Over 50 and a woman? Better get saving for retirement
A study by UBS states that an average 50-year-old woman in New York should begin socking away 49% of her income to her retirement account in order to live comfortably in her golden years, according to this article on CNNMoney. "Our results show that no mandatory system provides enough for the 'average' Jane to finance her favored lifestyle in retirement," says the report.
4 ways RMDs are different for 401(k)s and for IRAs
Clients need to start taking a required minimum distribution from their 401(k)s and IRAs as soon as they reach the age of 70 1/2, according to this article on Kiplinger. Rules for taking the distributions between the two account types are different. For example, retirees can add up the balances in all IRAs, divide the total balance by the IRS life expectancy factor, and withdraw the RMD amount from one of the IRS. RMDs from 401(k)s are calculated and withdrawn separately per account.
Gray divorce & how working in retirement might just save your marriage
Data show that marriage is at a greater risk of breaking up as couples enter retirement and feel they share nothing in common anymore, writes a Forbes contributor. "Many strategies are recommended to keep an older marriage going in retirement: Improved communications, continuing to invest in your significant other and not taking him or her for granted, upping your game by remaining fit and maintaining your appearance among other strategies are a few ways to be both happy and together."
Who needs Florida? Here's where people approaching retirement plan to live
Forty-three percent of adults polled by Ipsos/USA Today said that they expect to stay in their current homes after they retire, according to this article on USA Today. “The vast majority of older adults want to stay in their homes and communities,” says an expert. “They want to be near their family and near their church,” as well as friends.
Wait, where did my 401(k) account go?
Data from the Employee Benefit Research Institute show that many workers failed to roll over their old 401(k) assets to their new plans when changing jobs, possibly losing $2 trillion in retirement savings, according to this article on NBC News. EBRI says that the losses could be attributed to “forced transfers” or “forced rollovers” by employers, who don't want to spend any more on the benefit of their former workers.