Older Workers Feeling Spooked By Stock Swoon

As the economy struggled to take off in the years after the financial crisis, Americans had at least one shining source of optimism: a booming stock market that not only helped rebuild shattered 401(k) plans but suggested better times to come. But now, with the economy still mired in a sluggish recovery, that silver lining is being threatened. The stock market is lurching downward after a flat 2015 and large banks are casting...

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Are You Saving Enough For Retirement?

Saving for retirement is no easy task, but a new study says you don’t need to be a Powerball winner to put away enough cash for old age. According to the study by Fidelity Investments, 45 percent of those surveyed in 2015 were on track to cover essential expenses during their retirement, up from 38 percent in 2013. Although that’s still less than half the population, the percentage is heading in the right direction. One reason: People...

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Money Talk: Growth Requires Accepting Some Risk

Question: What is the best way to protect my 401(k) now and in the future when I draw from it for retirement? What is the least risky place to “bank it”? I have a fear of a crashing stock market in the middle of my retirement years. Answer: The bigger risk is that the stock market will crash early in your retirement years. Starting withdrawals from a shrunken pool can dramatically increase the odds of running short of money in your...

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Workers Are Saving More for Retirement, Led By Millennials

New York — Workers are saving more for retirement, and the youngest — not exactly known for squirreling money away — are boosting their savings rates faster than any other age group. Millennials between the ages of 25 and 34 are saving a median of 7.5 percent of their pay for retirement, including whatever match they get from their jobs, according to a survey by Fidelity Investments of 4,650 households with at least $20,000 of annual...

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How Can I Replace My Lost Social Security Card?

Question: I’m 17 and eager to start my first job, but my mother misplaced my Social Security card. How can I get another? Answer: If you know your Social Security number, you may not need to obtain a replacement card to obtain employment. But if you do need the card, you can get a replacement by following the steps below. There is no charge, but you are limited to three per calendar year and 10 replacement cards during your lifetime....

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