CVA Study Guide - Certified Valuation Analyst (CVA) Updated: 2023

Are you approaching retirement and feeling overwhelmed by the financial decisions you need to make? Do you want to ensure that your retirement years are comfortable and stress-free? If so, finding the right retirement advisor can be crucial to achieving your retirement goals. However, with so many options available, it can be difficult to know what to look for in a retirement advisor.

In this article, we will explore some key factors that people want in a retirement advisor, so you’ll know what to look for. If you’re ready to find the right advisor for your needs, keep reading. Here’s what you need to look for:

1. Expertise

When it comes to retirement planning, expertise is essential. While just 32% of Americans turn to registered financial advisors (the rest use family or digital sources), the anecdotal evidence shows that those who do tend to get better results.

Look for a retirement advisor who has experience in retirement planning. And, be sure they are familiar with the unique challenges and opportunities that come with it. Ask about their certifications, such as the Certified Financial Planner (CFP) designation, for example. You could also ask about their experience in working with clients in similar situations to yours.

A retirement advisor with expertise can help you make informed decisions about your retirement plan and provide guidance on investments, tax strategies, and other important financial matters. You just can’t replace experience! (This is one of the reasons human advisors still outmatch robo-advisors.)

2. Communication Skills

Effective communication is key to a successful relationship with a retirement advisor. You want an advisor who can explain complex financial concepts in plain language and listen carefully to your concerns and goals.

Look for an advisor who is a good communicator and takes the time to build a relationship with you. They should be responsive to your questions and concerns, providing regular updates on your retirement plan and taking the time to understand your unique needs and preferences.

Everything from how they communicate in-person to online matters. For example, how is their office set up? Do they have good digital signage and resources available in the lobby? Can they be reached via email, phone, and SMS? These are all things to think about.

3. Client-Centered Approach

A retirement advisor who puts your needs first is essential to achieving your retirement goals. Look for an advisor who takes a client-centered approach and commits to understanding your individual situation and goals. This includes tailoring your retirement plan to your specific needs, providing customized advice and recommendations, and being responsive to your changing needs over time.

An advisor who is committed to your success will work with you to create a retirement plan that works for you. They won’t treat you like every other client they’ve had before, and they’ll take the time to listen and understand your perspective.

4. Strong Commitment to Ethical Practices

Your retirement advisor should be committed to ethical practices and putting your interests first. Look for an advisor who is a fiduciary, meaning they are legally required to act in your best interest at all times. Make sure they’re transparent about fees and compensation, avoiding conflicts of interest, and providing objective advice that is in line with your goals. You want someone who is committed to ethical practices, will prioritize your success, and ensure that your retirement plan is aligned with your interests and values.

5. Investment Philosophy

One important consideration is an advisor’s investment philosophy. An investment philosophy refers to an advisor’s approach to managing investments, including how they select investments, how often they adjust portfolios, and how they measure performance.

Some advisors may focus on active management, meaning they actively try to outperform the market by selecting individual stocks or other securities. Other advisors may focus on passive management, meaning they seek to track the performance of a market index, such as the S&P 500.

There are pros and cons to each approach. Active management can potentially generate higher returns, but it can also be riskier and more costly due to the fees associated with buying and selling individual securities. Passive management can offer lower fees and potentially more stable returns, but it may also limit potential returns if the market is performing well.

It’s wise to discuss an advisor’s investment philosophy and approach to risk management before making a decision. You should understand their investment and retirement strategy and how it aligns with your goals and risk tolerance.

6. Fee Structure

You’ll also want to think about and evaluate the advisor’s fee structure. Advisors may charge different types of fees, such as a percentage of assets under management, a flat fee, or a commission-based fee. Some advisors may also charge additional fees for specific services, such as financial planning or tax preparation.

You have to understand the fees associated with working with an advisor and how they will impact your overall investment returns. Higher fees can eat into your returns over time, while lower fees can help you keep more of your investment gains. Make sure you fully understand an advisor’s fee structure and how it aligns with your investment goals.

7. Accessibility

Accessibility is also a consideration. Some advisors may be more accessible than others, depending on their location, availability, and communication preferences. For example, some advisors may prefer to meet in person, while others may offer virtual meetings or phone consultations.

Consider your own preferences and schedule when selecting an advisor. If you prefer face-to-face meetings or have a busy schedule, you may want to select an advisor who is located nearby and offers flexible scheduling. If you prefer virtual meetings or have a flexible schedule, you may be able to work with an advisor who is located further away.

8. Reputation

An advisor’s reputation is also a key factor to think through. You can research an advisor’s reputation by memorizing online reviews, checking their credentials and affiliations, and reviewing any regulatory disclosures. It’s necessary to work with an advisor who has a strong reputation for ethical practices and successful outcomes for their clients.

Additionally, you may want to consider an advisor’s level of experience and track record of success. An advisor who has successfully helped many clients achieve their retirement goals may be more likely to help you succeed as well.

9. Compatibility

Sometimes there’s just something about a person that feels right. Compatibility is something you have to think about when selecting a retirement advisor, especially because there’s someone you’re going to have a working relationship with.

You should feel comfortable working with your advisor and confident in their abilities to help you achieve your goals. Consider the advisor’s communication style, personality, and overall approach to client relationships. You should trust them and feel like your advisor is committed to helping you achieve your goals.

10. Services Offered

When selecting a retirement advisor, study up on the services they offer. Retirement planning is a complicated and intricate process that consists of a variety of financial planning topics. These syllabus could include investment management, tax planning, estate planning, risk management, and insurance planning. Depending on your individual needs and goals, you may require a broad range of services or more specialized expertise.

A good retirement advisor should offer a range of services that align with your specific needs and goals. They should take the time to understand your unique situation and tailor their services to your needs. You should feel confident that your advisor is equipped to handle all aspects of your retirement plan and has the knowledge and expertise to help you achieve your goals.

11. Technology

The use of technology in retirement planning has grown significantly in exact years. So, it can have a significant impact on the success of your retirement plan. A retirement advisor who leverages technology can provide more accurate and up-to-date financial advice. They can also make it easier for you to access your investment portfolio and financial planning tools, while also providing real-time updates on the performance of your retirement plan.

When evaluating a retirement advisor, consider their use of technology and their approach to digital tools. A good retirement advisor should be comfortable using technology to provide financial planning and investment management services and should be able to provide you with access to user-friendly digital tools that can help you track your progress.

12. Collaborative Approach

Retirement planning often involves multiple financial professionals, such as your accountant or estate planning attorney. A collaborative approach can ensure that all aspects of your retirement plan are aligned and working together to achieve your goals.

When evaluating a retirement advisor, consider their willingness to work with your other financial professionals and their approach to collaboration. A good retirement advisor should be willing to work with other financial professionals and should have a collaborative approach to retirement planning that takes into account all aspects of your financial situation.

13. Education and Resources

Retirement planning can be complex and overwhelming. So, it’s important to have access to educational resources and other tools to help you learn more about retirement planning and financial management.

When evaluating a retirement advisor, be sure they provide any resources you will need. Educational resources are a great thing to look for. Essentially, any tools that will help you become more informed and engaged in your retirement planning process are key here.

A good retirement advisor is committed to client education and should be able to provide you with the resources and tools you need to make informed decisions about your retirement plan.

14. Continuity Planning

Finally, think about what happens to your retirement plan in the event that the advisor retires or is unable to continue working with you. A good retirement advisor must have a plan in place to ensure continuity of service and support for their clients in case of unexpected events. (No exceptions!)

When evaluating a retirement advisor, consider their approach to continuity planning and their commitment to ensuring that their clients are supported even in the event of unexpected events.

Finding the Right Advisor

Finding the right retirement advisor can be a daunting task. Yet, it is crucial to the success of your retirement plan. As this article shows, there’s a lot to think about. An advisor’s qualifications, experience, communication skills, investment philosophy, fee structure, accessibility, reputation, compatibility, are just some of the many qualities to consider.

To find the right retirement advisor, you can start by asking people you know for recommendations. You can also search online for retirement advisors in your area and read reviews from other clients.

Once you have a list of potential retirement advisors, schedule meetings with them to ask questions, learn more about their approach, and ensure that they’re a good fit for your needs. The questions you choose to ask your potential advisor can reveal a lot about them.

Questions to Ask a Potential Retirement Advisor

As mentioned, you should take the time to sit down with any advisor you’re considering and ask good questions. (Don’t be afraid to grill them a bit — this is your financial life that you’re putting them in charge of!)

With that in mind, here are some questions you can ask a potential retirement advisor during your initial meeting to evaluate whether or not they’re a good fit for you:

1. What is your experience with retirement planning and working with clients in a similar situation to mine?
2. What is your investment philosophy and approach to risk management?
3. What certifications do you hold, such as the Certified Financial Planner (CFP) designation?
4. What is your fee structure, and how are fees charged?
5. What services do you offer, and how do you tailor your services to individual clients?
6. Can you provide any references or testimonials from your past or current clients?
7. How often will we meet to review my retirement plan and make adjustments?
8. What is your communication style, and how do you keep clients informed of changes or updates?
9. Can you explain complex financial concepts in plain language?
10. How do you ensure that you are always acting in my best interest?
11. Do you have any conflicts of interest that could affect my retirement plan?
12. How do you stay up-to-date with changes in the financial industry and retirement planning strategies?
13. Can you provide guidance on tax strategies and other financial matters that may impact my retirement plan?
14. What is your overall approach to client relationships, and how do you ensure that clients feel comfortable and confident in their retirement plan?
15. What sets you apart from other retirement advisors, and why should I choose to work with you?

By asking these questions, you can gain a better understanding of a potential retirement advisor’s qualifications, experience, and approach to client relationships. And, you can determine whether or not they fit well with your needs and goals.

Go Find Your Financial Advisor

According to the latest U.S. Bureau of Labor Statistics data, there are at least 330,000 financial advisors in the U.S. At the end of the day, it comes down to finding the person who is best equipped to serve you. This means taking your unique situation, expectations, limitations, and desires into account. Hopefully, this guide has provided a decent head start in finding the right person for the job.

The post What Should You Look for in a Retirement Advisor? appeared first on Due.

When financial advisor Lena McQuillen was growing up in the U.S., she observed her Korean-born mother struggle with English as a second language and miss out on career opportunities because of her lack of education and scant financial literacy.

"Watching what she went through, all the struggles she had, that's really what shaped my career in financial planning," she said. Today, she is the director of financial planning at Bailard, a registered investment advisor in the San Francisco Bay area that is majority owned by women and people of color and led by a female South Asian CEO, with around $5.3 billion of total assets under management. 

Added McQuillen, whose American-born father is of European descent: "I wanted to make sure that I'm providing support and education to those that are in similar situations as my mother."

And to Asian Americans and Pacific Islanders who are climbing into the ranks of the mass affluent or higher. 

The group occupies a "disproportionate share of the affluent population in the U.S," a report in March by Merrill Wealth Management found, and AAPIs also belong to the fastest-growing racial or ethnic group in America — their numbers reaching almost 26 million, according to Census estimates. So employers and advisors who can engage with those communities will secure an important source of untapped organic growth. 

Read more: Fastest-growing U.S. racial-ethnic group has been underserved by wealth management: Merrill study 

Yet the niche group remains underserved by the wealth management industry, and so are advisors from those communities, research suggests.

Valerie Wong Fountain, a chartered financial analyst who is a managing director and the head of Family Office Resources Platform & Partner Management at Morgan Stanley, said she found a exact study of AAPI individuals by Coqual, a nonprofit think tank, a sign that AAPI financial advisors need extra support from their firms to boost their profile at work. 

"The report discusses the bamboo ceiling, a commonly known phrase among our community that Asians are, quote, good workers, not good leaders," she said of the study, released in January, which Morgan Stanley co-sponsored. 

"There's a feeling that many AAPI's have described to me about being underserved or under celebrated," Wong Fountain added. "In terms of AAPI financial advisors, it's really important for advisors to invest in their brands, for their firms to help them with their brands, to invest in their networking relationships." 

How advisors can engage with AAPI clients
McQuillen entered the field around 25 years ago as a receptionist, then worked her way up, becoming a certified financial planner. 

For her, as for many financial advisors who identify with the highly diverse Asian American and Pacific Islander communities, coming from an AAPI background means recognizing that those clients, who often have stories like her mother's, have unique challenges and needs that the rest of the industry often overlooks — especially when they're first-generation immigrants. 

In McQuillen's case, her mother's experience has helped her to empathize with AAPI clients whose financial behaviors may deviate from the standard advice given to investors, such as prioritizing saving for retirement. 

Read more: A female financial advisor's guide to succeeding in a male, white industry

AAPI clients, with a mindset that identifies college education as a golden ticket to class mobility, often single-mindedly focus on paying for their children's education, McQuillen said. 

Because her late mother could not afford a college education, "her main focus was making sure that I had an education, that I went to college. She did what she could to help me there," she said.  

But that kind of tunnel vision risks putting an immense burden on AAPI second-generation children to provide entirely for their parents' old age, in addition to their own children and in many cases relatives overseas, according to Margaret Chin, a professor of sociology at Hunter College and The Graduate Center at CUNY. These children are often the first generation of their family to achieve some degree of affluence, but that wealth might be even more fragile, with the sandwich generation-on-steroids pressure they will face under such circumstances. 

"Many immigrant parents may not have access to social security or any retirement accounts because of the kinds of work or immigration status they had. Thus the affluent middle generation is really the financial support," Chin said, adding that it was likely part of a concept known as the "immigrant bargain" where parents expect — sometimes unrealistically — for their children, not their savings, to be their retirement plans. 

McQuillen said that in her work, she helps such clients "see how they can accomplish all their goals, not just not just one." That means being more intentional about broaching retirement as an important goal to balance saving for. 

Read more: First-generation immigrants are a lucrative but untapped market for wealth managers

Different investing styles
In many cases, these clients are also very risk-averse, she said. Yet saving for long-term goals such as retirement or education for their children can be aided by investing — which is often another financial literacy teaching opportunity. 

Ismat Khimani, a Crystal Lake, Illinois-based advisor at Merrill Wealth Management who was born in Pakistan and is of Indian descent, said in an interview earlier this year that in her experience AAPI clients, once they understand an advisor's reasoning, tend to be good at staying in the market and avoiding emotional moves like buying or selling "out of greed or fear." 

Coordinating with their certified public accountant can also help; "their CPA is usually their other center of influence," Khimani said.  

Most importantly, given the diversity of AAPI experiences — with some subgroups, in particular East Asians, experiencing greater wealth accumulation than other subgroups, and wide variations of challenges and opportunities among the different ethnic groups — it's important for advisors to ask open-ended questions of these clients, McQuillen said. 

"They need to know their culture, their background, experiences, and how that shapes their financial decisions," she said. 

"Listen, learn. Don't make any assumptions."

Improving the pipeline 
Even as firms can Improve upon their outreach to these clients, AAPI professionals across industries, including financial advisors, also believe corporate America needs to Improve on its support of their careers and advancement. 

Asian Americans are the least likely racial group to be promoted up the corporate ladder, and face a lower chance of advancement than Black and Hispanic workers, despite having much higher rates of college education than any other racial group. Only 4.1% of certified financial planners identify as Asian or Pacific Islander, according to the CFP Board, yet AAPIs make up nearly 8% of the U.S. population, Census data shows. 

Read more: Asian American advisors see unmet potential for industry amid success

"Asian and Asian American professionals are the least likely of any racial group to say they have role models at their company," the Coqual study found, and likewise the least likely to have sponsors. The report authors wrote that those individuals also faced significant "underrepresentation in senior-level roles" and "thin support networks," indicating those as areas where employers can offer more resources. 

Separately, the small number of Pacific Islander professionals surveyed by Coqual indicated that they suffered "erasure" at work that invalidated their own histories of colonization and disenfranchisement that prevented them from accumulating wealth. 

In the meantime, advisors also need look out for themselves and consider where they would be best supported, McQuillen said, adding that AAPI advisors should take time to research the diversity, equity and inclusion policies of prospective employers, see who's in the management office and ask other employees "what their thoughts are, what their feelings are." 

"I did have an experience where I knew that I wouldn't be able to move up higher than the level that I was at," she said, adding only that it was at an earlier RIA employer and that she had perceived both her AAPI identity, as well as likely the nature of career ladders there, to be the reason. 

"A lot of the firms that I've worked for since then, I did see a lot of diversity, I did see women in management positions, along with those in the AAPI community," she said. "It definitely is out there."

Transitioning from finance to a Web3 career requires a blend of transferable skills, a deep understanding of cryptocurrencies and blockchain, active engagement in the Web3 community, practical experience, and a commitment to continuous learning.

In this article, we will explore the steps and strategies involved in making a successful transition from finance to the world of crypto and Web3, opening doors to a dynamic and promising career path.

Web3 refers to the next generation of the internet, characterized by the integration of decentralized technologies, blockchain, and cryptocurrencies.

Unlike Web2, which is primarily driven by centralized platforms and intermediaries, Web3 aims to empower individuals by giving them more control over their data, digital assets, and online interactions.

In Web3, trust and security are enforced through cryptographic protocols, eliminating the need for intermediaries and creating a more transparent and censorship-resistant environment. It enables peer-to-peer transactions, smart contracts, decentralized applications (dApps), and the ownership of digital assets through non-fungible tokens (NFTs).

The significance of Web3 lies in its potential to disrupt various industries, including finance, supply chain management, healthcare, and more.

By removing intermediaries and central authorities, Web3 offers greater efficiency, cost savings, and increased accessibility to financial services, digital identity, and online interactions. It provides opportunities for financial inclusion, enables new forms of collaboration, and promotes innovation through decentralized ecosystems.

Web3 also addresses privacy concerns by allowing individuals to have control over their personal data and decide how it is shared and utilized. Moreover, it encourages open-source development and community participation, fostering a more collaborative and inclusive digital landscape.

As the Web3 movement gains momentum, it presents immense career opportunities for individuals with diverse skill sets, including finance professionals looking to transition into this new paradigm. Understanding the definition and significance of Web3 is the first step towards embarking on a journey into this exciting and transformative field.

Cryptocurrencies and blockchain technology have experienced a remarkable surge in interest and adoption in exact years. Several factors have contributed to this growing fascination and recognition of their potential:

Financial Opportunities Decentralization and Trust Technological Advancements Mainstream Acceptance Innovation and Potential Use Cases Global Financial Uncertainty

Cryptocurrencies, such as Bitcoin and Ethereum, have gained significant value, attracting investors and traders looking for high returns. The rapid appreciation of crypto assets has led to substantial wealth creation and the emergence of new millionaires and billionaires in the space.

Blockchain technology offers a decentralized and transparent system that removes the need for intermediaries in various sectors.

This decentralization aspect has resonated with individuals who are seeking alternatives to centralized authorities and are interested in having more control over their digital transactions and assets.

Blockchain technology has showcased its potential for enhancing security, privacy, and efficiency in various industries.

The ability to create tamper-resistant, immutable, and verifiable records through distributed ledger technology has attracted attention from businesses, governments, and organizations seeking to streamline processes and reduce costs.

Major companies, including Tesla, PayPal, and Square, have integrated or accepted cryptocurrencies as a form of payment, providing validation and increasing the credibility of digital assets .

Furthermore, regulatory bodies in many countries have begun to establish frameworks and guidelines for cryptocurrencies, making them more acceptable within legal frameworks.

The versatility of blockchain technology has sparked a wave of innovation and experimentation across multiple sectors.

From decentralized finance (DeFi) platforms revolutionizing traditional banking to non-fungible tokens (NFTs) transforming digital art and collectibles, the potential applications of blockchain extend far beyond cryptocurrencies.

In times of economic uncertainty, cryptocurrencies have emerged as an alternative store of value and hedge against inflation. This appeal has been particularly evident in countries with volatile economies, where individuals seek stability and security in cryptocurrencies.

The growing interest in cryptocurrencies and blockchain technology indicates a shifting paradigm in how we perceive and interact with financial systems.

As more people recognize these technologies' potential benefits and opportunities, the demand for expertise and skills in the crypto and blockchain space continues to rise.

Web3 represents the next phase of the internet, characterized by decentralization, transparency, and user empowerment.

It builds upon the principles of blockchain technology and cryptocurrencies to create a more open and inclusive digital ecosystem. Understanding Web3 and its opportunities is crucial for individuals looking to transition into this emerging field. Here are key aspects to consider:

Decentralization Trust and Security Smart Contracts and dApps Decentralized Finance (DeFi) Non-Fungible Tokens (NFTs) Web3 Communities and Governance

Web3 promotes decentralization by utilizing blockchain technology. Unlike traditional centralized systems, Web3 applications operate on decentralized networks, where data is distributed across multiple nodes, ensuring transparency, security, and resilience.

This decentralization empowers users, as they have greater control over their data, digital identities, and online interactions.

Web3 leverages cryptographic protocols to establish trust and security within its decentralized networks. Transactions and data are Checked through consensus mechanisms, such as proof-of-work or proof-of-stake, ensuring immutability and preventing fraud.

This increased trust and security create opportunities for secure financial transactions, digital identity management, and data privacy protection.

Web3 enables the development and deployment of smart contracts, self-executing agreements that automatically enforce the terms and conditions encoded within them.

These contracts are built on blockchain platforms like Ethereum and enable the creation of decentralized applications (dApps). dApps are software applications that run on a distributed network, eliminating the need for intermediaries and providing transparency and user control over their data.

DeFi is a prominent sector within Web3 that aims to recreate traditional financial services in a decentralized manner.

DeFi platforms allow users to lend, borrow, trade, and earn interest on digital assets without relying on traditional financial institutions. This opens up opportunities for financial inclusion, access to global markets, and innovative financial products.

NFTs are unique digital assets that represent ownership of a specific item, such as artwork, collectibles, or virtual real estate.

They utilize blockchain technology to establish provenance, scarcity, and transferability, revolutionizing the concept of ownership and creating new opportunities for artists, content creators, and collectors.

Web3 Communities and Governance: Web3 thrives on community participation and governance. Decentralized autonomous organizations (DAOs) enable collective decision-making and allow stakeholders to have a say in the development and governance of projects. Engaging in Web3 communities provides opportunities to contribute, collaborate, and network with like-minded individuals passionate about decentralization and blockchain technology.

The opportunities in Web3 are vast and continually evolving. From development and coding roles to advisory, consulting, and entrepreneurship, Web3 offers a wide range of career paths.

By understanding the principles of decentralization, smart contracts, and the various sectors within Web3, individuals can position themselves to take advantage of the emerging opportunities and shape the future of the decentralized web.

Transitioning from a finance background to a Web3 career can leverage several transferable skills. Here are some key skills that can be valuable in the Web3 space:

Analytical Skills Risk Management Financial Markets and Economic Principles Data Analysis and Financial Modeling Compliance and Regulatory Knowledge Communication and Presentation Skills Adaptability and Learning Agility

Finance professionals possess strong analytical skills, which are essential in assessing market trends, evaluating investment opportunities, and conducting risk analysis.

These skills are valuable when analyzing blockchain projects, assessing the viability of decentralized applications, and evaluating the potential risks and rewards associated with cryptocurrencies.

Risk management is a fundamental aspect of finance. Understanding risk and developing strategies to mitigate it is crucial in the volatile world of cryptocurrencies and blockchain technology .

Finance professionals can leverage their experience in risk assessment, portfolio management, and hedging strategies to navigate the risks associated with Web3 investments and projects.

A strong foundation in financial markets and economic principles provides a solid understanding of market dynamics, macroeconomic factors, and financial regulations.

This knowledge is valuable when analyzing the impact of regulatory changes on cryptocurrencies, understanding market trends, and assessing the broader economic implications of blockchain technology.

Finance professionals are skilled in data analysis and financial modeling, which are essential in making informed investment decisions. These skills can be applied to analyze blockchain data, perform fundamental and technical analysis of cryptocurrencies, and develop financial models for blockchain projects and decentralized applications.

Finance professionals have experience navigating complex regulatory frameworks. This expertise is valuable in the Web3 space, which is also subject to evolving regulations and compliance requirements.

Understanding legal and regulatory implications helps ensure compliance with anti-money laundering (AML) and know-your-customer (KYC) regulations when dealing with cryptocurrencies and blockchain projects.

Effective communication and presentation skills are critical in finance roles, whether it's presenting investment proposals, financial reports, or communicating with clients and stakeholders.

These skills can be applied in the Web3 space to articulate complex blockchain concepts, pitch projects to potential investors, or educate others about the benefits and potential of cryptocurrencies and decentralized technologies.

The finance industry is constantly evolving, requiring professionals to adapt to new technologies, regulations, and market trends.

This adaptability and learning agility are highly valuable in the Web3 space, where new blockchain platforms, decentralized applications, and innovative concepts regularly emerge. The ability to embrace change and continuously learn is crucial for success in the dynamic world of Web3.

By recognizing and leveraging these transferable skills, finance professionals can effectively transition into the Web3 industry and contribute their expertise to the decentralized future.

Building knowledge in cryptocurrencies and blockchain is a crucial step in transitioning to a Web3 career. Here are some key areas to focus on:

Understanding Blockchain Technology Exploring Cryptocurrencies Learning about Blockchain Platforms Smart Contracts and dApps Cryptocurrency Trading and Investing Security and Wallets Industry Trends and Developments Hands-On Experience

Begin by developing a solid understanding of the underlying principles and mechanisms of blockchain technology.

Learn about concepts like decentralized consensus, cryptographic hashing, distributed ledger, and smart contracts. Familiarize yourself with different types of blockchains, such as public, private, and consortium blockchains.

Study the fundamentals of cryptocurrencies, starting with Bitcoin, the first and most well-known cryptocurrency.

Understand the concept of digital scarcity, decentralized peer-to-peer transactions, and the role of blockchain in securing and validating cryptocurrency transactions. Explore other prominent cryptocurrencies like Ethereum, Ripple, and Litecoin, and grasp their unique features and use cases.

Dive into various blockchain platforms and their functionalities. Ethereum is a key platform for developing decentralized applications (dApps) and executing smart contracts.

Explore other platforms like Cardano, Polkadot, and Solana, each with its own strengths and applications. Understand the differences between these platforms, such as consensus algorithms, scalability, and programming languages.

Gain knowledge of smart contracts, self-executing contracts that automatically execute predefined actions when specified conditions are met. Learn Solidity, the programming language used for developing smart contracts on Ethereum.

Additionally, explore existing decentralized applications (dApps) and understand their features, user experiences, and potential use cases.

Familiarize yourself with cryptocurrency trading and investing basics. Learn about exchanges, wallets, and different trading strategies.

Understand concepts like technical analysis, fundamental analysis, and risk management in the context of cryptocurrency markets. Stay updated with market trends, news, and events that can impact cryptocurrency prices.

Security is of paramount importance in the cryptocurrency space. Educate yourself on best practices for securing digital assets, including the use of hardware wallets, multi-factor authentication, and secure storage solutions. Learn about common security threats, such as phishing attacks and malware, and how to protect yourself from them.

Stay abreast of the latest industry trends and developments in the Web3 space. Follow reputable sources, including blockchain-focused media outlets, blogs, and social media channels.

Join relevant online communities, forums, and discussion groups to engage with other enthusiasts and stay updated on emerging technologies and projects.

Gain practical experience by participating in blockchain-related projects, contributing to open-source initiatives, or building your own decentralized applications. Explore blockchain developer tools like Ethereum's Remix IDE or Truffle framework to experiment and build smart contracts and dApps.

Building knowledge in crypto and blockchain is an ongoing process due to the fast-paced nature of the industry. Continuously learn, adapt, and explore new concepts and technologies to deepen your expertise and stay relevant in the ever-evolving Web3 space.

Networking and engaging in the Web3 community is a crucial aspect of transitioning to a Web3 career. Here are some strategies to connect with like-minded individuals, gain insights, and establish your presence in the Web3 community:

Attend Conferences and Meetups Join Online Communities Join Blockchain Associations and Organizations Engage in Social Media Collaborate on Open-Source Projects Start Your Own Blog or Podcast Join Hackathons and Developer Competitions Mentorship and Learning Circles

Attend blockchain and cryptocurrency conferences, industry events, and local meetups. These gatherings provide opportunities to meet industry experts, network with professionals, and engage in discussions about the latest trends and developments.

Participate actively, ask questions, and seek out conversations with others to expand your network.

Engage in online communities dedicated to blockchain and Web3 topics. Platforms like Reddit, Telegram, Discord, and online forums host vibrant communities where you can connect with enthusiasts, developers, and experts.

Contribute to discussions, share your insights, and ask for guidance to establish yourself as an active and valuable member of the community.

Join blockchain associations and organizations that align with your interests and goals. These associations often organize events, conferences, and workshops where you can meet industry professionals, gain knowledge, and build relationships.

Additionally, consider volunteering or contributing to their initiatives to make a meaningful impact and expand your network.

Follow key influencers, thought leaders, and projects in the Web3 space on platforms like Twitter, LinkedIn, and Medium.

Engage in conversations, comment on posts, and share valuable insights to establish your presence and connect with others. Participate in relevant Twitter chats or AMA (Ask Me Anything) sessions to interact directly with industry experts.

Contribute to open-source blockchain projects and initiatives. Engaging in collaborative development allows you to work with other professionals, gain practical experience, and demonstrate your skills to the broader community.

xplore platforms like GitHub to find projects that align with your interests and contribute to their development.

Share your knowledge and perspectives by starting your own blog or podcast focused on blockchain and Web3 topics.

This can help you establish yourself as a thought leader, attract like-minded individuals, and foster meaningful discussions. Consistently create and share high-quality content to build your reputation and expand your network.

Participate in blockchain hackathons and developer competitions. These events provide opportunities to showcase your skills, collaborate with others, and solve real-world challenges using blockchain technology.

Engage with fellow participants, mentors, and judges to expand your network and gain valuable feedback.

Seek out mentorship opportunities or join learning circles where experienced professionals guide and support newcomers in the Web3 space.

Mentors can provide valuable insights, advice, and connections to help you navigate the industry and accelerate your learning and career growth.

Remember, active participation, genuine engagement, and a willingness to contribute are key to establishing meaningful connections in the Web3 community.

By building relationships and engaging with others, you can stay updated on industry trends, learn from experienced professionals, and discover new opportunities for collaboration and career advancement.

Gaining practical experience is essential for successfully transitioning to a Web3 career. Here are some strategies to acquire hands-on experience in the field:

Personal Projects Open-Source Contributions Hackathons and Competitions Internships and Apprenticeships Freelancing and Contract Work Industry Collaboration Networking and Mentorship Continuous Learning

Start by working on your own blockchain or Web3-related projects. Identify areas of interest, such as developing a decentralized application (dApp), building a smart contract , or exploring a specific use case of blockchain technology.

This allows you to apply your knowledge, experiment with different tools and frameworks, and gain practical skills.

Contribute to existing open-source blockchain projects. Explore platforms like GitHub, GitLab, or Bitbucket to find projects that align with your interests and expertise.

Contributing to open-source projects allows you to collaborate with other developers, gain exposure to real-world codebases, and demonstrate your skills to the community.

Participate in blockchain hackathons, coding competitions, or developer challenges. These events provide an opportunity to work on time-bound projects, solve specific problems, and showcase your abilities to potential employers or collaborators.

Hackathons often have mentors and industry experts who can provide guidance and feedback on your work.

Look for internships or apprenticeship programs with blockchain companies or startups.

These opportunities provide structured learning experiences, hands-on projects, and mentorship from industry professionals. Internships can be a valuable way to gain practical experience, build connections, and potentially secure full-time positions in the Web3 industry.

Consider taking up freelancing or contract work in the blockchain space. Platforms like Upwork, Freelancer, or specialized blockchain job boards often list projects that require blockchain expertise.

Freelancing allows you to work on diverse projects, gain exposure to different aspects of Web3, and build a portfolio of completed work.

Collaborate with companies, startups, or research institutions that are actively working on blockchain projects.

Reach out to them and express your interest in contributing or assisting in their initiatives. Collaborating with industry players provides valuable networking opportunities, practical experience, and exposure to real-world applications of blockchain technology.

Connect with professionals already working in the Web3 industry and seek mentorship or apprenticeship opportunities. Attend conferences, meetups, and industry events to meet potential mentors or collaborators.

Establishing connections and seeking guidance from experienced individuals can provide valuable insights, career advice, and potential opportunities for practical experience.

Stay updated with the latest developments in the Web3 space through online courses, tutorials, and workshops. Platforms like Coursera, Udemy, and YouTube offer a range of blockchain and Web3-related courses.

Continuously improving your knowledge and skills through self-learning demonstrates a proactive approach and enhances your practical understanding of the technology.

Remember, gaining practical experience takes time and effort. Focus on building a diverse portfolio of projects, continuously learning and experimenting, and seeking opportunities to apply your skills in real-world scenarios.

Practical experience not only enhances your expertise but also demonstrates your commitment and passion for the Web3 industry to potential employers or collaborators.

Continuing education and obtaining relevant certifications can play a vital role in advancing your knowledge and skills in the Web3 industry. Here are some options to consider:

Online Courses and Tutorials Blockchain Certifications Developer Bootcamps Webinars and Workshops Academic Programs Industry-Specific Training Research and Publications

Explore online platforms that offer courses and tutorials specifically focused on blockchain technology and Web3 concepts.

Websites like Coursera, Udemy, and edX offer a variety of courses taught by industry experts. Look for courses that cover syllabus such as blockchain fundamentals, smart contract development, decentralized application (dapp) development, and cryptocurrency economics.

Many organizations offer blockchain certifications that validate your knowledge and skills in the field.

Examples include certifications from organizations like the Blockchain Training Alliance, Certified Blockchain Professional (CBP) from the Blockchain Council, and the Certified Ethereum Developer (CED) certification from ConsenSys Academy.

These certifications can help enhance your credibility and demonstrate your expertise to potential employers or clients.

Consider enrolling in developer bootcamps or immersive programs that focus on blockchain development. These programs offer hands-on training, mentorship, and networking opportunities.

Bootcamps like ConsenSys Academy's Developer Program, B9lab's Ethereum Developer Course, and Ivan on Tech Academy's Blockchain Developer Course can provide comprehensive training in blockchain technologies.

Stay updated with the latest trends and developments in the Web3 industry by attending webinars and workshops hosted by blockchain organizations, industry leaders, and educational institutions.

These events offer insights from experts, discussions on emerging technologies, and practical use cases. Participate actively, ask questions, and engage with the speakers and fellow attendees to expand your knowledge and network.

Some universities and educational institutions offer degree programs or specialized courses in blockchain and distributed ledger technologies.

Look for programs that cover syllabus such as cryptography, smart contracts, decentralized systems, and blockchain applications. Pursuing an academic degree or certificate can provide a comprehensive understanding of the theoretical foundations of Web3 and enhance your career prospects.

Depending on your specific interests or career goals within the Web3 industry, seek out industry-specific training programs.

For example, if you're interested in decentralized finance (DeFi), look for courses or workshops that focus on DeFi protocols, lending platforms, or yield farming strategies. Specialized training can provide in-depth knowledge of specific sectors or applications within Web3.

Stay updated with the latest research papers, publications, and whitepapers related to blockchain and Web3.

Academic platforms like arXiv and conferences like ACM SIGCOMM and IEEE Blockchain offer valuable research insights. Exploring academic literature can deepen your understanding of the theoretical and technical aspects of blockchain technology.

Remember, while certifications and educational programs can enhance your knowledge, practical experience and continuous learning remain essential.

Hands-on projects, open-source contributions, and engagement in the Web3 community are equally important in gaining a comprehensive understanding of the field. Continuously seek opportunities to apply your knowledge, collaborate with others, and stay updated with the evolving landscape of Web3.

Transitioning to a Web3 career from a finance background requires a combination of knowledge acquisition, skill development, networking, and practical experience.

The emergence of cryptocurrencies and blockchain technology has generated a growing interest in the potential of Web3, creating exciting opportunities for professionals seeking to explore this field. Understanding Web3 and its significance is crucial in recognizing the transformative potential of decentralized technologies.

The shift towards Web3 represents a paradigm change in how we interact with digital systems, emphasizing principles such as decentralization, transparency, and user empowerment. The financial sector, with its focus on analytical skills, risk management, and compliance, provides a strong foundation for individuals seeking to enter the Web3 space.

Transitioning to a Web3 career requires dedication, curiosity, and a proactive approach. By embracing the opportunities presented by cryptocurrencies and blockchain technology, finance professionals can position themselves at the forefront of this transformative industry and contribute to shaping the decentralized future.

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© (Getty Images) Mature men at home during pandemic isolation memorizing something on laptop

Even in a chaotic economic environment, Americans of a certain age want to retire early. It’s a tempting siren call for hard-working people who’ve been on the job 30 or even 40 years and seek the easy life.

According to a study from Northwest Mutual, the average American believes they’ll need $1.25 million for an adequate retirement – up 20% from last year’s numbers. “At the same time, Americans' average retirement savings has dropped 11% – from $98,800 last year to $86,869 now – while their expected retirement age has risen,” Northwest Mutual reports.

Americans who want to plow ahead and retire early can’t ignore the numbers, and they shouldn’t ignore the relative risks – including financial, social and health-related – of retiring at age 50 or even 60. Here are eight major myths that represent the most risk for career professionals mulling an early retirement, according to money management specialists.

1. Early retirement will be wonderful.
2. Your financial worries are over.
3. Health care costs can easily be handled in your healthy 50s and 60s.
4. You’re done working forever.
5. You can tap into retirement savings without consequences.
6. You can live on a fixed budget.
7. Your investment portfolio must avoid risk.
8. You can easily cut back on spending.

1. Early Retirement Will Be Wonderful.

“The real myth on retiring early is that retirement is the goal,” says Steve Davis, CEO of Total Wealth Academy, a passive income training firm in Katy, Texas. “The first thing that people need to know is that retirement is not what you think. It's not the wonderful end game everybody believes. You can only fish so much, you can only golf so much, you can only travel so much.”

“There is not much happiness in just doing nothing or only doing things for yourself,” Davis notes.

After retiring early himself, Davis began to realize he found no happiness in retirement – just “useless, selfish goals.”

“I went back to work within six months of early retirement,” he says. “Only this time at something I truly enjoyed doing.”

2. Your Financial Worries Are Over.

Another myth is that once you execute your financial plan, early retirement will be void of financial worries.

“There’ll always be concerns about the economy, inflation and the state of the world,” says Wes Moss, managing partner and chief investment strategist at Capital Investment Advisors, a fee-only investment management firm in Atlanta. “Plus, when you’re no longer bringing in wage income, there is less room for error."

To minimize those errors, Moss advises having a retirement “gray zone” of between three to five years. “This is where you take on a new second act career that's more enjoyable and which brings in some level of replacement income,” he says.

Financial planning here is also key. According to Moss, some core financial principles associated with happy early retirees include:

• An average of close to $1 million in liquid net worth.
• Mortgage payoff within sight (over the next one to five years).
• Multiple streams of income. "Happy retirees average three to four different or unique streams of income," Moss says.

3. Health Care Costs Can Easily Be Handled in Your Healthy 50s and 60s.

Many Americans erroneously assume that Medicare will handle their health care needs, but that’s not the case.

According to a 2022 study from Fidelity Investments, even a healthy 65-year-old couple retiring now can expect to spend an average of $315,000 on health care costs throughout retirement. “The estimates for single retirees are $150,000 for men and $165,000 for women,” the study notes. “For single retirees, the 2021 estimate was $157,000 for women and $143,000 for men.”

Additionally, Medicare doesn’t cover every health care need, and you’re going to need to put aside cash for extra health care coverage, anyway – especially long-term care needs.

“With early retiree health care coverage, you have to understand your needs in retirement,” says Tatiana Tsoir, certified public accountant and founder of Tatiana Tsoir Inc., a business management consultancy in New York City. “Most importantly, where is that money coming from?”

Early retirees will need to find out what Medicare covers. “You’ll want to know if you need to buy any supplemental items to support your health care needs,” Tsoir says. “Consider life insurance with a chronic illness or a long-term care rider. This will rule out having to buy expensive long-term care insurance."

4. With Early Retirement, You’re Done Working Forever.

There’s a “good news-bad news” mindset when it comes to work ending in early retirement. Yes, you’re out of the working world. But it’s tough to get back in if you need to.

“With early retirement, you can’t change your mind, and quite possibly you’ll never be able to work again,” says David Blanchett, head of retirement research for PGIM DC Solutions in Newark, New Jersey. “I think what happens a lot is people are absolutely burnt out from working too much and want a break.”

When you’re not sure about leaving the working world, run the numbers to get a sense of where you’ll be financially, Blanchett advises.

“If you think you’d be able to rejoin the workforce in some capacity, know that it won't be the same income you were earning previously,” he warns.

Ideally, one potential option is to “retire” from your primary job and move into a part-time job, at least at first. “That move allows you more freedom while at the same time ideally providing health benefits and minimizing when you have to dip into savings,” Blanchett adds.

5. You Can Tap Into Retirement Savings Without Consequences.

The reality is that withdrawing from retirement accounts before age 59½ can incur early withdrawal penalties and taxes.

“If you’re planning to withdraw from your retirement accounts before this age, you should consult a financial advisor who can guide you through the proper retirement account withdrawal method,” says Tammy Trenta, founder of Family Financial in Los Angeles.

6. You Can Live on a Fixed Budget.

One of the biggest myths about early retirement is that retirees will have a fixed budget throughout their retirement.

“That just doesn’t happen,” says Michael Kazakewich, a partner at Coastal Bridge Advisors, in Westport, Connecticut. “Home repairs, medical expenses and the unforeseen can dramatically throw off the budget and reduce available assets of an individual that retired early.”

7. Your Investment Portfolio Must Avoid Risk.

Another myth about retiring early is that investments must become more conservative. Not so, Kazakewich says.

“We believe that with a longer retirement time period, investors still need equities and other asset classes that will provide growth over the long term,” he notes. “That growth can help to offset the impact of inflation over the long term.”

8. You Can Easily Cut Back on Spending.

Early retirees believe they can live on 80% of their pre-retirement wages, but that’s easier said than done.

“The reality is that most people who are planning on an early exit are doing so to pursue travel, golf and other pursuits,” says Brian Ream, principal at CliftonLarsonAllen Wealth Advisors LLC. “The reality is that in the early years of retirement, in pursuit of these activities, we spend at least as much if not more than our working years.”

3 Tips for Early Retirees

Being reliant on your investments means little room for error, and that’s a problem when most investors are predisposed to risk aversion.

“That’s especially the case in a high inflation environment, and that’s doubly so when portfolio growth has to play a role in any allocation strategy to preserve buying power and longevity of the asset base,” Ream notes.

To shine some light on the investment side of early retirement issues, Ream offers three investment tips for like-minded individuals considering an early exit from the working world.

Clearly define, at a granular level, what retirement really means. Travel is too broad to plan for in retirement. Does that mean a pop-up camper or a large RV?

"Details matter in order to assign accurate costs to the goal,” Ream says.

Know that what you’ve saved is important, but what you spend can be more important. A degree of discipline related to budgeting is paramount.

“In addition, there needs to be flexibility in the budget for the unexpected and built-in pivot points in order to react in a measured and meaningful way,” Ream notes.

Define “happy.” Clients often reach their financial targets, feel they can take the leap, and life will be all rainbows and unicorns, only to find six months later that they are sitting around the house going stir-crazy.

“This is especially true for ‘type A’ personalities who have thrown themselves into work for years and that’s their identity,” Ream says. “We have to plan for the emotional aspects of reinventing how we find purpose and meaning. When clients say, 'I’ll be happy when I retire,' it’s a good indication that we need to discuss what 'happy' means."

Copyright 2023 U.S. News & World Report

• The federal debt ceiling stalemate underscores the need for urgent spending reform.
• U.S. households are in the same boat after running up record credit card balances.

How to budget, invest and catch up on retirement savings

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The federal debt ceiling stalemate underscores the need for urgent spending reform. U.S. households are in a similar predicament — after running up record credit card balances.

In the first quarter of 2023, total consumer debt hit a fresh high of just over $17 trillion, according to a exact report on household debt from the Federal Reserve Bank of New York. Credit card balances alone now total $986 billion.

"Americans are watching the government pile up an almost insurmountable amount of debt and they're thinking, 'Why don't I do the same?'" said certified financial planner Ted Jenkin, CEO and founder of oXYGen Financial in Atlanta and a member of CNBC's Financial Advisor Council.

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"Unfortunately, it's going to crash and burn for a lot of families because families can't artificially raise their debt ceiling."

How to know if you face your own debt default

After contending with high inflation for over a year, households are nearing a "breaking point," according to a study by WalletHub.

Using the Great Recession as a guide, the projected breaking point is the level of household credit card debt that will become unsustainable for most people, said Jill Gonzalez, an analyst at WalletHub. Currently, the average household's credit card balance is $9,990, just $2,015 shy of where that tab hits its limit, the report found.

"It's when people won't be able to keep up with their bills," she said. "We're inching closer and closer to that breaking point."

© Provided by CNBC

High inflation is certainly contributing to Americans' high credit card balances, along with record-high interest rates, according to Ted Rossman, senior industry analyst at Bankrate. "We're seeing more people carrying credit card debt, too, often to finance day-to-day essentials."

More than one-third also now have more credit card debt than emergency savings, which is the highest on record.

'It's never too late to turn things around'

As government negotiations over potential federal spending cuts continue, households must also consider where they can cut costs and boost savings.

"It's never too late to turn things around," Rossman said.

Most experts recommend starting with a budget — some online tools or the basic envelope method, known as "cash stuffing," can help — and aiming to set more money aside in an emergency fund, which can shield you from accumulating more debt while you're working to pay off your existing balance.

Competitive rates at an online bank will protect your cash cushion, Jenkin added.

After years of rock-bottom returns, some top-yielding online savings accounts and one-year certificates of deposit rates are now as high as 5%, much higher than the average rate from a traditional, brick-and-mortar bank, according to Bankrate.

"I call it 'click and mortar,'" Jenkin said. "The easiest thing to do is simply call the bank and demand a higher interest rate or look at moving money out of your checking account into a savings account."

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You want to go to college, but how do you pay for it?

This is where the Free Application for Federal Student Aid (FAFSA) comes in. Each year, students can complete this form to get government money to help pay for school. States and colleges also use FAFSA information to award their own grants, scholarships, and loans. However, money is limited and awarded on a first-come-first-served basis, so it’s important to get a move on it and meet all your deadlines.

The form, the deadlines and calculations of what you might be eligible for can be complicated, but the Department of Education is working on simplifying the process. In the meantime, you can use this guide as a starting point.

Don't waste any time: Apply for FAFSA college aid money now, but avoid these costly mistakes

Simplifying could mean less: How is the FAFSA going to change? How it'll mean less financial aid for some.

Who can apply for FAFSA?

Generally, anyone who has a financial need, is a U.S. citizen or eligible noncitizen, and is enrolled in an eligible degree or certificate program at your college or career school.  You should also have a Social Security number and be able to maintain a minimum standard in your studies.

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Hurting women: Women account for two-thirds of US student loan debt. Here's how it affects them.

What types of aid are available through FAFSA?

• Federal Pell Grant, which offers free money for college depending on your financial need, costs to attend school, status as a full-time or part-time student, and plans to attend school for a full academic year or less. These are generally reserved for undergraduate students but in some cases for those obtaining a post-baccalaureate teacher certification.

• Federal Supplemental Educational Opportunity Grant (FSEOG), which is administered by schools. Not all schools participate so check with your school’s financial aid office. Undergraduates can receive between $100 and $4,000 a year, depending on your financial need, when you apply, the amount of other aid you get, and the availability of funds at your school.

• Federal work-study programs provide part-time jobs for part-time or full-time undergraduate and graduate students with financial need to earn money to help pay education expenses. Jobs might be related to your area of study or be community work, either on or off campus. It’s administered by each school so check with the school’s financial aid office. You’ll earn at least the federal minimum wage but can earn more depending on the job, but how many hours you work will be determined by your school or employer with your school load in mind.

• Federal direct subsidized loans for at least half-time undergraduates with financial need allows you to skip interest payments while you’re in school or in a grace (the first six months after you leave school) deferment (postponement of loan payments) period. Your school will determine the amount of funds you receive, and you must complete entrance counseling, a tool to ensure you understand your obligation to repay the loan. You will also need to sign a Master Promissory Note, agreeing to the terms of the loan.

• Federal direct unsubsidized loans for undergraduates and graduate students aren’t needs based, but you’re responsible for paying the interest for all periods. Schools determine the amount you receive.

• Federal direct PLUS loans (also called parent PLUS loans if parents take out these loans, or grad plus loans for graduate or professional students) help pay for education expenses not covered by other financial aid. You apply through your school and must have good credit. Interest rates on these loans are generally higher than for direct subsidized and unsubsidized loans.

• Teacher Education Assistance for College and Higher Education (TEACH) grants of up to $4,000 a year for eligible programs. You’re required to complete a teaching service obligation as a condition for receiving the grant. If you don't complete the service obligation, the TEACH Grant will be converted to a loan that you must repay, with interest.

• Iraq and Afghanistan Service Grants if your parent or guardian died as a result of military service in either of those countries and you were under 24 years old at the time or enrolled in higher education. The maximum grant is equal to the amount of a maximum Federal Pell Grant for the award year but cannot exceed your cost of attendance for that award year

• State grants differ depending on the state and often have different deadlines. Check with your state.

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State help: You can still get student loan forgiveness in these states even if Biden's debt plan fails

Too much student debt: Do I qualify for student loan forgiveness? What to know about Biden's debt plan.

When are the deadlines?

Once you’re familiar with the types of student aid available, it’s important to know your deadlines.

For the 2023-24 academic year, FAFSA opened October 1 last year and closes June 30, 2024.

Academic year 2024-25, will be an exception. The Department of Education is making changes so the application’s opening will be delayed to December.

• State deadlines: Each state has its own deadline that’s usually earlier than the federal deadline. Check the FAFSA site for a list of them.

• College deadlines: Each college may have its own deadline, also earlier than the federal deadline. Check with the college(s) you’re interested in attending and make sure you understand if the deadline is when your FAFSA form is processed or when the college receives your processed FAFSA form. The two are different.

Medora Lee is a money, markets, and personal finance reporter at USA TODAY. You can reach her at mjlee@usatoday.com and subscribe to our free Daily Money newsletter for personal finance tips and business news every Monday through Friday morning. 

This article originally appeared on USA TODAY: What's FAFSA? Why you need to know if you plan to go to college.

While retirement may be associated with leaving the workforce behind, most Americans plan to work past the age of 65. In fact, a 2022 study from the Transamerica Center for Retirement Studies found that around 57% of workers plan to work either full-time or part-time in retirement. Financial reasons and a desire to remain active were cited as the main motivators. Here are eight jobs that can keep you active, boost your income and let you work remotely.

If you’d like personalized help managing your finances in retirement, consider working with a financial advisor.

8 Great Work-from-Home Opportunities for Retirees

While there is a myriad of opportunities for retirees to work from home, what follows are some of best, who might be a good fit for the work and estimated pay, per salary.com as of May 1, 2023.

Bookkeeper —

Bookkeepers maintain a business’s financial records, including purchases, sales, invoices, payments and other transactions. The job will require a high level of accuracy. And it will likely take some technological savvy given that many, if not most, businesses use software to manage their finances.

Best for:

Organized and detail-oriented workers with a solid grasp of basic accounting principles.

Average salary: $42,854

Telehealth Nurse —

If you have a nursing degree but hope to transition to remote work, the growing demand for telemedicine may be a great opportunity for you.

Telehealth nurses “see” patients via email, phone and chat. They also videoconference and answer their questions, determine the next medical steps, conduct follow-up appointments and deliver medical treatments.

If you’re ready to be matched with local advisors that can help you achieve your financial goals, get started now.

Best for:

This is good for people who already hold a nursing degree, of course. And in a remote environment, communication skills become more important than ever for treating patients with sensitivity.

Average salary: $85,045

Administrative Assistant —

You may think of an administrative assistant as someone who mans the reception desk, makes copies and orders more coffee. But the remote role has slightly different responsibilities. You can expect to answer phone calls and emails, schedule meetings and appointments and handle many of the things that keep a remote office running smoothly.

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Best for:

This is good for people with excellent customer service and time management skills. Being able to multitask is a plus.

Average salary: $45,003

Paralegal —

Paralegals serve as assistants to lawyers, helping investigate and research legal cases, maintaining records, drafting correspondence and putting together documents for trials. The job descriptions for a paralegal will vary widely depending on the law firm, what type of law is practiced, its size and the paralegal’s own qualification level.

Best for:

Those who already have a certification or degree in paralegal studies—though the qualifications required to become a paralegal depend on the hiring firm and an genuine degree or certification isn’t always necessary.

On the other hand, if this interests you, paralegal certification programs and associate’s degrees in paralegal studies can be relatively affordable and can require as few as 12-24 months of study.

Average salary: $58,630-117,990 (salary ranges widely vary)

Tutor

Tutoring is another job with a wide variety of possibilities, depending on the age and education level of the students, the subject or subjects taught and more. You can be a generalist who works with elementary school kids on any subject they need help with.

You can also be a specialist who works with college students on writing assignments, an ESL tutor who helps adults learn English, and all kinds of varieties in between. In the big picture, a tutor works with students outside of their classes to help them better understand and implement the concepts they’re learning.

Best for:

People who are patient, good at breaking complex concepts into simple ideas and steps and hold the required credentials. Some tutor positions only require a GED, while others may require a college degree in the subject you intend to specialize in, such as a bachelor’s degree in math for a math tutor.

Average salary: $42,422

Receptionist

A virtual receptionist serves the same role as a traditional, in-person receptionist: They ensure that all customer concerns are taken care of.

While there is some overlap with a virtual administrative assistant, a receptionist will be more focused on the customer side of the office than the administrative, answering phone calls and emails, helping customers who need assistance, scheduling appointments and more.

Best for:

This is good for those with good multitasking and people skills. And some technological savvy ensures that customers don’t slip through the cracks in a remote office.

Average salary: $41,704

Customer Service Representative

In a brick-and-mortar retail shop such as a hardware store, a customer service rep may be walking the floor, answering questions about what someone should buy for their upcoming home improvement project.

In a remote business, customer service representatives serve much the same purpose: answering customer questions, helping them with problems and troubleshooting any issues.

Best for:

People with patience, great communication skills and a solid knowledge base of the products or services being sold by their employer.

Average salary: $37,623

Transcriptionist

The transcriptionist job is a straightforward one: You simply type up recordings. Some transcriptionists work exclusively in one industry. For example, they can work in legal or medical industries, which necessitates a certain level of knowledge of the terminology used in that profession. Others may do general transcription work, typing up whatever is needed.

Best for:

This is good for fast and accurate typists looking for low-intensity work. While some may find this kind of work boring, the right person may find the audio or video they transcribe interesting and value the calm.

Average salary: $41,453

Things to Consider When Looking for Remote Jobs Don’t Get Scammed

According to the Federal Trade Commission (FTC), a common scam is for a fake company to hire you. And then they send you a check to buy equipment with the caveat that you should send the extra money back. The check is bad and will be returned.

The FTC advises that you carefully review any job offers, only apply to jobs on legitimate websites and never rely on a “cleared” check your employer sends you.

Use Your Career Expertise

One of the best ways to find a new remote job is to use the skills you already have. You may be able to find a less demanding and remote version of your previous career. And going into this new job with your years of experience can be valuable to your employer. And it can potentially earn you a bigger starting salary.

For instance, if you had a career as an editor, you may be an excellent English tutor. You can help students understand the rules of grammar and how to Improve their memorizing and writing skills.

Understand How Working Can Impact Your Social Security Benefits

Working can still be the right choice for you, but make you know how your benefits could be affected. According to the Social Security Administration, while you can work and still receive benefits, there’s a limit to how much you can earn before they begin to reduce your benefits if you’re not yet full retirement age.

In 2023, the limit is $21,240 for those under full retirement age. And it’s $56,520 for the year that you reach full retirement age.

Bottom Line

It’s common for retirees to continue working in retirement. It could be due to financial reasons or just finding ways to keep busy. However, you may not want to stay with the same career track you worked in previously. You may be looking for something less demanding, more flexible or a job you can do from home. But before you decide to work, do your due diligence in finding the right opportunities.

Retirement Tips

• Consider working with a financial advisor to get the most out of all the benefits the SSA provides. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can have a free introductory call with your advisor matches to decide which one you feel is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.

• The SmartAsset Retirement Guide offers a calculator to show you how much you need to save for retirement. It also has a retirement tax friendliness calculator to help you weigh various options if you are moving after your retirement.

Photo credit: ©iStock.com/jacoblund, ©iStock.com/jacoblund, ©iStock.com/Ridofranz

The post Best Work-from-Home Opportunities for Retirees appeared first on SmartAsset Blog.

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