It’s another sad reflection of the coronavirus pandemic gripping our nation. Your employer has just axed the matching contribution to your 401(k) retirement plan. For the average employee that’s a loss of over $4,000 per year. What to do now? Here’s answers to your most common questions: What’s a typical 401(k) match, and how does it work? […]
We’re always glad to get the word out about amazing opportunities to cut your tax bill and beef up your retirement savings at the same time. So thank you to Brett Arends of MarketWatch for asking us to chime in on how self-employed people can save money by setting up their own retirement plans. In his […]
A record number of Americans have accumulated $1 million or more in their 401(k) or IRA savings accounts, according to Fidelity Investments, which oversees 30 million retirement accounts. The number of workers with $1 million or more in their 401(k) rose from 200,000 to 233,000, due to market gains and new account contributions. The number […]
It’s no surprise to learn that many Americans are behind on saving for retirement. But they shrug it off, rationalizing that they’ll deal with the shortfall by just working longer. But unfortunately, life doesn’t always work out the way they’ve planned. Here’s what happens – in real life – to these not so carefully laid plans. 50% of […]
Most of us aren’t covered by a pension. But is there something we can all learn from the Boeing experience? Last week, Boeing announced it was following in the footsteps of other major U.S. corporations like Macy’s and IBM in taking steps to terminate its workers’ pension coverage. The company is freezing pension benefits for 68,000 […]
In 1980, roughly 4 out of 5 Americans were covered by a traditional pension plan that paid them a fixed benefit based on their length of service and salary while working. In 2013, only 1 out of 5 workers has that same type of coverage. Source: The Washington Post The Takeaway: What does that mean for you? You can’t […]
“If you start saving about 10% when you start working, everything magically takes care of itself.” Mass Mutual CEO Roger Crandall, as interviewed in Fortune Magazine, April 29, 2013 Don’t forget that you control your retirement future by contributing to your investment and retirement accounts.
Why don’t women save as much as men? A recent study conducted by two researchers at the University of Wisconsin tried to answer that question. They interviewed state government employees to discover why women working for the state of Wisconsin have lower amounts saved in their retirement plans than men. In fact, women have only 70¢ in their […]
“Here’s the penalty for procrastinating … If you had started saving for retirement in your twenties, you would have had to carve out 13% of your salary every year to replace your income in retirement, according to an analysis by T. Rowe Price. Now, at 45, you’ll need to sock away 29% of your salary […]
About Mari Adam, CFP®
Mari Adam, Certified Financial Planner™ and President of Adam Financial Associates Inc, has been helping individuals and families chart their financial futures for twenty five years. Mari has appeared in publications such as Business Week, CBS MarketWatch, Wall Street Journal, Kiplinger’s, Newsweek, and Money Magazine.
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