A new survey from the Employee Benefits Research Institute and reported in the Wall Street Journal found that 0.2 percent of 401(k) participants have reached $1 million in savings in their 401(k) plans. They keys to this success? Consistent saving over at least 20 years and contributing high amounts – if possible, the maximum annual amount allowed [...]
I will admit, I am a bit of a “retirement nag,” and am quick to point out the doom and gloom stories of hard-working individuals who may not have enough to retire at the age they wish. Yes, I am the finger-wagger when it comes to preaching the benefits of saving early, saving often, and [...]
Another sobering article about retirement, or lack thereof: Households that expected to find retirement just around the corner will have to work longer. The main reason? Debt, debt, and more debt: mortgages, home equity loans, kids’ college expenses and credit card debts are saddling 60- to 64-year-old households who expected their retirement-age years to be [...]
The Employee Benefit Research Institute released a sobering report on the state of personal retirement. According to EBRI, the lowest 25 percent of income earners among baby boomer households would need to work into their mid 80s before 90 percent of them would have an even 50 percent chance of having retirement income to meet [...]
A word to the states and the people: ignore what the federal government is doing in terms of how to manage a budget. Among the dire predictions about the solvency of state and local employee pension funds (see our NCPA study on this topic), Treasury Secretary Timothy Geithner recently announced that unless the debt ceiling was [...]