Tag: baby boomers
Longer lives, eroding Social Security benefits, and rising health care costs – these are just some of the reasons older workers need to save more in their 401(k)s. To encourage them, Congress in 2001 approved a “catch-up contribution” for workers over age 50. The size of this additional tax-deductible contribution started at $1,000 in 2002…
Fluctuations emphasize the importance of Social Security as base retirement income. The recent gut-wrenching falls in the Dow Jones Industrial Average and other market indexes highlight the terrifying nature of our employer-based retirement system. Yes, stocks over the long run have performed well, and the Dow will inevitably recover. But with the aging of t…
