As you near retirement, you must make smart choices with your 401(k) plan. This is especially important for baby boomers born between 1946 and 1964. For a secure retirement, avoiding mistakes and maximizing growth opportunities is crucial. Here are some common mistakes people make with 401(k) plans and solutions to improve retirement prospects.
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Planning for retirement is a crucial aspect of financial well-being. However, there are several financial landmines that individuals must navigate to ensure a secure and comfortable retirement.
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During his State of the Union address, President Joe Biden showed that when it comes to taxes, he is playing a game of yards, because companies, in his view, simply make too much money.
In his “Finish the Job” speech, Biden ran right up the middle of the field of investments set aside by workers who for decades thought they had made wise decisions on their own retirement plans.
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A record-setting number of Americans are pulling money from their 401(k) plans to cover emergency expenses, The Wall Street Journal reported Thursday, citing data from major investment manager, Vanguard Group.
The proportion of people who pulled from their 401(k) jumped by about one-third in 2022, to 2.8%, up from 2.1% in 2021 and 2% in the pre-pandemic era, according to the WSJ. Vanguard manages roughly 5 million accounts, so the total number of people making withdrawals climbed from roughly 100,000 to roughly 140,000 in 2022, as people both struggled with financial stress ranging from credit card debt to eviction.
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