People who change jobs tend to make more money on average, but they may fall behind in their retirement savings. Vanguard Investment Strategy Group global head of investor research and policy Fiona Greig joins Alexandra Canal on Wealth! to break down how job switchers can stay on track to their retirement goals. Greig says, “Each […]
For people working today, the challenge of saving for retirement differs by generation. Gen Zs and millennials have been dealing with paying down immediate debts and credit card balances, Lorna Sabbia, head of workplace benefits at Bank of America (BAC), told Yahoo Finance. “So sometimes that is the priority versus long-term planning. And so to […]
As inflation continues to challenge retirees, is the latest cost-of-living adjustment enough to safeguard your financial stability? If you are retired or nearing retirement, you may be uneasy about your financial situation. You wouldn’t be alone. A recent survey from The Senior Citizens League (TSCL) — a senior citizen advocacy organization — showed 62% of seniors […]
When considering saving for your future, there are a lot of things to consider, but maybe the most important one of them is the legislative changes that apply to 401(k) plans, one of the most common saving tools. In 2022, Congress passed a law to help Americans boost their savings and that encompassed several measures like more accessible retirement […]
Knowing where you’ll live in retirement can be as important as how much you save. In three U.S. states, you’d need to spend six figures a year to live comfortably in retirement — far more than in most others, according to a recent GOBankingRates analysis. In Hawaii, California and Massachusetts, average annual retirement expenses exceed $100,000, […]
There’s been lots of speculation about Social Security’s 2025 cost-of-living adjustment (COLA), but on Oct. 10, it all came to an end. That’s because the Social Security Administration announced a 2.5% raise for 2025, bringing the average monthly benefit up by about $50. If you’re someone who’s dependent on Social Security, you may still be […]
Over the next six years, 30 million Baby Boomers will retire. Yet, “just over half have no more than $250,000 in financial assets,” according to the Wall Street Journal. That means those seniors will need to rely on Social Security benefits more than their earned assets. However, economists debate if America has a retirement crisis. […]
If retirement savings tops your list of concerns, you might want to think twice about switching jobs. A report from The Wall Street Journal raises concerns that changing employment could lead to lower contributions to 401(k) plans, underscoring the importance of considering long-term savings goals before pursuing new opportunities. According to the report, “Many job […]
Unretiring is becoming a trend among seniors. It used to be that when you hit retirement age, you left the workforce without looking back, but now many seniors are returning to the labor market. With more Americans worried about outliving their savings, as per a recent report by the Transamerica Institute, 48% of retirees who […]
Gen Z is the youngest generation of adults today, but with many struggling to make ends meet, a growing proportion say they do not expect to retire and few are socking away money to do so. A new report from the TIAA Institute and UTA’s NextGen Practice found that a greater share of these adults […]
Social Security retirees who have enjoyed big cost-of-living adjustments will face an unpleasant surprise next year. If you’re receiving Social Security benefits, you’ll get a bigger check starting in 2025. That’s the good news. Unfortunately, there’s some bad news too. When you get your first check of the new year, you may be surprised to […]
If retirement savings tops your list of concerns, you might want to think twice about switching jobs. A report from The Wall Street Journal raises concerns that changing employment could lead to lower contributions to 401(k) plans, underscoring the importance of considering long-term savings goals before pursuing new opportunities. According to the report, “Many job […]
