a savings account.

· 26 min read
A person tallying assets and debts on paper at a desk with a calculator, house keys, and a bank statementMoney walkthrough

How to Calculate Your Net Worth (Step by Step)

This walkthrough calculates your net worth in seven steps: list your assets, value them fairly, total your debts, subtract, and read what the number means.

· 24 min read
A green seedling growing from a jar of coins beside a larger established plant in cool lightMoney walkthrough

How to Catch Up on Retirement Savings (7 Steps)

This worksheet shows how to catch up on retirement savings in 7 steps, from sizing the gap to using catch-up contributions, so a late start still lands a plan.

· 25 min read
A calm person managing retirement account paperwork on a laptop at a tidy desk in soft natural lightMoney walkthrough

How to Roll Over a 401(k) (6 Steps, No Penalty)

This worksheet walks you through rolling over a 401(k) in 6 steps, using a direct trustee-to-trustee transfer so you avoid the costly cash-out mistake.

· 26 min read
A person adding cash into a savings envelope while checking a savings balance on a phoneMoney walkthrough

How to Build an Emergency Fund (6 Steps)

This worksheet builds an emergency fund in six steps: set a target, hit a starter goal, open the right account, automate the transfer, and replenish it after use.

· 23 min read
A person budgeting at a table with an open laptop and a paper notebookMoney walkthrough

How to Make a Budget (7 Steps That Actually Stick)

This worksheet builds a budget in seven steps: add up take-home pay, categorize spending, pick a method, set limits, save first, automate, and review monthly.

· 24 min read
A young person setting up an investment account on a laptop at a bright table in warm morning lightMoney walkthrough

How to Open a Roth IRA (6 Steps for Beginners)

This worksheet shows how to open a Roth IRA and how to start one in 6 steps: eligibility, where to open it, funding, investing, and the withdrawal rules.

· 26 min read
A conceptual arrangement of rising coin stacks beside a softly blurred upward growth chart on a clean desk in cool blue daylightMoney walkthrough

How Much Should You Have in Your 401(k) by Age?

This walkthrough sets illustrative 401(k) balance benchmarks by age, the salary-multiple guideposts for 30, 40, and 50, average versus recommended balances.

· 25 min read
A relaxed couple around 65 enjoying retirement together on a sunlit porchMoney walkthrough

How Much Do You Need to Retire at 65?

This walkthrough answers how much do you need to retire at 65: the safe withdrawal math, the Social Security boost, and whether 1 million is enough at 65.

· 24 min read
A relaxed couple in their early sixties planning retirement together at a sunlit kitchen tableMoney walkthrough

Can You Retire at 60 with $500k?

This walkthrough answers can you retire at 60 with $500k: the 4 percent math, the Social Security bridge, the gap years before benefits.

· 24 min read
A glass jar of coins beside a round dial gauge turned toward a higher setting on a calm desk with blue accentsMoney walkthrough

What Is the Best 401(k) Contribution Percentage?

This walkthrough finds the best 401(k) contribution percentage for your paycheck: the full-match floor, the 10 to 15 percent benchmark, and how the rate compounds.

· 26 min read
A ceramic piggy bank beside a black graduation cap on a wooden desk in soft blue lightMoney walkthrough

How Much to Save in 529 Plans: Monthly Targets by Age

How much to save in 529 plans depends on your goal, runway, and head start. This walkthrough turns college costs into illustrative monthly targets by age.

· 23 min read
A hopeful young person reviewing personal finances on a laptop at a kitchen table in soft daylightMoney walkthrough

How Much Should You Have Saved by 30? Benchmarks by Age

This walkthrough answers how much should you have saved by 30 with commonly cited salary multiples, honest milestones from 25 to 40, and a catch-up plan.

· 26 min read
A retirement account statement, a jar of coins, and reading glasses on a calm desk with blue accentsMoney walkthrough

How Much Should You Contribute to Your 401(k)?

This walkthrough turns 401(k) contributions into numbers: the at-least-the-match rule, the 10 to 15 percent benchmark, the tax break, and how time compounds.

· 24 min read
A glass jar half filled with coins beside a blank goal card on a wooden deskMoney walkthrough

How Much to Save Each Month to Hit Your Goal: The Monthly Savings Math for Any Target and Timeline

This walkthrough shows the monthly savings math behind any goal, the simple divide, the with-growth formula, illustrative amounts for 10k to 100k.

· 23 min read
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How Much Do I Need to Retire at 55? The Real Number

This walkthrough shows how much money you need to retire at 55: annual spending times a multiple, the bridge before Medicare, and the monthly saving by age.

· 29 min read
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How Big Should Your Emergency Fund Actually Be? The Personal Math Behind 3 to 6 Months

Three to six months of expenses is a starting point, not an answer. This walkthrough personalizes the number: the essential-expenses floor.

· 23 min read
House keys resting on amortization schedule papers and payoff charts with a blue tintMoney walkthrough

Extra Mortgage Payment: What Paying Extra on Mortgage Saves

Extra mortgage payment math: paying extra on mortgage cuts years off your loan and avoids five figures of interest. See $100 a month, biweekly, and lump sums.

· 27 min read
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Compound Interest Formula: The Power of Compound Interest

Compound interest formula explained: A = P(1 + r/n)^(nt) variable by variable, worked examples, continuous compounding, and the power of compound interest.

· 30 min read