Finfold Times’ Post

Despite doom-and-gloom news surrounding retirement, inflation, and soaring interest rates, a recent study by GoBankingRates found that 40% of Americans don’t plan on working once they retire. Austin Kilgore, Achieve Center for Consumer Insights Analyst, shares his thoughts on why some consumers may feel more financially ready for retirement than others. What do these people have in common? Read to find out: https://bit.ly/49d4Y2Y #welcometoachieve #retirement #personalfinance #retirementtips #retirementplanning #savings #consumersavings #money #financenews #fintechnews

As retirement looms, the gap between the average American and the top 1% becomes strikingly clear. Did you know the top 1% can have over $5 million set aside, while the median household struggles to hit $87,000? What's behind this vast disparity? Jeannine Mancini discusses a few factors contributing to this gap, including income inequality, differences in access to employer-sponsored retirement plans, and varying levels of financial literacy and advice, all of which play a significant role in shaping these outcomes. #RetirementPlanning #FinancialPlanning https://lnkd.in/gw9JSswj

Most Americans wish they had started saving for #retirement sooner and that they hadn't withdrawn money early from retirement accounts, according to a recent study. The report, conducted by Censuswide and commissioned by Human Interest, also indicated employers can help employees avoid retirement planning decisions they'll later regret. The study found that 41% of Americans expect to #retirelater than planned due to recent #financialcircumstances and 83% plan to continue working after retirement. Starting too late was a common problem, as 68% of respondents said they wish they would have started saving for retirement sooner. Notably, 19% said they didn't start saving until they were age 41 or older. Additionally, 37% of respondents reported having removed money from their retirement accounts. 17% said they had taken a loan against their 401(k), and 23% said they had withdrawn money early before retirement. According to the survey, 48% of those who took out a loan against their 401(k) and 60% who withdrew money said they regretted the choice. This is critical to think about. Financial professionals like us can help and advise YOU! It's your #money! Don't make mistakes by listening to the wrong people. https://lnkd.in/gpTeZu63

Personal pension plans are a great option instead of a 401(k). There are also tax free retirement options out there for those who qualify. Don’t wait until you’re in your old age for disappointment to set in over refusing to plan correctly. Need a personal pension plan or help with handling an old 401(k) you left behind after a layoff or job change? Reach out, I’m here to help. #money #wealth #retirement #investing

Here's an interesting read by Preet Banerjee published in the The Globe and Mail about how given the financial needs of many in retirement, unlocking the equity of your home may be necessary. As much as understanding what the best option is may be new territory for the homeowners, it's also new for the financial planning profession as well. Financial Planners may not necessarily be trained on all the different options and may have some unconscious biases or lack of knowledge into fully understanding their clients needs and then recommending the best solution for them. https://lnkd.in/en7AxiUS #babyboomers #boomers #retirement #retirementplanning #aging #longevity #housing #financialplanning #aginginplace

Saving for retirement can be overwhelming since it requires decades of consistent savings. One in four Americans didn’t contribute to their 401(k) or IRA in 2023, underscoring the dire financial situation many workers are presently in — and will be further down the line in retirement. While present bias and focusing on enjoying the present factor into the issue, a large chunk of indifference towards retirement saving boils down to the fact that paychecks don’t stretch as far as they used to, primarily due to inflation and wage stagnation among middle-income workers. Many retirees wish they had planned for their golden years differently, and not saving aggressively enough is the top regret. However, many Americans are finding their current finances in dire straits and are making hardship withdrawals to get by.

"You really, really, really, really shouldn’t be taking out your retirement for a house.” In Ana Teresa Solá’s latest CNBC article, Stacy warns against tapping into your 401(k) for a home purchase. Despite the temptation, experts caution that the long-term consequences could outweigh the short-term gains. Find out why dipping into retirement savings might not be the best move for aspiring homeowners. #FinancialAdvice #RetirementPlanning

Embarking on your retirement journey requires meticulous planning. Find out in this article to help see how much you may need to retire: https://lnkd.in/em84AdSm #finance #financialplanning #money

The prospect of going broke in retirement really scares Americans. So much so, in fact, that nearly two in three say they worry more about running out of money than death, according to the 2024 Annual Retirement Study from Allianz Life. Gen Xers are the most likely to say this, with a startling 71% more worried about running out of money than death. Concerns about inflation, Social Security and taxes contribute to this fear, where 63% say they worry more about going broke than dying, up from 57% in 2022. And, here's the scary part: https://lnkd.in/eTqXGGYs #socialsecurity #money #retirement