An automatic retirement plan offers one or more features that require no action from you, the employee. The most common automatic feature is enrollment. These five tips can help you make the most of your company’s automatic features.
When you’re young, it’s easy to feel like there’s no rush to save for retirement. But before you know it, you might find yourself in your 50s or 60s and nowhere near your retirement savings goal. If you’re getting closer to retirement, what can you do to boost your nest egg?
FINRA views the protection of senior investors, as well as baby boomers who are retired or approaching retirement, as a top priority. Because a large number of American investors are approaching retirement and control a substantial portion of investment assets, FINRA encourages firms to review and, where warranted, enhance their policies, procedures and practices, in light of the special issues common to many senior investors. For example, a firm's procedures and controls should take into consideration the age and life stage (whether pre-retired, semi-retired or retired) of their customers. Of particular concern to FINRA is the suitability of recommendations to senior investors, communications targeting older investors, and potentially abusive or unscrupulous sales practices or fraudulent activities targeting senior investors.
If you’re just starting your career, planning for retirement might be the last thing on your mind. However, the choices you make now can significantly affect your finances in the future. You don’t want to overlook is the 401(k), which can be a powerful resource for building a secure retirement.
In most cases, you must start taking required minimum distributions (RMDs) from your retirement accounts each year once you reach age 73. IRS rules require that you take withdrawals from individual retirement accounts (IRAs) and employer-sponsored retirement plans to avoid costly penalties. Be sure you understand the requirements about RMD.
Retirement plans like a 401(k) are long-term investments. But that doesn’t mean you should set them up and forget about them until you retire. Schedule an annual 401(k) “checkup” to make sure your plan still meets your needs.
When it comes to retirement savings, even the most adventurous seniors may consider something routinely described as "plain vanilla": a fixed immediate annuity. With an immediate annuity, the investor pays an insurance company a lump sum in exchange for regular income payments. Both fixed and variable immediate annuities deliver income quickly, but there are differences.
Saving for retirement can get complicated for military spouses on the move, but you can still make the most of tax-advantaged retirement savings plans.
If you’re one of the millions of Americans expecting a tax refund, take a minute before you rush and spend that found money. Here are six ways you can use your refund to help you improve your financial status in the long run.
