How to find your lost retirement benefits Clients are advised to contact their former employer to trace their old 401(k) account, according to this article on Motley Fool. They may also do the Department of Labor's 5500 search to get their former employer's contact information if they don't have the company's details anymore. Another option to trace lost 401(k) benefits is using the National Registry of Unclaimed Retirement Benefits, a free service that connect former employees with their unclaimed retirement benefits.
Bloomberg News
To build a sturdy financial house, you’ll need a well-designed plan Clients would be better off developing a well-designed financial plan than having nothing at all to secure their golden years, according to this article on Kiplinger. They should start with creating steady sources of income, such as Social Security, pension and annuity. They may also proceed to conservative investments that can withstand market volatility. When building a portfolio, clients should strive for diversification by investing in different investment types.
Here's how much you have to save per paycheck to retire by 50 Data from NerdWallet show that clients who want to leave the workforce for good at age 50 should have at least $1 million in retirement funds to secure their golden years, according to this article on CNBC. This means people earning $40,000 a year should be saving 34.6% of their income and those with $60,000 in income should be setting aside 23% of these earnings. "[T]he amount you can save is directly tied to how much you spend, so if you can reduce spending enough to save 35 percent of your income, more power to you," says an expert.
Ask Larry: Should my husband suspend or withdraw? Clients who opt to suspend their Social Security retirement benefits after collecting them beginning at full retirement age can expect their benefits to increase based on delayed retirement credits, according to this article on Forbes. The DRC is computed at a rate of 8% per year or two-thirds of 1% per month.
Suze Orman says you shouldn't retire until you're 70. Here's where she's wrong Personal finance guru Suze Orman was wrong when she advised people not to retire until they reach the age of 70, writes an expert on Money. "That sort of one-size-fits-all recommendation is too rigid; it simply doesn’t allow for the wide variety of circumstances different people may face as they approach the later stages of their career," writes the expert.
Register or login for access to this item and much more
All Employee Benefit News content is archived after seven days.
The evidence is in: Resilience has a profound effect on employee engagement, performance, and wellbeing — and without it, you risk losing money, time, and talent. Stress is the number one factor holding employees back from engaging in the success of your organization. No longer just a health issue, managing stress has become a top priority for organizations looking to increase productivity, build culture, and improve the bottom line. The good news is that resilience is a skill your employees can learn. But to do so, they’ll need the right tools. In this white paper, you’ll learn the three ways resilience can impact your bottom line with:Improved engagementImproved performanceImproved wellbeingDownload 3 Critical Ways Resilience Impacts Your Bottom Line today!