Portfolio rebalancing, how to budget your money, what’s an HSA and who needs one? Preparing for retirement is hard. From personal finance basics to retirement planning and everything in between, we’ve got a few ideas to make life a little simpler. Contact MCF with any questions.
Often, people struggle with finding the extra money to save towards retirement. Many financial experts recommend putting away 12 to 15 percent of your pay for retirement, but for some this seems like an unrealistic goal.
Debt is sweeping the nation. With student loan debt becoming astronomical among millennials and credit card debt piling up in the background, it can feel overwhelming that your savings is getting the short end of your paycheck. According to the Federal Reserve Bank of New York, Americans’ total household debt has reached $13 trillion – a record high. Thoughts of financial stress flood our minds like how we are going to afford our current lifestyle and our future in retirement.
Don’t Cash Out Retirement Plans When Changing Employment When you leave a job, the vested benefits in your retirement plan are an enticing source of money. It may be difficult to resist the urge to take that money as cash, particularly if retirement is many years away.
A little bit can go a long way! The tables below show how money invested in your retirement plan can grow over time.
With so many financial responsibilities, you may feel that there isn’t a lot of wiggle room in your budget for increases in retirement savings. Here are a few suggestions to help make it work:
Participating in the Company's Retirement Plan is a smart and important decision. Smart because you are putting away small amounts today for a comfortable retirement later.