6 Smart Ideas To Retire Rich

Investing is one of the best strategies to build and preserve wealth and save for retirement.

If you are planning to retire in the next few years, then it’s never too early to start planning to retire rich. Here are 6 smart ideas to retire rich.

Top Picks For Student Loan Refinancing

December 2022

Advertiser Disclosure

Variable APR ?APR, or Annual Percentage Rate, is the price you pay to borrow money. Variable APR means that your interest rate can fluctuate over time, which can increase or decrease your monthly student loan payment. Typically, a variable-rate loan has a lower introductory rate than a fixed-loan rate loan. Variable APR includes a 0.25% discount when you enroll in autopay.

Fixed APR ?APR, or Annual Percentage Rate, is the price you pay to borrow money. Fixed APR means that your interest rate will always stay the same. Even if interest rates change, your interest rate or monthly payment will not. Fixed APR includes a 0.25% discount when you enroll in autopay.

APR

4.49% - 8.99%

4.49% - 8.99%

4.49% - 8.99%

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on SoFi's website

Overview

Variable APR:

4.49% - 8.99%

Fixed APR:

4.49% - 8.99%

Minimum Credit Score:

650

Minimum Income:

None

Fees:

None

Minimum Loan Amount:

$5,000 ($10,000 in CA)

Details

Eligible Loans:

Private & Federal

Eligible Degrees:

Undergraduate & Graduate

Loan Terms:

5, 7, 10, 15, 20 years

Borrower Residency:

All states

Hardship Deferment:

Yes

Co-signer Option:

Yes

Review:

SoFi Student Loan Refinancing Review

3.99% - 8.29%

4.39% - 8.99%

3.99% - 8.99%

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View Details

on Earnest's website

Overview

Variable APR:

3.99% - 8.29%

Fixed APR:

4.39% - 8.99%

Minimum Credit Score:

650

Minimum Income:

None

Fees:

None

Minimum Loan Amount:

$5,000

Details

Eligible Loans:

Private & Federal

Eligible Degrees:

Undergraduate & Graduate

Loan Terms:

5-20 years

Borrower Residency:

All States except NV

Hardship Deferment:

Yes

Co-signer Option:

No

Review:

Earnest Student Loan Refinancing Review

3.99% - 8.29%

4.39% - 8.99%

3.99% - 8.99%

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View Details

on NaviRefi's website

Overview

Variable APR:

3.99% - 8.29%

Fixed APR:

4.39% - 8.99%

Minimum Credit Score:

650

Minimum Income:

None

Fees:

None

Minimum Loan Amount:

$5,001 ($10,001 in CA)

Details

Eligible Loans:

Private & Federal

Eligible Degrees:

Undergraduate & Graduate

Loan Terms:

5-20 years

Borrower Residency:

All States except NV

Hardship Deferment:

Yes

Co-signer Option:

No

Review:

NaviRefi Student Loan Refinancing Review

3.53% - 7.24%

4.48% - 7.29%

3.53% - 7.29%

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on ELFI's website

Overview

Variable APR:

3.53% - 7.24%

Fixed APR:

4.48% - 7.29%

Minimum Credit Score:

680

Minimum Income:

$35,000

Fees:

None

Minimum Loan Amount:

$10,000

Details

Eligible Loans:

Private & Federal

Eligible Degrees:

Undergraduate & Graduate

Loan Terms:

5, 7, 10, 15, 20 years

Borrower Residency:

All States

Hardship Deferment:

Yes

Co-signer Option:

Yes

Review:

ELFI Student Loan Refinancing Review

2.50% - 8.65%

3.99% - 8.49%

2.50% - 8.65%

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View Details

on Splash's website

Overview

Variable APR:

2.50% - 8.65%

Fixed APR:

3.99% - 8.49%

Minimum Credit Score:

640

Minimum Income:

None

Fees:

None

Minimum Loan Amount:

$5,000

Details

Eligible Loans:

Private & Federal

Eligible Degrees:

Undergraduate & Graduate

Loan Terms:

5 – 25 years

Borrower Residency:

All states

Hardship Deferment:

Varies

Co-signer Option:

No

Review:

Splash Financial Student Loan Refinancing Review

5.09% - 11.67%

5.39% - 11.87%

5.09% - 11.87%

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View Details

on Citizens' website

Overview

Variable APR:

5.09% - 11.67%

Fixed APR:

5.39% - 11.87%

Minimum Credit Score:

Not disclosed

Minimum Income:

$24,000

Fees:

No prepayment or origination fees

Minimum Loan Amount:

$10,000

Details

Eligible Loans:

Private & Federal

Eligible Degrees:

Undergraduate & Graduate

Loan Terms:

5, 7, 10, 15, 20 years

Borrower Residency:

All states

Hardship Deferment:

Yes

Co-signer Option:

Yes

Review:

Citizens Student Loan Refinancing Review

2.50% - 6.80%

4.49% - 6.90%

2.50% - 6.90%

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View Details

on Laurel Road's website

Overview

Variable APR:

2.50% - 6.80%

Fixed APR:

4.49% - 6.90%

Minimum Credit Score:

660

Minimum Income:

None

Fees:

None

Minimum Loan Amount:

$5,000

Details

Eligible Loans:

Private & Federal

Eligible Degrees:

Undergraduate & Graduate

Loan Terms:

5, 7, 10, 15, 20 years

Borrower Residency:

All States

Hardship Deferment:

Yes

Co-signer Option:

Yes

Review:

Laurel Road Student Loan Refinancing Review

3.27% - 6.87%

3.99% - 10.68%

3.27% - 10.68%

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View Details

on LendKey's website

Overview

Variable APR:

3.27% - 6.87%

Fixed APR:

3.99% - 10.68%

Minimum Credit Score:

680

Minimum Income:

$24,000

Fees:

None

Minimum Loan Amount:

$5,000

Details

Eligible Loans:

Private & Federal

Eligible Degrees:

Undergraduate & Graduate

Loan Terms:

5, 7, 10, 15, 20 years

Borrower Residency:

All states, except ME, ND, NV, RI, WV

Hardship Deferment:

Yes

Co-signer Option:

Yes

Review:

LendKey Student Loan Refinancing Review

-

3.94% - 9.08%

3.94% - 9.08%

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View Details

on ISL's website

Overview

Variable APR:

-

Fixed APR:

3.94% - 9.08%

Minimum Credit Score:

670

Minimum Income:

None

Fees:

None

Minimum Loan Amount:

$5,000 ($10,000 in CA)

Details

Eligible Loans:

Private & Federal

Eligible Degrees:

Undergraduate & Graduate

Loan Terms:

5, 7, 10, 15, 20 years

Borrower Residency:

All states, except OR and ME

Hardship Deferment:

Yes

Co-signer Option:

Yes

Review:

ISL Student Loan Refinancing Review

Checking Your Rate Doesn't Affect Your Credit Score

Disclosures: SoFi | Earnest | NaviRefi | ELFI | Splash Financial | Citizens | Laurel Road | LendKey | ISL

1. Move to a state with no state income tax

If you’re thinking of downsizing, selling your home and moving, then you should consider relocating to a state with no state income tax.

Currently, there are nine states with no state income tax: Alaska, Florida, New Hampshire, Nevada, South Dakota, Tennessee, Texas, Washington and Wyoming.

New Hampshire and Tennessee, however, tax dividends and income from investments.

Be sure to check for other taxes such as property taxes and sales tax, for example, that might be levied in lieu of state income taxes.

2. Move to a state with no tax on Social Security or pension income

According to CCH, the Tax Foundation and Vertex Research, there are 12 states that do not tax Social Security or pension income: Alabama, Alaska, Florida, Mississippi, Nevada, New Hampshire, Pennsylvania, South Dakota, Tennessee, Texas, Washington and Wyoming.

3. Sell your stuff on OfferUp

If you are downsizing, moving or want to monetize unused items in your home, consider selling your belongings for cash on OfferUp, a mobile marketplace to buy and sell merchandise. With over 33 million downloads and more than $14 billion in transactions, OfferUp is now the largest mobile marketplace in the U.S. You can buy a sell everything from furniture and electronics to cars and boats for free through the OfferUp mobile app.

4. Work remotely to generate extra income

If you would like to generate extra income, but do not want the burden of full-time employment, then consider working remotely or part-time. FlexJobs is a professional job service that helps you find telecommuting jobs as well as part-time and freelance assignments. Currently, FlexJobs features over 32,000 jobs at nearly 4,800 companies.

5. Refinance Parent PLUS Loans

If you borrowed a Parent PLUS loan for your child to attend college, and your child has now graduated, your retirement is an optimal time to refinance Parent PLUS loans.

A direct Parent Loan from the federal government for undergraduate students, also known as a Parent PLUS loan, has higher interest rates than student loans as well as fees. There are two ways to refinance Parent PLUS loans:

• As the parent borrower, you can refinance the Parent PLUS loan in your name; or
• Your child can refinance the Parent PLUS loan in his or her name

If your child refinances Parent PLUS loans into a student loan, he or she will need to have sufficient income and credit history to be approved for the student loan refinancing and also will be financially responsible for the student loan. Since the federal government does not refinance Parent Loans or student loans, you or your child would refinance with a private lender.

If your child refinances the Parent PLUS loan into his or her name, the parent borrower could act as a co-signer to help him or her receive a lower interest rate. A co-signer, however, would be financially responsible for the refinanced student loan.

6. Remove yourself as a co-signer of a student loan

If you are a co-signer of your child’s student loan and no longer want to be financially responsible for your child’s student loan, your child can refinance their student loan with a private lender. In this case, you as the parent co-signer would no longer be financially responsible for your child’s student loan (and your child would have full responsibility).

If your child already refinanced his or her student loan with a private lender, and you are a co-signer to your child’s student loan, you should check with the lender regarding a co-signer release option (which would absolve you the parent borrower of financial responsibility).

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