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Month: October 2024

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What to Do If You’re Nearing Retirement with Less Savings Than Expected

If you are nearing retirement and have less savings than expected, you are not alone. Many Americans feel the same way. The 2023 Protected Retirement Income and Planning (PRIP) study from the Alliance for Lifetime Income found:  51% of consumers between 45 and 75 feel they do not have enough retirement savings to last their… Continue reading What to Do If You’re Nearing Retirement with Less Savings Than Expected

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Social Security COLA Increase Is Not Designed to Cover Retirement

On October 10, the new Social Security COLA increase was announced, and many retirees were disappointed. Each year, there is a cost-of-living adjustment (COLA), which is determined by a measurement of the Department of Labor’s Consumer Price Index for Urban Wage Earners and Clerical Workers. The 2025 Social Security COLA increase is merely 2.5%.¹ This… Continue reading Social Security COLA Increase Is Not Designed to Cover Retirement

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5 Things to Consider with Your 401(k) When You Change Jobs

In today’s dynamic job market, it’s not uncommon for people to change jobs several times throughout their careers.  With each job transition comes a new set of considerations, especially when it comes to your 401(k). So, what do you do with your 401(k) when you change jobs? If you have been taking advantage of your… Continue reading 5 Things to Consider with Your 401(k) When You Change Jobs

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401(k) Balance by Age: How Do You Measure Up?

According to Vanguard’s 2024 How America Saves Report, the average 401(k) balance for participants in 2023 was $134,128, with a median balance of $35,286. Vanguard participants’ average account balances increased by 19% since year-end 2022.¹ How does your 401(k) balance compare to others in your age group?   In this post, we break down the latest… Continue reading 401(k) Balance by Age: How Do You Measure Up?