How to win at playing retirement catch-up
December 8th, 2009 admin
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Consider this, if you have doubts about any lingering damage to your retirement savings from the financial crisis: Although stocks are up more than 60% since March, the 401(k) of a typical boomer at the same company for at least 10 years is still worth less than it was two years ago — even with additional contributions over that period and employer matches. No surprise, then, that
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Question: My company currently matches my 401(k) contributions dollar-for-dollar up to 5% of salary. But starting in January my employer plans to do away with the match due to the poor economic conditions. I’m still early in my career and don’t want to cut back on my retirement savings, so I plan on picking up the slack. I wonder, though,...
Question: My company currently matches my 401(k) contributions dollar-for-dollar up to 5% of salary. But starting in January my employer plans to do away with the match due to the poor economic conditions. I’m still early in my career and don’t want to cut back on my retirement savings, so I plan on picking up the slack. I wonder, though,...
Question: I want to max out my 401(k), but my company limits contributions to 20% of salary. Given what I earn, I would have to contribute more than 20% to reach the maximum contribution allowed by law. I know I can handle putting away more, but because of my employer’s 20% cap, I can’t. Can companies really limit my contributions like...
Undoubtedly, one of the most powerful retirement vehicles available to the mass public is the employer-sponsored plan called the 401(k). While there are other forms such as the 457 or the 403(b) for instance, the 401(k) is the most widespread among for-profit employers. As we have reached the 30th anniversary of the 401(k) there is probably more...
Some days I think that I get so bogged down in dealing with our day-to-day finances that retirement seems too far away to even think about. I know that my husband and I won’t be old enough to retire for almost thirty years. Who has time to think about retirement planning when it’s so far away? Whether it’s far away or not, retirement planning...
Most long term investment and savings goals boil down to achieving a comfortable retirement or reaching financial freedom. Many of us have shorter term financial objectives such as buying a new car or house, maybe saving up for a vacation or investing for our children’s 529 college savings plans . But why not admit it — our minds often...
By Steve Klingaman The secret to saving enough for retirement is simple. Start early and increase the amount you save over time. For many people the hardest step on the journey is that first one. Think of saving for retirement as climbing a staircase. Step One is to save enough money each year to receive the full employer match available to you...
Naturally, affording retirement isn’t an issue that weighs heavily on the minds of young people just starting off in the workforce. So it’s no surprise that only 28% of workers under age 25 contribute to employer-sponsored retirement plans, as reported by tax information service CCH.
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Automatic savings is quite possible the best thing that’s ever happened to the savings account. In the old days, you had to go to the bank and deposit money into your savings account every week or every month. It was way too easy to procrastinate and skip your regularly scheduled contributions to your savings. Automatic savings contributions,...
When did you start saving for retirement ? Think you’ve missed the boat because you didn’t get a chance to invest early ? Reality Check For Those Nearing or Approaching Retirement Age Awesome image by Mark Stivers For many of us who are 65 years or older, we live by our social security checks. In fact, this is literally the situation...
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