The prospect of running out of money in retirement is becoming increasingly more likely. Across the US, retirement savings average out to about $255,200 despite the fact that most workers feel they will need $1.9 million.
401(k)s have been a staple of American retirement plans since their inception in the early 80s. But as with any asset, this essential part of your retirement planning comes with its own set of pitfalls. And in an industry that thrives on hidden fees and commission-heavy products, it’s easy to see how many hard-working employees are losing out.
A variable annuity can be a wonderful vehicle to preserve and grow your wealth. But it is a complex financial product, and it’s easy for unethical brokers to design low-quality contracts that will siphon off your profits.
When we look at the news, there are a lot of different rates thrown about. Half of the time, these various rates are just labelled under the umbrella term “Federal Reserve Interest Rate”. And this makes it confusing when you read two different articles and you find contradictory information.
2020 has been a big year and a bumpy ride for investors. From COVID to elections and an economic recession, the word of the year might as well be “uncertainty”.