Stop contributing to your IRAs and 401(k)s? That has to be a typographical error. After all, traditional retirement planning has always preached maximizing contributions to tax-deferred individual retirement accounts and 401(k)s to build retirement savings. Why should you stop building those accounts and deferring the tax bill? It’s because adding to...
Sorry, social media, financial advisors are still tops when it comes to trusted advice. According to Northwestern Mutual’s 2023 Planning & Progress Study released Monday, Americans rely on financial advisors as their most trusted source of financial advice, outpacing spouses, family members, business news, friends and yes, social media. Despite spending...
Financial regrets are commonplace, with almost three-quarters of Americans admitting in a recent poll that they have at least one. With inflation and interest rates forcing millions across the U.S. to consider the state of their finances, the survey from Bankrate.com discovered that not saving enough for retirement is the...
Who says we all can’t get along? Surely not the folks in statehouses enacting auto-IRA programs. Three new auto-IRA programs were passed this year by state legislatures in Minnesota, Nevada, and Vermont, plus one new multiple-employer plan in Missouri. Tally it all up and, as of mid-June, a total of 19 states had...
Retirement planning is a moving target for many people, and that necessitates having a plan B or even a plan C, financial advisors say. Sometimes it means crumpling up a plan and tossing it out the window, significantly revising income and spending assumptions. That can be the case for as...