Time waits for no one. More of the Baby Boomers (those born between 1946 and 1964) are either approaching or hitting that 73-year-old financial milestone. Why is 73 a significant financial milestone? Because that is the age when you are required to begin taking your required minimum distribution, or RMD, from your retirement plan. This Read more
Retirement
From Venus to Mars: The Gender Gap in Retirement
The average retirement age in the United States is 62 for women and 65 for men. Deciding how much money one needs in retirement depends on many factors; one that may be overlooked is gender. Studies show that, for women, there is a real gender gap, with women more likely to need more money for Read more
Retirement Enhancement: How the SECURE Act 2.0 Changes May Affect You
The $1.7 trillion omnibus appropriations bill passed by the 117th Congress and signed into law before the end of 2022 included dozens of retirement-related provisions collectively known as the SECURE 2.0 Act. (The acronym stands for Setting Every Community Up for Retirement Enhancement.) The SECURE 2.0 legislation provides a slate of changes that could help Read more
Target-Date Funds: Does One Size Fit All?
So, you start a job and set up a 401(k). You’re asked to estimate a retirement date, so you do. This date seems far off in the future, so you don’t think too much more about it. But you should think about this: You are now likely in a target-date fund. Ready, aim Target-date funds, whose mix Read more
Side Effects: How the CARES Act Changes Access to Retirement Funds
The CARES Act, a $2 trillion economic stimulus package signed into law on March 27, provides unique access to retirement savings that typically would be subject to early withdrawal penalties. This access applies to qualified individuals affected by the COVID-19 virus either directly (through contracting the illness or having an ill spouse or dependent) or Read more
What’s in Your 401(k)?
With every bull and bear, each uptick or downturn in the market, you’re sure to hear someone say something about the fortunes of their 401(k). (Pro tip: the only time this can matter is when you are closing out your 401(k); otherwise, the current state of your 401(k) is just a snapshot of a moment Read more