Free Personal Finance Courses That Will Teach You How To Better Save for Retirement
Navigating the economic landscape of the past few months has been challenging for many Americans. Between high interest rates, which make the cost of borrowing more expensive, and inflation that’s hurting wallets, saving can be challenging. And in turn, saving for retirement has been on the back burner for many Americans. But it’s never too late to start planning and there are free courses that can help you achieve this and save more to be able to comfortably afford your golden years.
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Consumer Financial Protection Bureau (CFBP) and the Consumer Federation of America’s initiative
The CFPB has consumer education and very comprehensive resources on its website, said Angela Holliday, president of Frost Brokerage Services and Frost Investment Services.
“It covers the majority of money topics like credit, debt, taxes, mortgages, investing, college savings, planning for retirement and more,” she said.
In addition, the Consumer Federation of America’s initiative — America Saves — has free educational resources, tools and podcasts, as well as calculators, she added.
“I think both do a really good job explaining core financial principles that help you establish or update a budget or financial plan,” Holliday said. “Of course having a budget or financial plan gives you the ability to determine how much you can actually contribute to retirement savings. Additionally, they have topics that are timely like saving during the pandemic, suffering job loss and caregiving. I like the way it’s broken down topically so that it’s not too overwhelming and it can help individuals make meaningful progress plus understand financial wellness is a journey not a point in time.”
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Coursera — Saving Money for the Future
“This course focuses on saving for future goals. The importance of compounding growth, the variables that impact setting goals like retirement savings, and how much money you need to save now to reach future goals,” said Kendall Meade, CFP at SoFi.
According to Coursera, the course will help people understand the importance of compounding growth, the variables that impact setting goals like retirement savings and how much money you need to save now to reach future goals.
“The course will help learners think through individual goals, like retirement, but also how those goals fit into your bigger financial picture. For example, saving for retirement, buying a home, and funding college for your kids all at the same time,” Coursera notes.
Khan Academy’s ‘Personal Finance’ — Investments and Retirement Unit
“Renowned for its accessible and engaging educational content, Khan Academy’s Personal Finance course delves into key areas such as saving, investing, and retirement planning. The course’s user-friendly approach enables learners to build a strong foundation in personal finance, setting the stage for a secure financial future,” said Andrew Latham, CFP and managing editor at SuperMoney.com.
The “investments and retirement” unit tackles topics such as building a foundation for retirement, managing your 401(k) when you change jobs and the effect of time on your retirement account.
“Financial security doesn’t come from luck–it comes from knowledge and preparation. In this unit, you’ll learn about different ways to invest your money and save for retirement, from the stock market to employer-based plans. Engaging videos and articles will make the complex simple,” according to Khan Academy.
edX’s ‘Professional Certificate in Personal Finance’
The program, offered by the University of Indiana, is part of the Brian D. Jellison Financial Literacy Program and provides free access to audit the courses, Latham said.
“The certificate covers essential aspects of personal finance, such as budgeting, tax strategies, consumer credit, insurance, retirement planning, and investment mindset,” he added.
According to the website, the course will help people learn to assess their tolerance for risk, evaluate investment products and develop an investment mindset.
“This course prepares you to compare insurance policies, calculate your need for retirement income, and includes a step-by-step workshop on retirement planning,” according to the website.
Purdue University Extension: Planning for a Secure Retirement
This is a 10-module course, which covers expenses in retirement, Social Security, Medicare and health benefits, retirement for self-employed people and retirement plan distributions, according to Finance of America Reverse (FAR).
“The course comes with a guide to fill out as you run through the modules, which will provide a picture of your personal retirement planning when you’re done,” FAR notes.
And according to Purdue, the modules include expenses in retirement, collecting Social Security, income needed in retirement and Medicare and health benefits.
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