The Right Way To Turn Your 401(k) Savings Into Retirement Income

moneybagman-dollarsign

By Walter Updegrave, RealDealRetirement, @RealDealRetire

If you’re counting on your 401(k) plan to help you convert the money you’ve accumulated during your career into an income that will sustain you in retirement, you may be in for a surprise. A new Government Accountability Office (GAO) report finds that only a third of 401(k) plans have any sort of retirement-income withdrawal option and only a quarter or so offer an annuity. The report makes recommendations to improve this situation, but even if they’re adopted, creating reliable retirement income can still be a challenge. If you’re nearing retirement and want to ensure that your 401(k) plus any other savings will be able to sustain you throughout your post-career life, here are four steps that can help you achieve that goal: More»

3 Smart Moves That Can Help You Save More Money

By Walter Updegrave, RealDealRetirement @RealDealRetire

CoinStacks-$50Bill

Ask Real Deal Retirement

I’m just starting out and I’ve already opened a savings account, but I’m looking for ways that I can save more money. Any suggestions?

More»

How To Prevent Involuntary Retirement From Ruining Your Golden Years

By Walter Updegrave, RealDealRetirement @RealDealRetire

OLYMPUS DIGITAL CAMERA

Involuntary retirement—or the possibility that you may be forced to exit the workforce sooner than you wanted—is a more common problem than you may think, and one that can wreak significant havoc with your post-career lifestyle. Some 46% of retirees polled for the Employee Benefit Research Institute’s 2016 Retirement Confidence Survey said they left their jobs before they’d planned, usually because of a health issue or company downsizing or restructuring. And a new study by researchers at Cal State Fullerton, George Mason University and Utah State found that many workers end up retiring four to seven years earlier than they’d anticipated, potentially leaving them with a stunted nest egg that must sustain them through a longer-than-expected retirement. You may not be able to totally insulate yourself from this risk, but here are three steps you can take to reduce the possible damage: More»

My Bank Wants To Sell Me An Annuity—Should I Buy?

By Walter Updegrave, RealDealRetirement @RealDealRetire

AnnuityKeyboard

Ask Real Deal Retirement

My bank has asked me if I want to put my money into an annuity. I don’t know if this is a wise move or not, so I’m not sure what to do. What do you think?

More»

3 Questions That Can Help You Get The Most Out of Your 401(k)

By Walter Updegrave, RealDealRetirement @RealDealRetire

Piggybank 401k

In case you missed it, last Friday was National 401(k) Day. I know, if only you’d known I’m sure you would have planned all sorts of festive activities and wild celebrations. But there is still a worthwhile way to mark this august occasion—namely, take a few minutes to review your 401(k) plan and make sure you’re taking full advantage of it to create a secure retirement. More»

How To Tell If You’re On Track To A Secure Retirement

By Walter Updegrave, RealDealRetirement @RealDealRetire

Retirement Sign-small

Ask Real Deal Retirement

My wife and I are in our mid 40s, save 15% a year and have a 401(k) balance of more than half a million dollars. Are we on the right track toward retirement?

More»

These 4 Numbers Can Help You Plan For A Secure Retirement

By Walter Updegrave, RealDealRetirement @RealDealRetire

MoneyBags4

Two-thirds of 401(k) participants polled for a recent J.P. Morgan Asset Management report said they could better plan for retirement if their employers helped them “understand their numbers”—that is, get a handle on such specifics as how much they should be saving and how much money they should have in retirement accounts to ensure a secure post-career life. Given the many uncertainties involved in making projections decades into the future, it’s impossible to expect precise targets. Still, some figures can provide general but still valuable, guidance. Here are four key numbers that can make retirement planning less daunting and at the very least get you going in the right direction until you come up with a more customized plan. More»