Dreaming of a comfortable retirement is something most Americans share. But how much cash do you need to make those golden years truly golden? According to a recent survey by Northwestern Mutual, the average person thinks they’ll need $1.46 million. That’s a pretty hefty goal post! While a million bucks has long been the retirement […]
Amanda and Andrew Meindl of Wauwatosa, Wisconsin, went to their financial adviser with an unusual request. The couple asked for help to prepare for a retirement with no Social Security benefits. “We’ll plan like we’re going to get nothing,” Amanda told The Wall Street Journal, while Andrew commented that their financial adviser “thought I was […]
Americans still worry a lot about inflation but slightly less so than last year, which helped keep their expectations for what they need for a comfortable retirement unchanged, Charles Schwab said. Workers still think they need to save $1.8 million for retirement, and on average, they again expect their nest egg to last 23 years […]
Millions of retirees will need to update their online accounts to maintain access to services provided by the U.S. federal agency as a result of a major Social Security change to its digital platforms. Users will not be able to access their online accounts without using Login.gov, according to officials. This change, which includes the use of […]
A historic inflation spike is easing, but there’s a powerful force that’s likely to keep wage and price increases higher than normal over the next few years: baby boomer retirements. A record 4.1 million Americans are set to turn 65 this year and each year through 2027, according to the Alliance for Lifetime Income’s Retirement Income Institute. Although not […]
The IRS has finalized rules on required withdrawals for certain inherited individual retirement accounts and other plans. But heirs could owe more taxes later by only taking minimums now, experts say. In final regulations last week, the agency confirmed most nonspouse beneficiaries have 10 years after the original owner’s death to deplete inherited retirement accounts. These heirs also must take yearly required minimum distributions, […]
You can easily do for yourself what they did (at least most of it). Although it’s not unheard of for a 401(k) account balance to reach the seven-figure mark, it is rather rare. Mutual fund company Vanguard Group reports that the average workplace-retirement account for clients aged 65 or older is only $272,588, while the […]
Saving $1 million for retirement is a dream that many Americans have — and some people might discover that this dream is suddenly within reach. Fidelity recently announced that 485,000 of its customers have $1 million (or more) in their 401(k) accounts — which is an all-time high. Strong stock market performance in the past […]
Gen Xers are starting to reach age milestones that give them penalty-free access to certain retirement funds. The eldest members of that generation will be turning 59 this year. And once they reach a certain milestone — age 59½ — they can withdraw money from their individual retirement accounts, or IRAs, and 401(k)s penalty free. […]
Families, friends, and even roommates are combining forces to create more savings on grocery products by buying in bulk and splitting the bill at big box retailers like Costco and Sam’s Club. The idea of “bulk sharing,” as first reported by the Wall Street Journal, applies to the idea that’s catching on with more American […]
Important changes are coming to Social Security in 2025. Here’s what you need to know about how the program will be different next year. With 2024 more than half over, it’s time for current and future retirees to start preparing for some Social Security changes that are coming in 2025. They could affect when you […]
The Social Security Administration (SSA) has released more than $900 million in money owed to disability beneficiaries. In a recent blog post published by the government agency on July 16, the SSA announced the release of $901 million in funds owed to Supplemental Security Income (SSI) recipients as of June 2024. SSI is a crucial […]
