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The median 401(k) balance for people nearing retirement is $248,000, enough to provide a mere $10,000 annually in retirement, according to CNN Money. Try living on that, even if you add Social Security. Need to do better? Resolve to use your 401(k) benefit for all it’s worth. You’ll typically find 401(k) investments in these asset … Continue reading “Get Your 401(k) On Track”

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The impending disappearance of two popular Social Security filing strategies in May 2016–“file and suspend” and “restricted application”–could force big changes to the retirement plans of potentially millions of retirement-age married couples and divorcees. If you’re currently receiving Social Security benefits, you likely will not be affected by the prospective changes to rules. However, when … Continue reading “4 Strategies for Navigating New Social Security Rules”

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It’s never too early to start putting away money for your future. If you’ve ever wondered how to save for retirement when you’re also dealing with day-to-day expenses, these easy tips can help. 1. Get a rough estimate of retirement expenses It may seem difficult to know how much money you’ll need in retirement, especially … Continue reading “How to save for retirement”

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The difference between working yourself to death and retiring to a life of comfort is smaller than you think. We like to believe in the simple caricature that rich people retire rich and poor people don’t retire. The truth is, much of the difference between retiring and continuing to go to work every day comes … Continue reading “Three tricks to retire rich”

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When you think of a retirement plan, what comes to mind? The most popular retirement plan is the IRA account. IRA stands for Individual Retirement Arrangement, allowing individuals (as opposed to groups of people) to arrange for their retirement. Strictly speaking, then, an IRA is not an investment, but simply money the tax code treats … Continue reading “The “ABC’s” of an IRA”