Posts in Saving for Retirement
Health Care and Retirement

Over the last 20 years, healthcare costs have skyrocketed, outpacing the Consumer Price Index by 70 percent. According to the Employee Benefit Research Institute, to have a 90 percent chance of having enough savings to cover medical bills, a man would need $131,000 and the woman would need $147,000. How is the average American supposed to combat these increasing costs? Senior analysis T.J Berge believes that the answer may be combining an employee sponsored retirement plan with a High Deductible Health Plan. Click here to get more information about retirement savings.

Source: Innovest

National Retirement Security Week

According to Employee Benefit Research Institute, only two-thirds of U.S. workers are saving for retirement. The first National Retirement Savings Week (NRSW) occurred in 2006 when two Senators introduced the resolution establishing National Save for Retirement Week. The goal is that this week will spark a national conversation about the importance of saving for retirement. The National Association of Government Defined Contribution Administrators encourages business to provide resources and educate their employees on saving for retirement. For additional information, visit NAGDA’s official NRSW website.

Who is Eligible To Make 401(k) Plan Catch-up Contributions

"A catch-up contribution is an elective deferral made by a participant age 50 or older that exceeds a statutory limit, a plan-imposed limit, or the actual deferral percentage test limit for highly compensated employees."

This piece offers a concise discussion as to which parties are eligible to make a catch-up contribution to a 401(k) plan.

Click here to learn more about catch-up contributions and rules on eligibility.

Source: EisnerAmper

Timing Social Security: A (Very Personal) Review of Claiming Calculators

"Is there any financial decision more complicated, far-reaching and irrevocable than when to file for Social Security retirement benefits? There is an optimum filing strategy that will maximize lifetime benefits—and reduce longevity risk—for every individual or couple. But analyzing hundreds of scenarios to identify that strategy is dizzying." Click here to read more.

Source: Wealth Management.com

Brightscope and ICI Release Latest Edition of Comprehensive 401(k) Study

“One of the strengths of the 401(k) system is that it allows employers to customize their plans to meet the needs of their unique workforces,” said Sarah Holden, ICI’s senior director of retirement and investor research. “Employers use that flexibility to offer features that can encourage participation. Employer contributions, auto-enrollment, loans, and diverse investment options—including target-date funds—can make it easier for 401(k) participants to plan and save.” Click here to read more.

Source: BrightScope