As you near retirement, you must make smart choices with your 401(k) plan. This is especially important for baby boomers born between 1946 and 1964. For a secure retirement, avoiding mistakes and maximizing growth opportunities is crucial. Here are some common mistakes people make with 401(k) plans and solutions to improve retirement prospects.
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Planning for retirement is a crucial aspect of financial well-being. However, there are several financial landmines that individuals must navigate to ensure a secure and comfortable retirement.
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Pennsylvania state Senator Jarrett Coleman (R-Allentown) this week introduced a measure requiring colleagues to take defined-contribution (DC) savings plans rather than traditional pensions.
Coleman, an airline pilot and former Parkland School District director, won his first Senate election last year on a reformist platform and has since briskly worked to effect change regarding education, election integrity, regulation and other issues. Now he’s asking members of his chamber to consider a policy directly affecting their own bottom lines. He believes it’s an important initial step toward more making the commonwealth’s employee retirement programs more solvent.
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A Pennsylvania lawmaker wants to use the state’s Rainy Day Fund to pay down the state’s unfunded pension liabilities that total more than $60 billion.
State Representative Joe Ciresi (D-Royersford) is asking colleagues to cosponsor a bill to move $670 million from the fund to the Public School Employees’ Retirement System (PSERS) and $330 million to the State Employees’ Retirement System (SERS). A memorandum describing his legislation avers it could save local real-estate taxpayers $2.1 billion over the next 20 years.
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During his State of the Union address, President Joe Biden showed that when it comes to taxes, he is playing a game of yards, because companies, in his view, simply make too much money.
In his “Finish the Job” speech, Biden ran right up the middle of the field of investments set aside by workers who for decades thought they had made wise decisions on their own retirement plans.
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A record-setting number of Americans are pulling money from their 401(k) plans to cover emergency expenses, The Wall Street Journal reported Thursday, citing data from major investment manager, Vanguard Group.
The proportion of people who pulled from their 401(k) jumped by about one-third in 2022, to 2.8%, up from 2.1% in 2021 and 2% in the pre-pandemic era, according to the WSJ. Vanguard manages roughly 5 million accounts, so the total number of people making withdrawals climbed from roughly 100,000 to roughly 140,000 in 2022, as people both struggled with financial stress ranging from credit card debt to eviction.
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