Your 50s are when retirement planning gets real. You can finally see the finish line, but you’re also running out of time to fix mistakes. I asked ChatGPT to lay out the best 401(k) strategy for someone in their 50s who wants to retire comfortably. The answer was surprisingly actionable and focused on maximizing the advantages you get in this specific decade. Max Out Contributions, Especially the Catch-Up ChatGPT started with the most important move: Contribute as much as possible, including catch-up c ...

Compared to many retirees, you are in an enviable position with $1 million socked away in your IRA at 70. Still, living a secure, comfortable retirement that can last two decades or more takes planning. Making sure your nest egg lasts requires assessing your personal situation, balancing risk, securing reliable income streams and understanding how required minimum distributions affect your finances. A financial advisor can help analyze your income needs in retirement and build plans to make your savings ...

Market watchers and advisors have sounded the alarm about a huge wave of Baby Boomer retirements for years. With those individuals now reaching retirement age en masse, however, many are finding themselves without the financial assets they had expected. Advisors have many tools to consider to support clients, and income ETFs may be a good solution for them. See more: Nasdaq Exposure & Income? This ETF Can Help The 2008 Financial Crisis left a painful dent in many Boomers' retirement plans from which many di ...

While many in the U.S. are looking forward to a financially secure retirement, the reality is that some may not be prepared for the costs associated with serious illness that may come on in later years. But planning for such circumstances can be necessary if you want to make the most out of your golden years. One retired journalist returned to the pages of The Wall Street Journal to explain how his meticulous retirement plans went up in smoke when his wife was diagnosed with Alzheimer’s just four years a ...

Core Insights - The article emphasizes the importance of a Roth-first strategy for retirement planning, particularly in light of upcoming tax changes in 2026 [2][3][4] Group 1: Roth Accounts Strategy - The recommended approach is to maximize contributions to Roth accounts while tax rates are still low, prioritizing Roth IRA and Roth 401(k) contributions over traditional accounts [3][5] - Converting funds from traditional IRAs to Roth IRAs before tax rates increase can lead to significant tax savings in the long run [4][5] Group 2: Timing and Tax Implications - The expiration of the Tax Cuts and Jobs Act provisions after 2025 will likely result in higher federal tax rates for many Americans starting in 2026 [4] - By converting to Roth accounts before the tax rate increase, individuals can lock in lower tax rates and benefit from tax-free growth [5][7] Group 3: Implementation Steps - The Roth-first strategy involves three key actions: contributing to Roth accounts, converting traditional IRA funds to Roth, and maximizing contributions to Roth options in 401(k) plans [6][7][8] - For 2025, the contribution limits for 401(k) plans are set at $23,000 for individuals under 50 and $30,500 for those aged 50 and older [8]

Deciding how to handle 401(k), IRA and Roth accounts is part of retirement planning. (designer491/Getty Images/iStockphoto) Dear Liz: When I retired, I had a small 401(k) with about $12,000 in it. Instead of rolling that money into an IRA, I took a distribution and paid taxes on it. I had no immediate need for the remaining funds, so eventually I opened a new IRA account and deposited the money. I now realize I should have put it in a Roth IRA so I wouldn’t face double taxation on the money. This is the s ...

Core Insights - Retirement planning is complex, and relying solely on Social Security benefits can lead to financial difficulties, as it is not sufficient for a comfortable retirement [1][2][9] - A significant portion of American retirees depend on Social Security, with 40% relying solely on these benefits, and one-third of Americans having no retirement savings [2][5] - Inflation and tariffs are impacting the economy, with imported goods becoming 4% more expensive due to tariffs, leading to concerns about elevated inflation [3][4] Group 1: Social Security and Retirement Savings - The average monthly benefit for retired workers is $2,009.50 as of September 2025, highlighting the inadequacy of Social Security as a sole income source [1][6] - Nearly 50% of Americans are making critical mistakes regarding Social Security, which could jeopardize their retirement income [4][5] - The importance of additional savings and investments is emphasized, as Social Security alone is unlikely to meet retirement needs [9][10] Group 2: Economic Conditions and Investment Strategies - The current economic climate, characterized by inflation and tariff impacts, necessitates careful investment strategies to protect retirement funds [3][22] - Gold has seen a significant price increase of over 60% in 2025, reaching approximately $4,200 per ounce, making it a potential hedge against inflation [12][11] - Home equity investments and commercial real estate are presented as viable options for diversifying retirement portfolios, with opportunities for both accredited and non-accredited investors [14][20][21] Group 3: Investment Advice and Market Trends - Fink warns against hoarding cash during economic instability, labeling it part of a "silent crisis" for retirees, as it prevents generating necessary returns for a dignified retirement [22][23] - The article suggests that working with financial advisors can lead to better investment outcomes, with a Vanguard study indicating a 3% portfolio growth advantage for those who seek professional advice [6][8]

There are other organizations, at county level, that can provide advice and assistance for people such as yourself who don’t qualify for Medicaid, for instance, but still have modest assets. You can find your local Area Agency on Aging via the Eldercare Locator. In addition, the Department of Housing Counseling Services can advise you on your mortgage and retirement projections for free or often at a low cost. They can help you navigate your financial situation, as well as put in place some actions you can ...

We're talking all things gifting during this holiday season. Whether it's contributing to a college fund for a child, helping a friend build up their savings, donating to a meaningful charity, or investing in your own financial goals, we want your gifts to make an impact. Check out this video for tax-savvy and heartfelt ideas to complete your holiday shopping list for the kids, adults, and charities in your life, as well as yourself! 00:00 Introductions 01:04 Why you should buy gifts for yourself! 03:11 How ...

One of the biggest challenges for retirees is figuring out how to pay themselves. For years, it’s save, save, save, but when it comes time to pull money out of retirement accounts even people who have saved adequately for retirement tend to freeze. Learn more: Retirement planning — a step-by-step guide Starting next year, Vanguard has a solution: Through a collaboration with TIAA, it will offer a new retirement savings option for participants in its 401(k) plans. In simple terms, it’s an investment pro ...