Taxpayers miss billions of dollars in credits for retirement savings contributions, lifetime learning costs and more. https://t.co/FKnlrOe3Ul ...

Core Insights - Retirement is a significant concern for many Americans, with 47% of individuals aged 45 to 54 worrying about their retirement savings daily [2] - Generation X faces challenges in balancing retirement savings with current living expenses, but they are currently experiencing peak income levels [2] Group 1: Strategies for Retirement Savings - Starting to save early allows young investors to benefit from compound interest, potentially tripling or quadrupling their investments by retirement [4] - Regular savings through automated contributions can alleviate anxiety about retirement and help grow savings over time [5] - Establishing an emergency fund with three to six months of living expenses can prevent the need to withdraw from retirement savings for unexpected costs [6] Group 2: Utilizing Retirement Accounts - Utilizing tax-advantaged retirement accounts like 401(k) plans is essential for building savings, especially with employer matching contributions [8] - In 2025, individuals can contribute up to $23,500 to a 401(k), with a total contribution limit of $70,000 when including employer contributions; those in their 50s can make an additional catch-up contribution of $7,500 [9]

Younger adults are more likely to make New Year’s resolutions, according to the Pew Research Center, but that doesn’t mean retirees should sit them out. Retirement is one of the best times to revisit long-term money habits, reset priorities and create a plan that supports the retirement lifestyle you want. To help, here are top financial New Year’s resolutions money experts say actually work for retirees. Check Out: I’m a Financial Advisor: My Wealthiest Clients All Do These 3 Things See Next: 6 Safe Accou ...

Group 1 - The importance of cash savings for retirees is highlighted, as it provides a buffer against unplanned expenses and market fluctuations [3][4] - Social Security benefits average $1,976 per month, which may not cover all expenses, making cash savings essential for handling unexpected costs [4] - Wealthfront offers a Cash Account with a base variable APY of 3.50%, and new clients can receive a total APY of 4.15% for the first three months, significantly higher than the national deposit savings rate [5][6] Group 2 - Retirees face unplanned expenses similar to workers, necessitating an emergency fund to avoid debt [7]

Core Insights - A significant portion of Americans, specifically one-in-four, view rising costs, loss of insurance, and damages from extreme weather as top risks to their retirement income, yet few have proactive plans to address these challenges [1][6] - The survey conducted by Allianz Life indicates that 56% of respondents experience anxiety regarding financial losses or health impacts from extreme weather, but only 10% have consulted a financial professional about these concerns [2][6] - Experts emphasize the importance of maintaining an emergency fund to prepare for unexpected expenses related to natural disasters and extreme weather events [5][7] Group 1: Risks to Retirement Income - One-in-four Americans identified loss of insurance, rising costs, and damages from natural disasters as significant risks to their retirement income [1][6] - Climate change is considered a risk to retirement savings, comparable to concerns over taxes, debt, and caregiving responsibilities [4] Group 2: Financial Preparedness - Despite the anxiety surrounding extreme weather, only 36% of individuals who have experienced such events have incorporated these risks into their retirement planning [4][6] - Financial experts recommend that individuals, particularly those in vulnerable areas like the Gulf Coast, should keep extra cash available for emergencies, such as evacuation costs [5][7]

Core Insights - The transition from traditional defined benefit pension plans to defined contribution plans like 401(k) may not be as cost-effective for companies as previously believed [1][2][3] Cost Comparison - Traditional pension plans require contributions of 16.5% of total payroll to replace 54% of income for retirees, while defined contribution plans require 32.3% of payroll for the same outcome [3] Economic Implications - Pensions benefit from economies of scale and risk pooling, which can lead to lower costs for employers compared to individual savings accounts [3] - The cost differences between pension and defined contribution plans are significant considerations for employers and policymakers, especially given the low retirement savings levels among typical U.S. households [4]

Key Points The government provides a comprehensive view of consumer finances, examining net worth. Fidelity has a keener focus on 401(k) and IRA balances. If you are trying to figure out if you are on track, both figures need to be considered, but another rule of thumb might be more productive. The $23,760 Social Security bonus most retirees completely overlook › If you are trying to save enough money for your retirement, it is important to have some benchmarks to track your progress. Since money ...

Key Points You may be gearing up to claim Social Security in 2026. If you're turning 66 next year, you won't be able to collect your monthly benefits in full. You may want to wait another year -- or even longer -- to sign up. The $23,760 Social Security bonus most retirees completely overlook › People have a tendency to celebrate big birthdays like 60 and 65. People's 66th birthdays might sometimes get swept under the rug. But 66 has long been a big deal to older Americans for one key reason -- i ...

Many retirees are unprepared for the switch from saving to spending. Here’s how to turn your retirement savings into steady, sustainable income for life. https://t.co/P3zpdefDAE ...

Key Points Age 62 is pretty significant in the context of your retirement. Though you can tap your retirement savings and claim Social Security, holding off could work to your benefit. You're also too young for Medicare, so that's something to consider if you're looking to retire soon. The $23,760 Social Security bonus most retirees completely overlook › Turning 62 may not seem like such a big deal to you. And if you had a big celebration for your 60th birthday, you may be inclined to do somethin ...