About half of pension plan participants can choose to take their money in a lump sum when they retire. If you have that choice or are offered a buyout, what’s your best option?
Setting up your 401(k) contributions isn't rocket science, though it can feel that way, especially to those who aren't sure how much retirement will cost. There isn't a universal magic number, but there are a few pretty simple strategies you can use to come up with your retirement savings number right now.
Social Security provides a guaranteed source of income in retirement, but what many don't realize is that you're not guaranteed to keep it all. Some retirees owe taxes on their Social Security benefits, but it all depends on your income. Here's a closer look at how your retirement fund withdrawals play into all of this.
Investing can help you become a millionaire over time, even if you're starting from scratch.
Is your retirement forecast rainy or sunny? Do you see a green light on your road to retirement or are you stopped by a red light? Is your projected retirement age older than you’d like?
Retirement will come, the question is will you be ready? The choices you make about your contributions and investments are up to you. Here is why it is essential to jump start your savings so you can retire well.
Nobody likes to pay taxes, but it's especially hard for older Americans to deal with an unexpected tax bill. Given how many people live primarily on fixed incomes from Social Security and other sources, many don't have much extra cash to pay any more than absolutely necessary to the IRS.
These FAQs provide a summary of some of the changes within the SECURE Act. Several of these provisions will require interpretation from the IRS and other agencies. As with all financial matters, you should contact tax and financial professionals as it relates to your own personal circumstances.
6 Key reforms may help make retirement planning and saving a little easier.
If you are contributing to a 401(k) plan, you probably enjoy seeing those savings increase each year. When you change jobs, you may think of that money as a way to pay moving expenses and other costs connected to starting a new position. Or, you may think of the account as a way to save for a house or another large purchase, or to borrow money for your child's education.
There's a burgeoning movement spearheaded by millennials called FIRE, which stands for Financial Independence, Retire Early. In numerous blogs, FIRE proponents share stories about retiring in their 30s and the ways to achieve it. Country living, simplicity, leisure, freedom -- here we come.
Saving for retirement doesn't have to be a daunting task. In fact, one of experts' most-recommended retirement accounts can make saving virtually effortless.