With every day improving our financial literacy and figuring out the best ways to face retirement, it is important to be informed about the changes that will affect us and the best way to make the most out of the situation. It is a well-known fact that not enough Americans have savings that would adequately compliment their […]
When it comes to claiming Social Security retirement benefits, experts agree it’s generally best to delay. Yet many people still claim early — either at the earliest possible age of 62 or before their full retirement age. Those early claims result in reduced Social Security benefits for life. To get 100% of the benefits you’ve earned, you need […]
The Social Security Administration distributes monthly benefits to more than 72 million citizens in the US, so new modifications or changes could significantly affect the future of beneficiaries, especially seniors who rely on these payments to cover their expenses and enjoy their golden years. Even though this may not seem like a lot of money, Social […]
“Exponential” is defined as “growing” or “increasing very rapidly.” Here’s a good way to use it in a sentence: Saving and investing early and often is a clear path to creating exponential wealth. If your money grows enough, you’ll have the means for a comfortable retirement. Even if that seems far off, now is the […]
They are still a very small minority in the 401(k) universe, but there were a record number of 401(k) participants with balances over $1 million at the end of the first quarter this year, Fidelity Investments said Thursday. Specifically, 485,000 of them. That’s up 15% from the 422,000 accounts reported at the end of 2023 […]
The seven-figure club is growing fast as America adds millionaires to its ranks at a record pace. New data from Fidelity shows that the first quarter of 2024 saw great growth among two-comma 401(k) balances, and the latest crop of million-dollar nest-eggers proves that slow and steady wins the race — especially when the stock […]
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 […]
