Our daily roundup of retirement news your clients may be thinking about.
It's not too late to save for retirement Forty-six percent of Americans polled by TIAA-CREF said they fear they would outlive their nest eggs, according to this article on CNBC. It noted that more than half of U.S. workers last year had less than $10,000 saved for retirement, citing a study by the Employee Benefit Research Institute. Wherever your nest egg stands now, it's time to start catching up, it says. And the good news is, that's a realistic goal for most people. According to a different EBRI study, almost 6 out of 10 baby boomers and Gen Xers will make it to the finish line without running out of cash. The first tip in the story is to maximize the benefits from any tax advantaged account, such as a 401(k) plan at work. If there are matching funds from the employer, the article suggest that you not stop at that point. If possible, go to the maximum, which now is $18,000 a year, plus $6,000 more if you're 50 or older. --CNBC
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