Freelance Writer, Entrepreneur, & All Around Investing Junkie
According to the Employee Benefit Research Institute, only 42% of Americans have tried to calculate how much money they will need to save for retirement. Most of us have no idea what our retirement number that we need to save during our working life even is. It could be $1 million, $2 million, even much […]
The post Latest Podcast Episode: What Is Your Magic Retirement Number? appeared first on Money Q&A.
Check out the complete article at MoneyQandA.com
The current financial climate has brought plenty of uncertainty with it for workers young and old. As incomes are being squeezed by high inflation rates and reluctance on the part of some bosses to raise wages in line with inflation, saving for future might not seem like an option for many workers; especially those who […]
The post Why Are Younger Workers More Interested In Saving For Retirement? appeared first on Money Q&A.
Check out the complete article at MoneyQandA.com
Are you saving enough for retirement? How much is enough? Is there really such a thing as saving enough for retirement? While there are a few rules of thumb that you can look at to find out how much money you need to save in your 401k for retirement, the sad fact of the matter […]
The post Are You Saving Enough For Retirement In Your 401k? Probably Not!! appeared first on Money Q&A.
Check out the complete article at MoneyQandA.com
Retirees are eligible to accept Social Security withdrawals as early as age 62 instead of having to wait until the full retirement age of 67, but you will receive a reduced benefit every month. So, should you accept the reduced befit that goes along with an early retirement? Every employee in America pays 6.2% of his or her salary into the Social Security system up to a certain cap of your salary. In order to receive benefits, a person must have worked for the equivalent of ten years while paying into the system. The full retirement age used to be 65 years of age, but with the federal government’s struggling monetary shortfalls, the current full retirement age is 67 years-old. As mentioned earlier, you can withdraw a monthly pension from Social Security starting at age 62. But, should you? [See full article…]
Only 29% of Soldiers in the United States Army participate in the Thrift Savings Plan (TSP), federal government’s version of a 401k retirement plan. The numbers are not much better for the other branches of service either. According to recent statistics published by the Federal Retirement Thrift Investment Board (FRTIB), the board that administers the government’s defined contribution retirement plan, 38% of the Air Force, 33% of Marines, and 57% of the Navy participate in the program. But, why are the numbers so low? [Read more…]