Tag: manage money
The brief’s key findings are: Retiring baby boomers need a strategy to draw down their 401(k)/IRA balances to avoid either outliving their savings or scrimping on consumption during retirement. Traditional strategies include spending only the income, consuming assets based on life expectancy, and drawing 4 percent of initial assets each year. A comparison found that a new…
The brief’s key findings are: Progress in the 401(k) system stalled in the wake of the economic crisis, according to the 2010 Survey of Consumer Finances data. Despite an increase in auto-enrollment, the percent of employees not participating ticked up. And 401(k) contributions slipped, while leakages through cash outs, loans, and hardship withdrawals increased. As a result,…
