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Addressing Retirement Savings Concerns…Some Help Coming in 2025
The importance of building a satisfactory financial “nest egg” one’s life in retirement cannot be understated, especially when viewed in light of Social Security’s design to replace about 40% of most workers’ re-retirement earnings. With the median household retirement savings standing at $87,000 in 2022, and the median savings for those on the cusp of retirement (ages 55 to 64) only slightly better at $200,000, there’s a problem ahead for those needing to deal with replacing 40% to 60% of their pre-retirement cash inflow. But help is on the way in the form of IRS announcements of new contribution limits for tax-advantaged plans. Michelle Singletary’s “The Color of Money” article posted yesterday on washingtonpost.com provides background on these new limits, along with related thoughs on money management. Check it out here.
The median savings information noted above is provided by The Motley Fool’s Jack Caporal via a post on their website. Access it here.