If you’re on track to accumulate the oft-recommended goal of $1 million in retirement savings, there’s some potentially discouraging news: some financial advisers argue that a nest egg of $1 million is no longer sufficient, with one adviser cited in today’s article declaring that “The new rule of thumb is $3 million.” Why is this new $3 million savings target “simply a matter of mathematics” – and what does it take to achieve it? CLICK HERE.
Given its recent moves, investors have reason to be anxious about the market – and none more so than investors who are at retirement’s doorstep. For those in that group, today’s article outlines a number of strategies to consider, as identified by top financial advisers. First, however, the author advises that “It’s critical that you…draft a retirement-income plan”, noting that “Those who have such a plan don’t worry about market declines. And those who don’t have a plan, worry.” For how to create a retirement-income plan – and for the aforementioned strategies for protecting your retirement portfolio from market volatility – CLICK HERE.
While the primary casualty of the fiduciary rule – which began to take effect in June – is intended to be conflicts of interest on the part of financial advisers when it comes to their clients’ retirement accounts, today’s article identifies another potential casualty of the rule: the number of mutual funds offered by brokerage firms as they seek to comply with the rule. While advocates of the fiduciary rule claim that investors will benefit from this pruning of funds, others are concerned about the implications of this “less is more” approach. To read more, CLICK HERE.
In some (rare) positive retirement news, Wells Fargo’s 2016 retirement study found that the average 401(k) balance is at a new high – $92,000. So, with Americans looking to improve their financial futures and steering more dollars into their retirement accounts, how should they be investing these additional funds? In aggressive stock plans? Conservative bond funds? Low-cost index funds? To see what financial advisers are recommending retirement savers do with their 401(k) surpluses, CLICK HERE.