Last week’s post centered on the alarming fact that a majority of Americans have $250,000 or less saved for retirement. If you consider that, using the 4% rule of thumb, $250,000 would net you ~$866/month over a 30-year retirement, most may be woefully under-saving. If you’re looking for ways to boost retirement savings, this article could be of help. Fidelity recently updated a survey detailing the 5 habits of workers who have been able to amass a $1 million fortune in their 401(k)s.
Majority of people have less than $250K saved for retirement
How big is your retirement nest egg compared with most people's? Only 14% of workers have $250,000 or more saved for retirement, according to a new survey by the Employee Benefit Research Institute and Greenwald & Associates.
The other 86% of workers who were queried have smaller amounts of retirement savings. Thirty-eight percent have less than $50,000...
4 Ways Retirement Is Like Baseball
As a fellow baseball fan, I appreciated the article by Dave Bernard below. The analogy for retirement is very fitting. Just like an athlete who succeeds at the professional level, retirement success takes planning and preparation. Remember, the “trip around the bases” when it comes to retirement is a long haul, but the earlier you start it the better off you’ll be...
So you’ve maxed out your 401(k)? Here’s where else to save
More and more today, retirees are leaning heavily on their own savings to make up a huge portion of their retirement income. With pension plans nearly non-existent in the private sector, the 401(k) plan is the main vehicle through which these employees sock away money for their golden years. However your contributions to such a plan are limited to a certain amount annually...