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Planning to Retire

October 2010


5 Ways Retirement Tax Breaks Will Change in 2011

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401(k) contribution limits will remain the same next year, the IRS announced today. Employees who participate in 401(k), 403(b), and 457(b) plans and the federal government’s Thrift Savings Plan can save up to $16,500 in these accounts in 2011. The catch-up contribution limit for those age 50 and ...

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retirement

Pension Insurance Limits Won’t Grow in 2011

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The maximum insurance benefit for participants in traditional pension plans that terminate in 2011 will be $54,000 per year for those who retire at age 65, the government agency that insures private sector pensions announced last week. The maximum insured amount, which typically increases each year ...

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retirement

How Fee Disclosure Will Impact Your 401(k)

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In a little over a year 401(k) participants will know exactly how much they are being charged to invest in their 401(k) plan. The Labor Department issued regulations last week that will require 401(k) plan sponsors to inform employees of all fees deducted from their retirement account by Jan. 1,

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retirement

Why Social Security Checks Won’t Rise in 2011

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For the second year in a row Social Security recipients will not receive a cost-of-living increase in 2011, the Social Security Administration announced today. This year was the first without a boost in Social Security payments since automatic increases for inflation began in 1975. Here’s a look at ...

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retirement

Workers Not Saving Enough to Get 401(k) Match

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The majority of Americans are not saving enough in their 401(k) plan to be able to retire comfortably. Almost three quarters of current workers are not on track to replace 70 percent of their pre-retirement income at age 65 using their 401(k) plan and Social Security if the markets perform ...

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retirement

10 Reasons Baby Boomers are Delaying Retirement

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Many baby boomers are reconsidering when they will be financially able to retire. Nearly half (46 percent) of workers age 50 and older now plan to retire later than they did two years ago, according to a Towers Watson survey of 3,099 full-time employees in the private sector. And most baby boomers ...

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retirement

New Law Allows Roth 401(k) Conversions

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The Small Business Jobs Act of 2010, signed by President Obama last week, may boost Roth 401(k) balances. A little-known provision of the new law, which went to affect on Sept. 27, 2010, allows workers to convert their traditional 401(k) or 403(b) account to a Roth in the same plan if their ...

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retirement