If you are nearing retirement and have fallen short of your savings goal, it is not too late to play catch-up with your finances. The federal government allows people to make additional contributions in their later years. A 2020 survey by Vanguard found that 98% of employers offer catch-up contributions on their 401(k) plans but Read more
Retirement
What is an RMD and When and How Do You Take It?
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
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
What to Do With Your 401(k) When You Change Jobs
Due to the tight job market and rising wages, many people have changed jobs over the last several years. That means that they probably left a 401(k) behind at their prior job. You may be one of those people. If so, what are your options to manage that 401(k)? You have several choices, but it’s Read more
What Do You Know About Social Security? Take a Quiz
For most of those nearing retirement, Social Security is expected to be the main source of income. Nearly nine out of ten people aged 65 and older were receiving a Social Security benefit as of December 31, 2022, and Social Security benefits represent about 30% of the income of the elderly, according to the Social Read more
Here’s That Rainy Day: How Your 401(K) Works When You Retire
Duringyour working years, you contributed to your 401(k)—or, if you worked at a public school or charity, your 403(b)—to help fund your retirement. But what happens when you get to the finish line and retire? Surveys show nearly half of older participants in 401(k) or 403(b) plans have no idea how they will get cash Read more