savings Archives - Page 5 of 6 - DR News - News, Retirement, Finance

Investors Advised not to Panic Amid Market Volatility: Expert Perspective on Retirement Savings

The recent market volatility following the release of hot inflation data has caused concern among investors about how to handle their retirement savings. Many individuals rely on automatic contributions to their 401(k)s and IRAs, which raises questions about whether to make any changes in light of the shaky market conditions. Kerry Hannon, a financial expert at Yahoo Finance, emphasizes the importance of not panicking in response to market fluctuations. She provides valuable perspective on how …

Retirement Eligible: College Savings Funds Now Flexible for Future Use

NEW YORK (AP) — Families looking to save for their children’s college education now have a new option — using those funds for retirement instead. As of February 16, a provision in the federal budget law allows individuals to roll over funds from a 529 college savings account into a Roth individual retirement account, or Roth IRA. This means that after-tax money contributed to a 529 account can grow and be withdrawn tax-free for retirement. …

Jealousy and Financial Folly: Removing the Barriers to Personal Savings

RALEIGH, North Carolina – The debate on personal responsibility for saving and the challenges that come with it was the focal point of a recent conference at North Carolina State University. Experts gathered to discuss the financial storms and the obstacles to saving at the event sponsored by the Institute for Emerging Issues. The event included a question from a participant pondering when individuals should be held accountable for saving for themselves. The question sparked …

Retirement Savings Survey Reveals Widespread Financial Planning Concerns for American Workforce

SEATTLE, Washington – A recent survey conducted by Bankrate revealed that nearly half of the American workforce is concerned about not having enough money to retire comfortably. This has led to a growing interest in financial planning and retirement strategies to ensure a secure future. Wealth advisors are emphasizing the importance of considering the “Critical 10” when it comes to retirement planning. This concept highlights the significance of financial planning in the five years leading …

401(k) Savings at Risk: How Recent Legislation and New Partnerships Are Helping to Preserve Retirement Savings

Chicago, IL – Recent research shows that nearly 40% of workers who leave a job cash out their 401(k) plans each year, resulting in significant financial losses. This trend especially affects job switchers with small accounts, who often choose to cash out their accounts rather than rolling them over. As a result, they forfeit their savings and potential future earnings on that money. According to the Employee Benefit Research Institute, such “leakages” amounted to $92.4 …

Pension Gender Gap: Women Retire with 33% of Men’s Savings

LONDON, England – Women in the UK face a significant gender gap when it comes to pension savings, with many being £136,000 worse-off due to the unaffordable childcare system. A study revealed that women need to work an extra 19 years to retire with the same pension pot as men. This significant disparity in retirement savings is a cause for concern and highlights the need for policy changes to address this issue. The gender gap …

Pension Plan Thaw: IBM’s Savings After Reopening Frozen Plan

Armonk, New York – IBM has recently made the decision to reopen its frozen pension plan in an effort to save the company millions of dollars. This move comes as the latest strategic decision aimed at addressing the company’s financial challenges. The decision to reopen the frozen pension plan is expected to have a significant impact on the company’s financial standing. IBM, a global technology giant, has been facing increased pressure to cut costs and …

Gender Gap: Women Face £136,000 Less in Retirement Savings Than Men, Pension Alert Issued

London, United Kingdom – A recent study has raised concerns about the growing disparity in retirement savings between men and women. The study revealed that women are potentially facing £136,000 less in pension savings compared to men, highlighting a troubling “gender gap” in financial security during retirement. The report, which analyzed the pension savings of individuals, found that women are significantly disadvantaged when it comes to saving for retirement. This disparity is attributed to a …

“No-Spend January” in New York City: A Rookie’s Guide to Savings

New York City – In an effort to be more intentional about budgeting, spending, and saving, one woman from New York City decided to take on the challenge of “No-Spend January.” This personal challenge was inspired by the viral “No-Buy Year” that gained popularity last year. The goal was to go an entire month without spending money on anything but essentials. However, the experience turned out to be more than just a test of willpower. …

NSSF Act Transition: Understanding Key Changes for Maximized Pension Savings

NAIROBI, Kenya – As Kenya enters the second year of the five-year transition plan outlined in the new NSSF Act, it’s crucial to understand how these changes can impact your financial future. One of the most significant changes in the National Social Security Fund (NSSF) contribution structure is the doubling of the Upper Earnings Limit, jumping from Ksh18,000 to Ksh36,000. This shift means that the first Ksh36,000 of your monthly wages will now be subject …