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Thursday, August 3, 2023

Retirement: Americans think they need $1.8 million to retire. Is it realistic?

Americans, on average, believe they'll need $1.8 million for retirement. Is that realistic, and how would they get there?

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Retirement

Thu Aug 3 2023

 
Retirement is one of life's greatest milestones, but talking about your plans to save for it can feel scary and overwhelming. Learn how to break the silence with these seven tips.

Americans, on average, believe they'll need $1.8 million for retirement. Is that realistic, and how would they get there?

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If you want to catch up on your retirement savings, there are ways to help strengthen your financial position and factor in the costs associated with future care.
 

Plan to tax some high earners upfront on catch-up savings hits snag.

A plan to tax high-income, older Americans' catch-up 401(k) contributions is set to launch in January, but a myriad of issues could force a delay.

Person with a serious expression looking at a tablet.
 

Social Security: 2 sneaky ways you could be missing out on benefits

Taxes and claiming too early can reduce your monthly payments, but there are two other sneaky ways you may be missing out on your hard-earned benefits.

The Roth IRA contribution limit for 2023 is $6,500, or $7,500 if you're 50 or older.
 

What to know: These are Roth IRA contribution rules

The Roth IRA has become a popular retirement savings tool, especially among millennial and Gen Z investors. It's easy to see why.

A person expresses worry and skepticism.
 

If you're in your 30s or 40s now, these Social Security tips are for you

Is Social Security doomed for millennials? Not necessarily. But these are four things you need to know to prepare for retirement.

 

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