Set a vision. According to a recent report, 81% of Americans say they don’t know how much money they’ll need in retirement. What does retirement look like for you? Do you want to retire early? Retire late? Retire when you reach Social Security full benefits?
Whether you’re brand new to retirement planning or an old pro, participating in an employer sponsored 401(k) retirement plan can provide a significant source of retirement income. Here are five long-term strategy tips to apply to your 401(k) to keep you on track to achieve your retirement goals.Don’t worry, you won’t have to go-it alone.
Trying to locate an old 401(k) plan from a previous job? According to the website missingassets.com. About 2% of 401(k) plan assets – roughly $850 million owned by 33,000 workers – are “orphaned” each year. The good news is that the Department of Labor has established rules for protecting money put into a 401(k). So the money may not be “lost,” just waiting for someone to claim it.
Question: How much money will I need to save before I can retire?
Answer: As a group, American workers are $6.6 Trillion short of what we need to retire comfortably. At PAi, we want to change that. One of the challenges in planning for retirement is finding simple, straightforward ways to share information. This calculator cuts through the clutter, showing participants the impact of their retirement savings decisions.
You’ve probably seen the TV ads with the big red “Easy” button. Here’s a hint: it’s the ad for an office supply chain with a name that rhymes with maples. If only you could take that red button and put it in front of all business owners who don’t have retirement plans for their companies. “Just hit the button,” you would say. And shazam! They’d have their retirement plans. Okay, establishing a retirement plan isn’t THAT easy, but it’s close. Education is crucial to showing business owners how truly beneficial, and of course, easy, an employee retirement plan is.
Just for the record, 30% of Americans say they have nothing saved for retirement. The reality facing today's workforce is that Social Security was never intended to be the sole source of income for our retirement. This underscores the importance of personal financial responsibility and the role we as individuals need to play in planning for our future financial well-being. The question becomes: Who pays when nobody saves?
You’re a small business owner and things have been going well lately. You realize the timing is right; it’s time to look into retirement savings plans for you, your employees and future employees. The problem is, words like “fiduciary” and “new DOL rulings,” and “investment portfolio” intimidate you.
The reality facing today's workforce is that “Social Security will not, nor was it intended to, constitute the entirety of U.S. workers' retirement income.” 1 This underscores the importance of personal financial responsibility and the role the individual plays in planning for their future financial well-being.
The reality facing today's workforce is that “social security will not, nor was it intended to, constitute the entirety of U.S. workers' retirement income. (1)” This underscores the importance of personal financial responsibility and the role the individual plays in planning for their future financial well-being.
Over 30 million people (1 in 4) in the workforce are “seriously financially distressed” and living paycheck to paycheck. Household debt affects real people, including your best employees. When employees are stressed over debt they will bring that negativity to work with them and it soon spills over into workplace culture.
Let’s face it, as a small business owner you wear many hats. On Monday, you may be the HR person, Wednesday you’re the sales team and on Friday you’re forging relationships and working on new business opportunities. While you believe in helping your employees with their retirement goals, there’s just no time to research options and manage a 401(k) plan
One of the top rules of retirement planning hasn’t changed – taking money out of a qualified retirement savings account before your retirement could be a costly mistake. Withdrawals such as hardship distributions, could affect the funds available to you when you are set to retire. Experts warn that a hardship withdrawal should be your absolute last resort after you have used or explored all other options.