retirementsaving
Inflation: the nine-letter word currently belonging to almost every consumer’s vocabulary. Inflation, though it may not need an introduction, is most simply defined as the periodic rate of increase in various goods and services. And If you’ve purchased anything in the past two years, you’ve likely felt the hard and strong effects of inflation. As a consumer, you may have a painstaking awareness of how inflation impacts things like the cost of your groceries and the amount of money it takes to fill up your gas tank. However, something that may have never crossed your mind is how exactly Inflati...
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As the old saying goes, “better late than never.” But, that’s not always true. In some cases, a missed opportunity is better than one taken precipitously or haphazardly. However, when it comes to retirement planning, starting late is most definitely better than not starting at all. Your senior years are supposed to be a time of relaxation, comfort, and peace of mind. Planning for your retirement is a vital aspect of securing that fulfilling future for yourself. Most experts recommend young working adults begin planning for retirement and saving during their 20s or 30s. However, many people fin...
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As of November 2021, only 15% of private industry workers had access to a defined benefit pension from their employer. Why is that disheartening? A pension guarantees a steady income once you retire. Meanwhile, more options are being offered to workers to save for retirement. As of 2021, 81% of private-sector employees had access to employer-sponsored retirement plans, such as 401(k). Furthermore, studies show that employers are looking to enhance their defined contribution (DC) retirement plans in an effort to increase employee security, financial well-being, and retention. In contrast, a Mor...
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Unfortunately, there are no shortcuts when it comes to saving for retirement. Instead, you must do all the small things that can add to a stable post-career life. Reining in spending, keeping costs down, and setting aside extra funds are just some of the intelligent things you can do to grow the money in your nest egg. Here are 25 tips for boosting your retirement savings and investing in your future self. 1. Start smallAs with any habit, when you change your routine, it is a good idea to start small. Make manageable changes before moving to more significant, more daunting tasks like investing...
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It’s no secret that it’s hard to plan for retirement. In addition to growing a sizeable nest egg, you must protect it from external factors like market volatility, inflation, and unforeseen expenses. And, to be brutally honest, that’s been tough as of late. Northwestern Mutual’s 2022 Planning & Progress Study shows that personal savings are down 15% from $73,100 in 2021 to $62,086 in 2022. Moreover, 60% of American adults say the pandemic is “highly disruptive” to their finances. In the midst of the pandemic, though, Americans saved around $2.5 trillion. Unfortunately, those cash rese...
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We financial millennials have the punchline for Boomers for way too long. But, guess what? When it comes to saving money? We’re on fire. According toa study by Charles Schwab, millennials save significantly more for retirement than Baby Boomers. Unlike their parents, this younger generation has started saving money as early as their mid-20s. In addition, millennials ranked higher than Generation X-ers on the Retirement Preparedness Scale largely due to an increase in their savings rate from 7.5% to 9.7% in the past two years. Their 401(k) balances are also higher than those of Gen Xers, accord...
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On January 20, 2021, Joe Biden became president. But, what kind of policies has he implemented since? Well, the Biden administration is aiming to make the income tax system more progressive. Biden’s plan would also raise taxes by $2.4 trillion over the next ten years. Meanwhile, the Biden administration wants everyone making more than $100 million to pay at least 20% of their income in taxes. This would include unrealized capital gains. Currently, these are not taxed. And, at the same time, SECURE 2.0 passed the House on March 29. “The retirement savings legislation, also known as SECURE Act ...
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A 401 (k) account is an instrumental part of your financial future. Because of this, it’s strongly advised that you never touch these founds. What’s more, if you make withdrawals before the age of 59 ½, then you can expect a 10 percent penalty from Uncle Sam. Nevertheless, there are times when you should use your 401(k). In fact, even the IRS is well aware of these financial hardships. As a result, there are specific situations when you can access your retirement plan before age 59 ½ without being penalized. With that in mind, here are 10 good reasons to use your 401 (k) right now. 1. You’ve c...
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Did you hear? You may be able to allocate some of your 401(k) retirement savings to bitcoin and other cryptocurrencies. Case in point, retirement juggernaut Fidelity. Fidelity launched a plan in April 2022 that could let workers invest up to 20% of their 401(k) contributions directly in bitcoins — directly from the account’s main menu. Fidelity says it is the first in the industry to allow such investments without a separate brokerage account. And one employer has already agreed to offer the service later this year. Previously, if you wanted to invest in crypto for your retirement, you would h...
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“After climbing the mountain you can finally enjoy the view” – Anonymous From our 20s till the late 60s, we climb a mountain full of professional responsibilities, family responsibilities, struggles and challenges. Oftentimes, we feel tired and no longer feel the zeal to continue. But, the view at the top of the mountain flickers in front of our eyes and that view of relaxation, freedom and enjoyment inspires us to keep going. Here, the view symbolizes ‘retirement’. It is that time of our lives when we can finally live our hearts out, relax, enjoy all things we always wanted to do and bubble w...
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