Data from Fidelity Investments shows that the average balance of 401(k) accounts broke records after increasing to $99,900 in the third quarter. The average balance of IRAs also jumped to a record-high of $103,500 during the same period...
Sock A Little More Away in 2018
Along with cost of living adjustment news by the Social Security Administration, October is also the month when the IRS informs us of any changes to income and contribution limits effecting retirement plans. This year, the agency has announced new, higher contribution limits in 2018 for some retirement savings accounts....
Playing Catch-Up
At a certain age, you are allowed to boost your yearly retirement account contributions. For example, you can direct an extra $1,000 per year into a Roth or traditional IRA starting in the year you turn 50. Your initial reaction to that may be: “So what? What will an extra $1,000 a year in retirement savings really do for me?”...
Stay-at-home Parent Can Still Save for Retirement
Many parents make the decision that after their child is born one parent will stay at home to be with the child. Some of the reasons include saving on daycare expenses, and wanting at least one parent to bond and be with the child during those precious first few years of development. Whatever the reason, the stay-at-home parent may leave a job and lose access to certain benefits – mainly their employer sponsored retirement savings plan....