‘Are they asking about your situation and trying to learn about what you need, or within five minutes are they pushing high-pressure sales tactics?’
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Protecting your retirement in the face of a potential recession means taking a hard look at your financial plan and making sure you have enough of a safety net if the economy falters later this year or next year.
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There’s a lot of numbers to weigh when it comes to retirement—but what’s your number?
Working Americans think they need $1.1 million to retire, according to the Schroders 2023 U.S. Retirement Survey, but how does each individual really figure out what they will need in a retirement that could last decades?
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Without an emergency savings, people are more likely to take loans or withdrawals from their retirement accounts. How to get started.
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As we approach the end of 2022 — a year marked by high inflation and turbulent markets — it’s a good time for a retirement-planning reset. This year, many experts recommend getting back to basics.
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When the rapper Coolio died in September, he joined a group of notables that includes Prince, Howard Hughes and Pablo Picasso — all of whom died without specifying who should inherit their money and estate.
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By year-end, owners of individual retirement accounts (IRAs) who are 72 or older must take their required minimum distribution (RMD) before the Dec. 31 deadline, or face a possible IRS penalty of 50% of the amount not withdrawn in time.
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Only 60% of American workers have access to employer-sponsored defined-contribution plans, according to the U.S. Bureau of Labor Statistics, and only 43% were active participants.
Meanwhile, the American Retirement Association found that more than 5 million employers in the U.S. do not offer a workplace retirement savings benefit plan, leaving 28 million full-time and about 23 million part-time workers without that way to save.
There are, however, other options to save for retirement. It just takes a little extra effort.
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