Wand_prapan | Istock | Getty Images There’s no debate that Social Security’s funds — which are projected to become insolvent in the next decade — need fixing. But a new research proposal published by the Center for Retirement Research at Boston College by experts at the opposite ends of the political spectrum has sparked considerable … Read more
GlobalStock | Getty Images When you invest toward retirement, experts often like to say you are letting your money work for you. But how much can you realistically expect to earn on your money? The annual rate of return — defined as the percentage change in an investment’s value — is an estimate of the … Read more
When employees who contribute to a 401(k) plan leave a company, they have options for what to do with that money. Depending on what the employer retirement savings plan allows, exiting employees may be able to keep the money in the current plan, roll it over into an IRA, or buy an annuity. In some cases, … Read more
Klaus Vedfelt | Getty Images To live your best life in retirement, it helps to make the most contributions while you’re working. Employees who participate in 401(k) plans can put up to $23,000 in pretax or post-tax Roth contributions in 2024. But there’s another limit, $69,000, including employee and employer contributions, that may let workers … Read more
Adamkaz | E+ | Getty Images If you’re a retiree who relies on Social Security benefits for income, you will see some changes in 2024. You will get a benefit boost to adjust for inflation. But just how much extra money you see will depend on the size of your Medicare Part B premiums and … Read more
This year, 40% of Americans said they do not make financial resolutions for the new year and 68% said they do not have written financial plans at any point in the year, according to research from BMO Financial Group. However, setting a budget goes a long way in managing your personal finances. “Many people spend … Read more
Tom Werner | Digitalvision | Getty Images If you left behind a small 401(k) plan account at a former job, odds are your former employer has moved those funds out of the plan. That move may hurt your retirement savings over the long term, experts say. Current law allows employers to “force out” 401(k) accounts … Read more
What begins as a gender wage gap inevitably becomes a significant shortfall by retirement. In the U.S., women who work full time are typically paid about 80 cents for every dollar paid to their male counterparts. That gap has persisted despite women’s increasing levels of education and representation in senior leadership positions. Women are also still more … Read more
Clemens Porikys | Getty Images Entertainment | Getty Images If you’re in your 40s, you probably have seen articles on how much you should have saved by now to comfortably retire. One guideline from Fidelity Investments calls for having three times your starting salary saved by 40, with the aim of growing that to six … Read more
