Pay down debt or save for retirement?
Save by reducing debt: Paying less in interest An important part of building financial resilience is reducing the amount of debt you are carrying. A you pay down debt there are natural benefits, including increasing your credit score, saving money on interest and fees, and gaining more disposable or discretionary income to allocate as you […]
Raising smart spenders and savers
Talking to kids about money can be awkward, but it’s important. That’s the takeaway from a recent T. Rowe Price survey, which showed that parents consider topics like death and politics easier to discuss with kids than saving for a goal. A full 85% wanted to avoid the issue by signing their kid up for […]
7 ways to boost your savings
Discover smart options to grow your savings. Although saving more takes some effort, it may be easier than you think-there may even be “free” money available that can help. Here are some tips: 1. Take advantage of your employer match If they’ll match 3%, you’ve just covered 6% of your retirement savings goal when you […]
The psychological side of spending your retirement savings
Many investors worry about outliving their savings. As a result, they sometimes underestimate what they can comfortably spend in retirement. For years, you’ve been saving and investing for retirement. But what happens when you finally retire and it’s time to switch gears from saving to spending? It turns out, many people are so focused on […]
Five Habits of 401(k) Millionaires
Although a million dollars may seem like a daunting figure, especially if you haven’t been diligent about saving, there’s good news: You don’t have to make $1 million to save $1 million. Many individuals who are saving for retirement aim to have at least $1 million in their retirement accounts when they exit the workforce. […]
When Should You Retire Your Simple IRA?
When Should You Retire Your Simple IRA? In 1996 the Savings Incentive Match Plan for Employees (aka SIMPLE IRA) was introduced as an alternative to offering a 401(k) plan. Yet a lot has changed over the last 25+years – innovation, technology and fiduciary solutions have made offering alternative structures a viable option for small businesses. […]
Good Plan Design Leads to Financial Wellness
Facilitate Employee Financial Wellness with the Optimal Retirement Plan Design Employee financial wellness has become one of the favorite buzz phrases in the industry over the past decade; and the Covid-induced economic challenges of this past year are making it more of a necessity. Employer-sponsored retirement plans play a pivotal role in employee financial wellness […]
Help Improve Employees’ Retirement Outcomes
Why Now May Be the Time to Consider Reenrollment Today, people are living longer, with more time spent in retirement: Average U.S. life expectancy was 79 in 2015 – it will jump to 104 for those born today.1 However, many aren’t prepared. Two in five households approaching retirement have no retirement savings at all.2 For […]
Buzzing About Employee Wellness
Businesses are Buzzing About Employee Financial Wellness In the last four years, the percentage of plans that offer a comprehensive financial wellness program has grown from 16% to 23%. What are the most common employee concerns addressed by financial wellness programs?[1] Getting spending under control (41%) Preparing for retirement (39%) Paying off debt (31%) […]
Better Worker Retirement Outcomes
Why now may be the time to consider reenrollment Today, people are living longer, with more time spent in retirement: Average U.S. life expectancy was 79 in 2015 – it will jump to 104 for those born today.1 However, many aren’t prepared. Two in five households approaching retirement have no retirement savings at all.2 For […]
