Saving for retirement is an important part of planning for your financial future. Many employers offer special retirement accounts called 401(k)s that employees can use to receive a tax incentive for saving for retirement. Many employers also make contributions on top…
The bad news: Most Americans don’t exactly excel at saving for retirement. A 2019 study by Transamerica found Americans have a median retirement savings of only around $50,000. That may not even cover one year’s expenses in retirement, let alone 30…
Study after study shows that Americans aren’t saving enough for retirement. News articles about this problem usually conclude by urging workers to step up their savings and set aside at least 10% of their income in their workplace 401(k) plan. But…
When it comes to retirement savings, there’s good news, bad news, and more bad news. The good news is that most Americans today have access to a workplace retirement plan, such as a 401(k). A 2018 study at Stanford University…
In late December 2019, President Donald Trump signed into law the Setting Every Community Up for Retirement Enhancement Act (SECURE Act). Many of the changes volleyed around Capitol Hill for years, and proponents tout them as the most comprehensive retirement…
If you work for a public school or nonprofit organization, you might have the option to participate in a 403(b) plan. What is this lesser-known retirement plan, and should you sign up? Before you make your decision, understand how a…
In order to contribute to an individual retirement account (IRA), you must have earned income, right? Although that’s true for most people, the IRS makes an exception for nonworking spouses. The government acknowledges that in some households, one spouse stays…
How long do you need to work to retire? Fifty years? Forty? According to Jacob Lund Fisker, you may be able to retire in just five years. One of the early popularizers of the modern FIRE movement (financial independence, retire…
Short for “financial independence, retire early,” the FIRE movement has spread like a blaze among many younger and middle-aged workers. These workers maintain a high savings rate, often through relatively frugal lifestyles, to build wealth quickly. With their savings, they…
Retirement has changed faster than most Americans realize. Your retirement will look very different from your parents’ and grandparents’ retirement. Defined benefit plans like pensions have been shrinking for decades, giving way to defined contribution plans like 401(k)s. These, in turn,…
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