The number of 401(k) millionaires surged 43% from a year ago, boosted by market gains and steady contributions. But those millionaire success stories were an average of 26 years in the making, according to Fidelity Investments. The first quarter had 485,000 401(k)-created millionaires. That was a 15% increase from last quarter, when there were 422,000, […]
A recent report on Social Security, which forecasts that the combined retirement and disability trust fund reserves will be depleted in 2035, but will still have money to pay reduced benefits, leaves unanswered the critical question of how much benefits — or benefit cuts — Americans can expect. The longer Congress puts off shoring up […]
Retirement is the dream that helps many of us get up and go to work once we have reached a certain age. It is like the promised land of relaxation free of an alarm and a schedule, but this urgency can lead us to make mistakes and rush our plans only to later regret it and […]
In an effort to be prepared for the increasingly higher costs of retirement, it’s possible to save too much money in your 401(k) account, thus tying up liquid funds. This can lead to being “cash poor” in retirement — a state where you don’t have easy access to funds you might need for emergencies, travel, […]
You may be saving more money for retirement and not even know it. An increasing share of employers are automating how people save in their company 401(k) plans, in a bid to overcome the inertia that often keeps us from building a nest egg. “Automatic escalation” — or auto-escalation, for short — is one of […]
As debates about Social Security’s future heat up on social media, it’s clear that concerns about retirement are not just for older adults anymore. With the economic landscape shifting and the future of public benefits uncertain, understanding what retirement looks like financially has become crucial for all ages. According to recent findings from the United […]
CHARLOTTE, N.C. (WBTV) – New research shows many peak baby boomers are not financially ready for retirement. Fortunately, there are some simple steps people can take now to prepare. Peak boomers are the last group of baby boomers and will turn 65 between now and 2030. They are also the largest population, creating the biggest […]
Nearly 68 million people receive Social Security benefits, according to April 2024 data from the Social Security Administration (SSA). Many of them rely on Social Security for their financial well-being. For others, it may be their only form of income in retirement. To help you keep up with rising inflation, the SSA applies a cost-of-living adjustment — […]
Retirement dreams have been “significantly” curtailed in the past five years for 61% of Americans — with nearly half delaying, altering or cancelling their retirement plans, according to a Nationwide survey. In the face of these headwinds, just 38% think it’s still valuable to have a specific savings target or goal. Among those who do […]
STATEN ISLAND, N.Y. — Approaching retirement? This is the moment you probably have been waiting for your entire life — sleeping in, spending more time with family, and overall, just slowing down. But as you approach the golden age of 67 (the national retirement age for those born after 1960) you might be wondering: When […]
Every year, the Social Security Board of Trustees releases a report detailing the current status of the program and its outlook for the future. The report includes details on everything from the state of Social Security’s trust funds to projected COLAs to the program’s operating costs and more. Whether you’re already receiving benefits or are […]
Interest rates are pretty high these days. That’s great for retirees who need their savings to generate income — but don’t assume that just because rates are high you’re automatically getting them. The going rate at many banks and brokerage houses is abysmally low. The national average interest rate paid on savings is 0.46% (as […]
