Is Social Security Really Running Out of Money?
Millions of retired seniors today collect Social Security, and for many, those benefits serve as their main source of income. But last year’s Trustees Report shed some unfavorable light on the state of Social Security’s finances. Specifically, it reported that the program’s trust funds are expected to run dry in 2035. As such, many working […]
Retirement dreams: $3 million is the new $1 million
Have you and your 401(k) plan ridden this relentless bull market into glorious millionaire territory? If so, congratulations! Well done. Etc. Now here’s the bad news: “The new rule of thumb is $3 million.” That is financial planner Thomas Balcom explaining to Fortune why the long-held goal of a million bucks in retirement savings isn’t […]
Less Than 16% of Americans Are Taking Advantage of This Retirement Saving Secret Weapon
Nearly everyone wants to save as much as possible for retirement, but doing so is a lot easier said than done. Only 28% of baby boomers think they’re doing a good job of financially preparing for retirement, according to a survey from the Insured Retirement Institute. Millions of workers are falling behind on their savings, […]
Here’s why getting a raise can actually hurt your retirement
Here’s a head-scratcher: Getting a raise could hurt your standard of living in retirement. That conclusion seems counterintuitive. After all, wouldn’t saving the same percentage of a larger paycheck yield more savings, and therefore a healthier retirement? Not exactly, according to new research published by Morningstar. “Raises — and how we spend them — can […]