Retirement planning
A 67-year-old who ‘un-retired’ shares the biggest retirement challenge ‘that no one talks about’
In 2007, at age 52, I was forced to retire overnight. An MRI had revealed a tumor, the size of a large eggplant, sitting on my pelvis. In 98% of these cases, my oncologist told me, bone tumors are secondary cancer. He estimated that I had about six months to live. But after two successful […]
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401(k) savers will see a ‘wake-up call’ in their next statement, says law professor. Here’s what to look for
Blackcat | E+ | Getty Images You may get a nasty surprise when you open your next 401(k) statement. These statements generally arrive each quarter, either online or by mail. They provide basic information to savers about their investments and the size of their nest egg, for example. Starting in a few weeks, the notices […]
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Annuity sales rise, buoyed by market fears and higher interest rates. What to know before you buy
Svetikd | E+ | Getty Images Annuities are on track for a banner year as consumers flee stock volatility and insurers offer more attractive rates. Limra, an insurance industry group, forecasts annuity sales of $267 billion to $288 billion in 2022, eclipsing the record ($265 billion) set in 2008. Consumers pumped $255 billion into annuities […]
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Why saving in a 401(k) plan may be tough for frequent job switchers
Damircudic | E+ | Getty Images Saving in a 401(k) plan may be tough for workers who switch jobs frequently — a dynamic that’s come into greater focus amid the Great Resignation. In 2021, 14% of people saving in a 401(k) plan left their employer, according to a new report from Vanguard Group, which is […]
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Your next quarterly 401(k) statement may be alarming. Here’s why
Your internal alarm bells may ring when reading your next 401(k) plan statement — at first blush, at least. Traditional 401(k) statements — regular notices that arrive by mail or online — show investors how much money they’ve saved for retirement, among other information such as investment allocations. Soon, they’ll also see how their nest […]
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Retirement tax breaks benefit higher earners, leaving middle-class savers behind, report finds
Fstop123 | E+ | Getty Images Tax breaks designed to boost retirement savings may primarily benefit higher earners, leaving middle-class workers behind, according to a report from the National Institute on Retirement Security. With most Americans receiving less than half of preretirement income from Social Security, many rely on employer-sponsored savings plans and individual retirement […]
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For Americans behind on saving for retirement, a bad stock market can be a good time to invest more
Small business owners are among the Americans most likely to fall behind on saving for retirement. Investing back into a business is more often a priority for entrepreneurs with any excess cash than investing in a long-term tax-deferred retirement plan. Covid didn’t help. Amid the pandemic, scores of America’s small business owners stopped or cut […]
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Social Security fund will be able to pay benefits one year longer than expected, Treasury says
U.S. Treasury Secretary Janet Yellen takes off her mask at the start of a Senate Banking, Housing and Urban Affairs Committee hearing on “Financial Stability Oversight Council Annual Report to Congress,” on Capitol Hill in Washington, U.S., May 10, 2022. Elizabeth Frantz | Reuters The Social Security trust fund most Americans rely on for their […]
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Here’s the best way to use a health savings account, which offers a triple-tax advantage
The Good Brigade | Digitalvision | Getty Images Health savings accounts can be a powerful way to build wealth and prepare for medical costs in old age — if they’re used the right way. HSAs carry a three-pronged tax benefit. Contributions and investment growth are tax-free, as are withdrawals if used for qualified health expenses. […]
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Why it’s a good time for young investors to put money in the market
FG Trade | E+ | Getty Images Opportunities in the dip For young investors with the longest time horizons to plan for retirement, today’s market downturn also provides an opportunity, according to Paula Pant, host of the podcast “Afford Anything.” “A dip is your best friend,” she said. “So, buy the dip, take advantage of […]
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