401k

‘I want to stem the shrink.’ I’m 66 and my Social Security check is only going to be about $1,000 a month. My only savings is in a 401(k) that is ‘currently shrinking weekly.’ Should I get professional help?

‘I want to stem the shrink.’ I’m 66 and my Social Security check is only going to be about $1,000 a month. My only savings is in a 401(k) that is ‘currently shrinking weekly.’ Should I get professional help?

Do you need a financial adviser? Getty Images/iStockphoto Question: I’m trying to determine if seeking a financial advisor is warranted for a 66-year-old senior whose only savings is in a 401(k) and currently shrinking weekly. My husband is a retired teacher so we do have his pension, but he didn’t pay into Social Security for …

‘I want to stem the shrink.’ I’m 66 and my Social Security check is only going to be about $1,000 a month. My only savings is in a 401(k) that is ‘currently shrinking weekly.’ Should I get professional help? Read More »

Brian Moynihan, CEO of Bank of America, is photographed at the Bank of America Tower in Manhattan on Wednesday

Bank of America CEO blasts Biden’s semantics over recession – as 401k millionaires slumps 29%

The CEO of Bank of America said the recent debate over whether the U.S. economy is technically in a recession or not is missing the point, condemning the Biden administration for arguing over semantics and failing to comprehend the real pressures people felt. Brian Moynihan, head of the bank – one of the world’s largest …

Bank of America CEO blasts Biden’s semantics over recession – as 401k millionaires slumps 29% Read More »

If you’re heading to a new job, don’t forget about your 401(k): Here's how to handle the money in an ex-employer's plan

If you’re heading to a new job, don’t forget about your 401(k): Here’s how to handle the money in an ex-employer’s plan

Skynesher | E+ | Getty Images If you’re among the millions of workers who have left their job as part of the so-called Great Resignation that’s still rumbling through the labor market, be sure not to neglect your 401(k). While you may have options for how to handle retirement savings in your ex-employer’s plan, there …

If you’re heading to a new job, don’t forget about your 401(k): Here’s how to handle the money in an ex-employer’s plan Read More »

Rolling Over Your 401(k) to an IRA Can Cost You Tens of Thousands. What to Do Instead.

Rolling Over Your 401(k) to an IRA Can Cost You Tens of Thousands. What to Do Instead.

Text size Retirement savers would do well to check the fees on fund holdings in 401(k) accounts held at former employers before rolling over to an IRA. Workplace savings plans tend to have more favorable fund fees. Piotr Adamowicz/Dreamstime.com Workers who roll over their 401(k) into an IRA when leaving their job may be setting …

Rolling Over Your 401(k) to an IRA Can Cost You Tens of Thousands. What to Do Instead. Read More »

Here's how much the average working boomer has saved for retirement

Here’s how much the average working boomer has saved for retirement

Three news items that say a lot about the retirement crisis facing Americans and what we can do about it—if we want to. The first is a survey of 1,000 working Americans conducted recently showing much, or little, they have saved for retirement. And the picture isn’t so much bleak as devastating. Less than half …

Here’s how much the average working boomer has saved for retirement Read More »

Many younger baby boomers may outlive their 401(k) savings, new research finds. Here's why

Many younger baby boomers may outlive their 401(k) savings, new research finds. Here’s why

Elena Kurkutova | Istock | Getty Images Older Americans may have a number of different goals with their retirement savings. But usually their main goal is the same: to make it last. Unfortunately, many younger baby boomers and members of subsequent generations who don’t have access to a traditional pension could outlive the funds in …

Many younger baby boomers may outlive their 401(k) savings, new research finds. Here’s why Read More »

Why retiring this year could be a 'worst-case' scenario

Why retiring this year could be a ‘worst-case’ scenario

This is an urgent update for anyone who has recently retired, or who is hoping to retire shortly, and who was expecting to follow one of those simple, time-tested rules for spending down their money during their golden years. Watch out. And, if possible, err on the side of caution, tighten your belt, and spend a little …

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401(k) savers will see a 'wake-up call' in their next statement, says law professor. Here's what to look for

401(k) savers will see a ‘wake-up call’ in their next statement, says law professor. Here’s what to look for

Blackcat | E+ | Getty Images You may get a nasty surprise when you open your next 401(k) statement. These statements generally arrive each quarter, either online or by mail. They provide basic information to savers about their investments and the size of their nest egg, for example. Starting in a few weeks, the notices …

401(k) savers will see a ‘wake-up call’ in their next statement, says law professor. Here’s what to look for Read More »