When the CEO held a virtual town hall in 2020 and said there needed to be layoffs, I knew I would be one of the first to go because I served zero purpose at that point.
Most employer 401(k) plans allow mid-year changes to the deferral election percentage. Before the bonus pay period, raise the deferral rate high enough to funnel as much of the bonus as possible into the 401(k), up to the annual limit.
The harder mistakes to catch are the ones that look fine on paper but fall apart the moment you stop working. These are unquestionably the planning failures that will only reveal themselves after the paycheck ends and you're living off the portfolio. Recent data from Nationwide's Retirement Institute shows that 55% of people who retired in the last five years regret how they saved, and only 40% said they were on track with their original budget.
U.S. Secretary of Labor Lori Chavez-DeRemer stated that the proposed rule aims to fulfill President Trump's promise for a new golden age by fostering a retirement system that allows more Americans to retire with dignity.
Stacie Haller, a consultant for executives, recently had a meeting with a former business owner in his early 80s. He'd sold his business, started playing golf, and discovered something about himself: he found golf extremely boring. And now, even though he doesn't need to be, he's back on the job market. 'I'm so vital', he'd told Haller, 'I'm still in the game'.
