savings Archives - DR News - News, Retirement, Finance

Benefits scandal: Elderly woman with dementia forced to repay £7k to DWP from life savings

London, UK – Rose Chitseko’s mother, a 92-year-old woman battling advanced Parkinson’s and dementia, is facing a harsh financial penalty from the Department for Work and Pensions. Despite a lifetime of careful financial management, she now finds herself repaying over £7,000 to the DWP due to a failure to report a change in circumstances five years ago. In early 2019, Chitseko began receiving a carer’s allowance to look after her mother, prompting a requirement to …

Retirement Plan Mandates Boost Savings Options for Americans

Hartford, Connecticut – Retirement savings can be a critical concern for many working Americans, especially when their employers do not offer any retirement plans. This lack of employer-provided savings options affects nearly half of the working-age population, leaving many individuals on their own to secure their financial future. In response to this challenge, several New England states are taking proactive measures to address the issue of inadequate retirement savings. Connecticut, for example, has recently mandated …

Transfer Your Pension Account Easily with Nigeria’s New RSA Transfer System and Enhance Your Retirement Savings Today

Lagos, Nigeria – The Pension Reform Act has brought significant advancements to Nigeria’s Contributory Pension Scheme (CPS), with the recent introduction of the Retirement Savings Account (RSA) Transfer. This innovation allows RSA holders to easily transition their accounts from one Pension Fund Administrator (PFA) to another using the Retirement Savings Account Transfer System (RTS) developed by the National Pension Commission (PenCom). Under Section 13 of the Pension Reform Act 2014, RSA holders can now transfer …

2024 401(k) Contribution Limits Increased to $23,000: Important Retirement Savings Information

Chicago, Illinois – Planning for retirement is a priority for many individuals, and employer-sponsored 401(k) plans play a pivotal role in this endeavor. These plans offer substantial tax benefits while facilitating systematic savings for the future. Employees are able to designate a percentage of their income for automatic deductions, which are then invested in the account. This investment can be allocated among various options, typically including a range of mutual funds. The 401(k) plan, available …

Retirement Savings Proposal Sparks $7 Billion Investor Panic in Peru

LIMA, Peru – Investors are expressing concerns over a proposed policy change in Peru that could potentially impact pension funds. The proposal, if passed, would allow Peruvians to access their retirement savings, potentially leading pension funds to sell off assets to provide up to $7 billion for withdrawals. The Peruvian Congress is set to vote on this bill on Thursday, prompting investors to take preemptive action. There is a growing anticipation that private pension fund …

Retirement Savings Strategy: Start Investing Early to Reach $1.5 Million Goal

Hoboken, New Jersey – As retirement savings seem increasingly out of reach for many Americans, market analyst and CPA Dan Geltrude emphasizes the importance of early investments and portfolio diversification to secure a comfortable future. According to a survey by Northwestern Mutual, retiring comfortably may require nearly $1.5 million, leaving many individuals questioning if their retirement dreams are achievable. Geltrude stresses the significance of starting to invest early, stating that compounding time plays a crucial …

Foster Children in NYC Missing Out on Personal Savings Due to SSI Policy

New York City foster children with disabilities are being denied individual Social Security payments despite a 2022 policy intended to allow them to use these federal benefits for personal savings. This policy, implemented during the summer of 2022, directed the Administration for Children’s Services to cease using Social Security payments to cover housing and service costs for foster children entitled to these benefits due to qualifying disabilities. Instead, the funds were to be deposited into …

Retirement Savings Struggle: Americans Face Roadblocks Amid Inflation Crisis

Washington, D.C. – Kloe Lloyd, a 25-year-old policy and advocacy associate at a research firm, recently found herself navigating the challenging landscape of saving for retirement. Like many in her generation, Lloyd faced setbacks due to the pandemic, causing her to rethink her financial priorities. Inflation posed another obstacle, hindering her ability to save for the future amidst uncertainty. Despite these challenges, Lloyd took proactive steps to start saving for retirement by contributing to a …

Retirement Crisis: China’s Youth Abandon Savings Plans

Beijing, China- Chinese young adults are increasingly opting out of saving for retirement, a trend that may have significant long-term implications for the country’s aging population. Despite the government’s efforts to promote financial literacy and retirement planning, many young people are prioritizing immediate financial needs over saving for their golden years. According to recent studies, a combination of factors is contributing to this shift in behavior. High levels of student debt, rising living costs, and …

Retirement Savings Account Holders Transfer Record N462 Billion in 2023, Marking Highest Switch Rate on Record

LAGOS, Nigeria – A total of 101,820 Retirement Savings Account (RSA) holders switched their Pension Fund Administrators (PFA) in 2023, marking a 10.2% increase from the previous year and setting a new record for the highest number of transfers. The value transferred amounted to N462 billion, a sharp 28% increase from the previous year and bringing the total transferred since the reopening of the transfer window in Q4 2020 to N1.14 trillion. This trend is …