- Empower Joins Auto-Portability Consortium to Accelerate Retirement Savings
Empower, one of the leading providers of financial services, has officially announced its intention to join an auto-portability network that was founded in the fall of 2022. It joins other industry leaders Fidelity and Vanguard in joining the consortium in… read more…
- You Can Make a $10,000 Bonus Contribution to Your 401(k), But You Need to Fit Into This Narrow Age Window
If you’re behind on your retirement savings, you got some welcome news in December when President Biden signed the SECURE 2.0 Act into law. The landmark legislation establishes a higher limit on catch-up contributions for people between 60 and 63… read more…
- 10 Tips for Managing Your 401(k) Account
With automatic payroll deduction funneling in contributions without you lifting a finger and target-date fund managers making buy-and-sell decisions sight unseen, the typical 401(k) account can appear to be an ideal set-and-forget solution for retirement saving and investing. However, while… read more…
- What Is a Distribution from a Retirement Plan?
A retirement plan distribution occurs when you withdraw money from the plan. There are several different types of distributions, including early distributions, rollover distributions and Required Minimum Distributions. You generally owe income taxes on most types of withdrawals and you… read more…
- Can an Adult Child Get a Parent’s Social Security?
While you might think of Social Security as a retirement program for seniors, the government-sponsored fund supports adults and children with disabilities as well. In addition, Social Security payments may be transferrable to children if the working parent passes away.… read more…
- Should You Buy REITs in Your Roth IRA?
Real estate investing is a field that appeals to a lot of investors with diverse portfolios. Real estate investment trusts (REITs) are a great way to invest in real estate without having to own and manage physical property. But they can come… read more…
- To Plan Your Retirement Properly, You Need to Answer This Key Question
The biggest question when it comes to retirement is also one that can be difficult to answer: how long will you live? This question, and the assumptions that people make when answering it, influences many financial aspects of their lives.… read more…
- Is $4 Million Enough to Retire on at 55?
A $4 million nest egg will likely allow you to retire comfortably at age 55. The major challenge will be accumulating that much capital by 55 – about a decade before most people stop working. Other issues include the need to… read more…
- How to Protect Your 401(k) From Inflation
When inflation rises above normal levels, protecting 401(k) accounts from inflation becomes an increasing focus of 401(k) owners. Diversifying your 401(k) portfolio, especially with value-priced shares of companies that make consumer staples value-priced and recently issued short-term bonds represents a… read more…
- What Is a Retirement Plan?
A retirement plan is a financial strategy that combines both savings and investments and plans for distributions to pay for retirement. To help assist you with your financial goals, employers often offer a 401(k) plan to help you save a… read more…
- Is $6 Million Enough to Retire at 65?
Retiring at age 65 with $6 million is entirely possible, even for people with quite comfortable lifestyles. Conservative investment and withdrawal plans allow for ample retirement income for most people retiring in those circumstances. At age 65, retirees become eligible… read more…
- Can You Retire at 50 With $2 Million?
Two million dollars may seem like more than enough money for retirement, but even that amount can vanish quickly in the face of medical expenses, inflation and taxes. If you expect to retire at 50 with $2 million, careful planning is… read more…
- Investing With a 401(k) vs. Index Funds
Index funds are low-cost mutual funds designed to track the performance of groups of stocks, while 401(k) accounts are tax-advantaged retirement accounts many businesses offer to workers. These two investing vehicles provide different benefits that generally complement each other, and both… read more…
- What Is a 401(k) Blackout Period?
From time to time an employer will have to make structural changes to their 401(k) plan. When that happens, they might need to freeze changes to the plan overall. This is called a “blackout period.” During black periods a 401(k)… read more…
- 401(k)s vs. Brokerage Accounts
Brokerage accounts and 401(k)s offer different advantages and disadvantages for investors and savers alike. Brokerage accounts are taxable, but provide much greater liquidity and investment flexibility. 401(k) accounts offer significant tax advantages at the cost of tying up funds until… read more…
- How to Retire at 40 With $2 million
Retiring at 40 with $2 million is an ambitious goal, but that doesn’t mean it’s impossible. While you’ll need a decent salary or other sources of income or wealth, saving $2 million is not out of reach. If you plan… read more…
- Can I Retire at 45 With $3 Million?
You can probably retire in financial comfort at age 45 if you have $3 million in savings. Although it’s much younger than most people retire, that much money can likely generate adequate income for as long as you live. Very… read more…
- Morningstar Says This Brokerage Account Can Help You Save More for Retirement Than a 401(k)
Many Americans save for retirement through 401(k)s. These accounts offer tax-deferred benefits, which means that your money can grow tax-free until you make a withdrawal. But for those who don’t have access to an employer-provided retirement account, or simply want… read more…
- Can You Have a Joint Roth IRA?
As with all tax-advantaged retirement accounts, you cannot hold a Roth IRA jointly with someone else. That’s even if they are your spouse. Each individual in a household must own and contribute to their own account, although you can name… read more…
- How to Save for Retirement in Your 50s
Regardless of when you start, saving for retirement is vital. Although most elderly Americans depend on Social Security to some degree, the average recipient collects only $1,691 per month – not enough money to live comfortably in most places. Your strategy for… read more…
- How to Retire in the United Kingdom (UK)
Numerous European countries are among the world’s most attractive retirement destinations, and the United Kingdom (U.K.) is no exception. With its rustic villages, historic landmarks and lower cost of living, the U.K. can offer retirees the exact right amount of… read more…
- 4 Ways to Protect Assets from Medicaid
Medicaid can pay for long-term care if you meet its means-testing restrictions. The federal-state program is designed to help only people of limited financial means. However, people with more substantial assets can use three different strategies to shield those assets… read more…
- Defined Benefit vs. Defined Contribution Plans
Defined benefit plans and defined contribution plans are two employer-sponsored ways of helping to provide employees with a comfortable retirement. The difference between them lies primarily in who takes responsibility for funding the plans, managing the assets, and, ultimately, ensuring… read more…
- Is $5 Million Enough to Retire at 55?
Let’s say you want to retire early, at age 55. Is $5 million enough to achieve your goal? While the cost of living varies from place to place, a nest egg this size would likely give more than enough money for… read more…
- How to Estimate Your Expenses in Retirement
Anticipating your retirement expenses is key to saving the right amount in 401(k)s, IRAs and more. Although getting exact figures might not be possible, projecting costs for healthcare, housing and lifestyle can help you create a realistic savings goal during… read more…