Changing jobs can be a great way to move your career forward, increase your salary and provide better opportunities for you and your family. Yet, a job change can also have a negative impact on your retirement savings if you don’t know what to look out for. Here are 5 ways job changes can drain your retirement without you even realizing it. 1. Forgotten Employer-Sponsored Plans The U.S. Department of Labor maintains a Retirement Savings Lost and Found Database, which was established through the SECURE ...

Core Insights - Home equity is a significant asset for many Americans, but it should not replace actual retirement savings [1][4] - Converting home equity into cash can be challenging, requiring either a home equity loan, line of credit, or selling the home [4][5] - The value of home equity can fluctuate, posing risks if the housing market declines at the time of sale [5][7] Investment Strategy - Home equity can serve as a backup plan for unexpected expenses in retirement, but it should not be relied upon as the primary source of retirement funding [8] - It is advisable to maintain sufficient retirement savings through various liquid assets, including retirement accounts and Social Security [8]

Core Insights - The typical American worker has less than $1,000 saved for retirement, indicating a significant retirement savings crisis [1] - For those aged 55 to 64, the median retirement savings is only $30,000, highlighting the struggles of many families to save adequately [2] - The report emphasizes that many workers are prioritizing immediate survival over long-term savings, with millions lacking access to employer-sponsored retirement plans [2] Group 1: Retirement Savings Data - The median savings for employed adults aged 21 to 64 is $955, based on analysis from the US Census Bureau [3] - Among Americans enrolled in employer-provided retirement plans, the average 401(k) balance is $144,400, and the average IRA account balance is $137,902 [4] - The average 401(k) savings rate for these individuals is 9.5%, with an average employer contribution rate of 4.7%, leading to a combined contribution rate of 14.2% [5] Group 2: Contribution Rates and Challenges - The typical employee contribution rate across the broader workforce is between 5% and 6%, with employer contributions just under 3% [7] - Contribution rates tend to increase with age, education, and income, but many workers do not start saving until mid-career [7] - Unpredictable events such as health crises or economic downturns can derail retirement plans, further complicating the savings landscape [7]

Quick Read Healthcare costs rose 7.7% while Social Security COLA increased just 2.16%. This mismatch forces retirees back to work. Personal savings rate collapsed from 6.2% to 3.6% in under two years as spending outpaces income growth. Consumer sentiment at 56.4 sits near recessionary territory. Readings below 60 historically signal genuine financial distress. A recent study identified one single habit that doubled Americans’ retirement savings and moved retirement from dream, to reality. Read more ...

Key Takeaways Americans in their 40s and 50s are in peak earning years, making this a pivotal time to build—or shore up—retirement savings. Competing priorities, from education costs to caregiving, often collide with long-term retirement saving goals during this stage of life. Even with less time left to save, strategic moves in your 40s and early 50s can still meaningfully strengthen your retirement outlook. How Many Americans Ages 45–54 Have Any Retirement Savings at All Households led by peopl ...

A 50-year-old Ohio woman wants to make a change. And a recent hospital stay that led to lost wages prompted her change of heart. Ann from Cincinnati called into The Ramsey Show because she is living paycheck-to-paycheck and has no retirement savings. Must Read Willing to admit she wasn’t good with money, she said she didn’t have a relationship with her family growing up to learn how to budget (1). Ann added that she was overwhelmed about where to start. Ramsey Show co-host Ken Coleman offered some opt ...

Quick Read Healthcare costs rose 6.91% over the past year while the 2.8% COLA adjustment covers only a fraction of that gap. Medicare premiums consumed over $40 of the $56 monthly COLA increase for retirees receiving $2,000 per month. Over a 20-year retirement annual shortfalls between COLA and actual costs compound to tens of thousands in lost purchasing power. A recent study identified one single habit that doubled Americans’ retirement savings and moved retirement from dream, to reality. Read mo ...

Core Insights - A significant portion of Gen Xers and boomers regret not starting their retirement savings earlier, with over 80% expressing this sentiment according to a 2025 survey by Nationwide Retirement Institute [2] - Many individuals who began saving early still wish they had adopted different strategies, particularly in protecting their savings from market volatility and ensuring sustainable retirement income [3] - Despite starting late, there are still opportunities for individuals to improve their financial situation and prepare for retirement [4] Financial Literacy and Preparedness - A considerable number of Gen Xers (54%) and boomers (39%) lack a full understanding of compounding, and over half mistakenly believe their 401(k) will provide a stable monthly income akin to a paycheck [5] - Resources for financial education are available through platforms like MyMoney.gov and non-profits such as Khan Academy, as well as personal finance literature and financial planners [6] - American adults estimate they will need approximately $1.26 million to retire comfortably, highlighting the importance of assessing current financial situations [6] Retirement Savings and Concerns - Despite financial concerns, 46% of Gen Xers and 56% of boomers feel financially prepared for retirement, while a significant portion believes they may outlive their savings [7] - Average retirement account balances indicate potential shortfalls, with Gen Xers holding an average 401(k) balance of $192,300 and an IRA balance of $103,952, while boomers have averages of $249,300 and $257,002 respectively [8]

The nice thing about saving for retirement in a traditional IRA or 401(k) is getting a tax break on your contributions each year you make them. The downside is having to not only pay taxes on your withdrawals, but deal with required minimum distributions, or RMDs, in retirement. RMDs can be a huge hassle when you're forced to remove money from your savings you don't have an obvious need for. Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, cal ...

When you're retired, Social Security is undoubtedly going to help you pay the bills. Most retirees rely on the program for at least some income, and many depend on these benefits to be a major source of the money they need to cover their costs. Unfortunately, one harsh truth that many retirees realize too late is that these benefits may not do nearly as much as they expect them to. It's worth taking a hard look at what Social Security actually offers so you can have a realistic plan for how much the progr ...