Core Insights - Many individuals overlook the importance of a retirement withdrawal strategy, which is essential for effectively managing assets during retirement [1] Withdrawal Strategy Overview - A retirement withdrawal strategy is crucial for covering expenses in retirement, and it is simpler to plan when there is a single retirement account [3] - The order and proportions of withdrawals from retirement accounts can significantly affect tax liabilities and the longevity of retirement savings [3][8] Required Minimum Distributions (RMDs) - Individuals must start making withdrawals from defined contribution plans at age 73, with the age increasing to 75 for those born in 1960 or later [4] - Failing to take an RMD can lead to substantial penalties from the IRS [5] Withdrawal Order Recommendations - A suggested withdrawal order is to first draw from brokerage accounts, followed by tax-deferred accounts, and finally tax-free accounts [6] - This strategy aims to minimize tax liabilities while maximizing the longevity of retirement savings [8] Case Study: Don and Nancy - A hypothetical couple, Don and Nancy, both aged 67, receive $1,500 monthly in Social Security, totaling an annual income of $36,000, alongside $1 million in retirement accounts [9]

Financial Data and Key Metrics Changes - As of September 30, 2025, the company reported a market capitalization of $425 million, total assets of $7.7 billion, loans of $5.8 billion, deposits of $5.7 billion, and capital of $700 million [9] - The tangible book value per share was reported at $9.77 [9] - Net interest income (NII) increased from $32 million to nearly $36 million, with net interest margin growing from 1.8% to 2% [12][10] Business Line Data and Key Metrics Changes - The company is focusing on organic growth and has launched several technology initiatives, including an AI chatbot and a virtual agent for client transactions [11][12] - The investment services group has generated total sales of $486 million and gross revenue of $8.7 million, with assets under management at $369 million [20][21] Market Data and Key Metrics Changes - The company operates 43 branches across 12 counties in New Jersey and New York, with plans to close three branches, resulting in a network of 40 branches [9][10] - Kearny Financial is ranked as the 10th largest financial institution in the state in terms of deposits [9] Company Strategy and Development Direction - The company is shifting from a defensive posture to an offensive strategy focused on organic expansion and deepening client relationships [10][15] - There is a strong emphasis on technology to improve operational efficiency and client service, with ongoing investments in AI and automation [18][19] Management's Comments on Operating Environment and Future Outlook - Management highlighted the challenges posed by an inverted yield curve and high Fed Funds rates but expressed optimism about improved margins and net income as conditions normalize [10][11] - The focus will be on strengthening core deposits and enhancing operational efficiency through technology [16][17] Other Important Information - The company has a disciplined approach to mergers and acquisitions, having completed seven successful transactions since 1999 [10] - The company has maintained strong credit performance with minimal charge-offs over the years [14] Q&A Session Summary Question: Qualifications of elected directors - The qualifications of the directors were outlined in the proxy statement, confirming their suitability for election [7][8] Question: Future growth strategies - Management discussed the focus on organic growth, cross-selling, and enhancing client engagement through technology [15][16]

Core Insights - Americans are re-evaluating wealth-building strategies in 2025 amidst rising home prices, increasing debt, and technological changes in the economy [1] Group 1: Wealth Perception - According to Charles Schwab's 2025 Modern Wealth Survey, Americans believe an average net worth of $2.3 million is necessary to be considered wealthy [2] Group 2: Homeownership - Despite rising prices and interest rates, 36% of Americans view homeownership as their primary wealth-building strategy according to a 2025 LendingTree survey [3] - Experts recommend that no single asset, including real estate, should exceed 50% of one's overall net worth, suggesting that homes should represent 25% to 30% of net worth by retirement [4] Group 3: Retirement Savings - Retirement accounts like 401(k)s and IRAs are essential for wealth-building, with many workers increasing their contributions [5] - Experts advocate for long-term, passive investing strategies, such as a three-fund portfolio or dollar-cost averaging into mutual funds or ETFs tracking major indices like the S&P 500 [6][7]

Core Insights - Starting to save for retirement early is crucial, especially for those under 40, as it allows for more time for compound interest to grow savings [1][2] - Retirement planning should focus on "retirement readiness" rather than just the number of years until retirement, taking into account lifestyle, investment performance, and inflation [4][5] Group 1 - Individuals retiring in their 60s may need to fund an additional 30 years of life, making early savings essential to avoid financial strain later [3] - Starting to save in one's 20s can significantly increase savings due to compounding; for example, saving $200 monthly at an 8% return can grow from $10,000 to over $404,000 in 40 years [6] - Many millennials are underprepared for retirement, with estimates suggesting they may need between $5 million to $7 million saved by age 65 for a confident retirement [7] Group 2 - Utilizing employer-sponsored 401(k) plans, especially those with matching contributions, is recommended as a primary savings vehicle for retirement [7] - If a 401(k) is unavailable, individuals can still build retirement savings through IRAs, Roth IRAs, and brokerage accounts [7]

Group 1 - Early retirement requires careful planning and discipline, with a focus on increasing personal contributions to investments due to less compounding time [1] - A common strategy among early retirees includes adhering to a strict budget that prioritizes savings and investments [3][4] - Financial advisors recommend starting savings early, living below means, avoiding lifestyle inflation, and paying off high-interest debt [4] Group 2 - A typical budget for early retirement allocates 40% to essentials, 30% to savings and investments, 20% to discretionary spending, and 10% to miscellaneous expenses [5] - Maximizing tax advantages through retirement accounts like 401(k)s and IRAs is crucial for minimizing tax liabilities [6] - Combining tax-sheltered accounts with taxable investments allows for early access to funds, and employers may offer matching contributions to enhance retirement savings [7]

Core Insights - Achieving a savings goal of $1 million is feasible with early investment, regular contributions, and reasonable returns over time [2][3] Investment Strategies - The power of compound interest allows for significant growth; investing $1,000 monthly at a 6% annual return for 30 years results in over $1 million, while an 8% return requires only $700 monthly [3][4] - Monthly investment targets vary by return rate, with 6% requiring $1,000, 7% needing $850, 8% at $700, 9% at $570, and 10% at $440 [4] Savings Recommendations - Fidelity Investments suggests saving 15% of pre-tax income annually, which aligns with the goal of replacing 45% of pre-retirement income with savings [5][6] - For a $70,000 annual income, saving 15% translates to approximately $875 monthly, sufficient to reach $1 million if invested wisely [6] Growth Maximization Strategies - Key strategies for maximizing growth include starting early, utilizing tax-advantaged accounts, diversifying investments, and maintaining investments during market downturns [7] Retirement Withdrawal Guidelines - The 4% rule suggests withdrawing 4% of savings annually in retirement, equating to $40,000 in the first year for a $1 million portfolio [8] - Experts indicate that the 4% rule is a starting point and may not suit all individual circumstances, as it assumes a fixed portfolio and lacks spending flexibility [9]

Core Insights - The significance of retirement accounts, particularly 401(k)s, is highlighted as they are crucial for family financial stability and future retirement security [2] Group 1: Importance of Retirement Accounts - More than half (54.3%) of working-age American families possess a retirement account, with a median value of $86,900 [1][2] - Assets in IRAs and defined contribution plans are key components of family balance sheets and future retirement security [2] Group 2: Growth of Forgotten 401(k)s - Forgotten 401(k) accounts have surpassed $2 trillion in assets for the first time, indicating a significant issue in retirement savings management [3] - As of July 2025, there are an estimated 31.9 million forgotten accounts, nearly double the 18.3 million from 2015 [4] - The average balance in a forgotten 401(k) account has increased by 18% since May 2023, reaching $66,691 [4] Group 3: Thrift Savings Plans (TSP) - There are over 7.2 million TSP plan participants with an average balance of $134,633, totaling just over $1 trillion in the program [5] - An estimated 3 million TSP accounts are expected to be left behind by the end of 2025, with potential increases due to federal civil service cuts [6] Group 4: Factors Contributing to Forgotten Accounts - The trend of forgotten 401(k)s is attributed to increased participation in 401(k) plans, high job switching rates, and confusion regarding account management after leaving jobs [6]

Are you saving for retirement? If so, are you contributing more and more over the years or keeping what you add into your account the same? The top mistake most people make with their retirement contributions is to not steadily increase the amount they put in on a regular basis. Consider This: Here’s Why You Might Want To Invest Your Retirement Savings in a Roth 401(k) For You: 25 Places To Buy a Home If You Want It To Gain Value “The biggest retirement mistakes most workers make is keeping contribution r ...

Core Insights - The wealthy approach retirement planning with a long-term mindset, allowing for higher returns and lower tax rates [1] - Middle-class retirees can learn valuable financial strategies from the upper class to enhance their retirement planning [1] Financial Education - Early financial education is crucial; understanding investment strategies, risk evaluation, and other investment dimensions can lead to greater wealth accumulation [3] Financial Independence - Financial independence is often planned for at a young age among the upper class, allowing them to cover living expenses through investment income, making work optional [4][5] Investment Strategies - Wealthy individuals utilize diversified investments and multiple income streams, including precious metals, dividend-paying stocks, and private equity, to mitigate risks associated with poor-performing investments [6][7]

Core Insights - The concept of being middle class in one's 40s is more about net worth than income, with a median net worth of $150,000 serving as a baseline for middle-class status [3][4] - Factors such as cost of living, income level, and personal circumstances can influence whether an individual is considered middle class despite having a net worth of $150,000 [4][5] - Financial experts suggest that a net worth range of $150,000 to $500,000 is more accurate for middle-class status, depending on various factors [4][6] Net Worth Requirements - The minimum net worth to be considered middle class in one's 40s is approximately $150,000, according to Federal Reserve data [3] - A significant portion of this net worth, around $75,000, should ideally come from retirement savings and liquid assets [6] - Individuals in their 40s should aim to have saved up to three times their annual salary and maintain an emergency fund covering three to six months of expenses [7] Financial Stability Indicators - Being middle class generally implies the ability to cover expenses, save for retirement, and engage in discretionary spending without financial stress [5] - Geographic location, family structure, and marital status are critical factors that can affect the net worth required to be considered middle class [5]