This story was produced by Spotlight Delaware as part of a partnership with Delaware Online/The News Journal. For more about Spotlight Delaware, visit www.spotlightdelaware.org. Delaware lawmakers will not hold hearings this legislative session to consider the Carney administration’s surprise multimillion-dollar decision last winter to revamp the state’s pension system for retired lawmakers, according to Senate […]
According to a study by Principal Financial Group, 59% of respondents who thought they were contributing to their 401(k) actually weren’t. – Getty Images How do you pay for something when you don’t know how much it will cost or how long it will take? This is the current US pension system and many experts
Achieving a million dollar retirement can seem like a daunting goal, especially since the average retirement savings for American families is about $87,000. However, with strategic planning and consistent effort, it is entirely possible. Below is a summary of the steps you can take to begin your journey to a seven-figure retirement. The person who
Rockaa / iStock.com Earnings gaps in the world of work persist after you start collecting Social Security retirement benefits, albeit on a smaller scale. Benefits are based on the amount of money you earn during your career. The higher your income, the higher your retirement control. Similarly, Americans in the lowest income brackets will also
How much money do you have set aside for emergencies? If you’re like most Americans, the answer is, “less than I’d like.” About 6 in 10 American adults say they are uncomfortable with their level of emergency savings, according to a recent survey by Bankrate. On this front, many money experts would tend to agree
PixelsEffect / iStock.com The concept of running out of money on purpose in retirement may seem a little strange at first. After all, we’re so often taught the importance of saving, investing, and preparing ourselves for retirement that the idea of ​​not having a few extra bucks can be stressful, to say the least. Learn
of Social Security Administration (SSA) is the federal agency responsible for mailing millions of benefit checks to more than 71 million beneficiaries in the United States. Although it was founded in 1935, SSA is constantly evolving. It makes changes to its requirements and develops new rules for the Retirement, Survivors and Disability Insurance (RSDI) and
Dave Ramsey advises woman to ‘choose your pain, or it will choose you’ when she realizes her financial situation is not sustainable During an episode of The Dave Ramsey Show, a concerned caller asked personal finance expert Dave Ramsey what to do after realizing her financial situation was not sustainable. Here’s what Ramsey advised. Don’t
What if every worker in America were automatically enrolled in an Individual Retirement Account? In an ongoing study, researchers from Princeton University and the Treasury Department have analyzed just such a scenario. Their conclusion: Not surprisingly, a national retirement savings plan would significantly increase the nation’s savings rate, especially for low-income workers. If every worker