Do people truly need $1M to retire?

Salting away $1 million for retirement is an oft-cited goal, but a person can save less and still have comfortable senior years, while others might need more. Variables to consider include inflation, household expenses and a possible need to aid family members. U.S. News & World Report

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4 experts offer strategies to increase retirement savings

Four retirement experts offer tips for boosting your nest egg. These include treating your retirement savings like a business and focusing on income rather than assets. Forbes

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Most baby boomers fear outliving savings, survey finds

Sixty percent of baby boomers surveyed fear they will run out of money in retirement, but advisors can help allay those fears. It’s vital for advisors to create a comprehensive plan for clients’ income and taxes in retirement, says Noble Capital founder Jadon Newman. InsuranceNewsNet online

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Report: Social Security trust funds on track to run out of money by 2034

The Social Security trust funds will run out of money by 2034 if no action is taken by lawmakers to remedy the funding shortfall, at which point benefits will be cut by more than 20%, according to the Social Security Administration’s annual report. The program is predicted to run a…

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Senators make bipartisan call for retirement commission

Sens. Todd Young, R-Ind., and Cory Booker, D-N.J., have introduced legislation to create a federal commission to look for ways to improve retirement security for private-sector workers. The commission would consider proposals to help the mobile workforce, and gig and part-time workers, and review policies from other countries, including the…

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Some savers investing in taxable accounts over retirement plans

Ownership rates for employer-sponsored retirement plans have held steady over the past five years but the amount savers are contributing has dropped 5 percentage points, while taxable brokerage account ownership has risen 10 percentage points, according to Hearts & Wallets data. Roth retirement plans and 529 plans are in demand,…

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Column: Women should consider annuities in retirement planning

Women planning for retirement should consider the possibility that they won’t be able to work indefinitely past age 65, writes Rebecca Lake. Annuities, long-term care insurance and life insurance are products to consider, she writes. U.S. News & World Report

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premium-finance

Survey: Most employees interested in guaranteed income products

The majority of workers surveyed by the Employee Benefit Research Institute expressed interest in guaranteed monthly income for life, whether through an in-plan option or pulling money out of their plan upon retirement to purchase a guaranteed income product. Only 17% of respondents said they feel very confident about their…

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An annuity can turn a 401(k), IRA into the equivalent of a pension

While 401(k) and IRA plans were designed for saving, not income, they can be transformed into guaranteed lifetime income, like a traditional pension, by rolling them into annuities, according to financial advisor Ken Moraif. This would be "income that would go as long as you live," he says. U.S. News…

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Research: Boomers who work with advisors more prepared for retirement

Baby boomers who obtain advice from a financial professional are closer to being financially ready for retirement than those who go it alone, according to a report from the Insured Retirement Institute. ThinkAdvisor (free registration)

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