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Investing earlier can help avoid retirement worries later
Lorie Konish notes that workers who are about to retire are far behind where they should be. The shift from pensions to 401k plans has put workers in charge of their own retirements. Saving earlier is the key for younger workers to build wealth, and two pieces of legislation working their way through Congress could help. One bipartisan proposal would lower the age for young workers to participate in certain workplace retirement plans to 18 from 21. Another bill — the 401Kids Savings Act — would create savings accounts for all children starting at birth, with federal support for low- and moderate-income families. Once a child reaches 18, they’d be able to use the funds toward higher education, starting a small business, purchasing a home or retirement. Full piece here.