Taking control of your retirement planning during a global pandemic
The coronavirus crisis has the potential to nearly destroy the financial certainty of many Americans’ retirements, but swift governmental action could improve that state of security.
Half of respondents in the Retirement Risk Readiness Study from Allianz Life Insurance said they retired before they were ready because of factors outside of their control, and that may become the case for countless others because of the coronavirus. Part of the CARES Act expanded access to loans and early withdrawals from savers’ retirement accounts, as some individuals may need to tap into their nest eggs to make ends meet during this crisis.
Expand contribution limits Workers with a 401 plan can save at least $19,500 a year in those plans, and $6,500 more if they are 50 years or older, in 2020. Comparatively, individual retirement account holders can contribute $6,000 with an additional $1,000 catch-up provision this year. “This arbitrary contribution limit prevents those whose employers do not offer a retirement plan from saving adequately to meet their future needs,” said Howard Pressman, partner at EBW Financial Planning.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Share Your Story: Remembering Service Workers Lost To COVID-19NPR is planning a project to remember those who have died from COVID-19 as they continued to work to help others — from providing health care to collecting recycling. If you'd like to share a memory of a loved one, you can do so with this form ⬇️
Read more »
Opinion | If You Were Born in 1960, You Pay Extra for Covid-19From WSJopinion: For 60-year-olds, the biggest financial hit from Covid-19 will be to their Social Security benefits. The reasons are technical but the cost will be thousands of dollars a year, writes biggsag
Read more »
India's Modi promises $266 billion to protect economy from Covid-19India says it is committing $266 billion to prop up its ailing economy during the coronavirus pandemic
Read more »
President Trump 'delusional' to think COVID-19 will just go away: Sen. Tammy DuckworthSen. Tammy Duckworth, D-Ill., joined ABC's 'The View' Tuesday to discuss the latest on the government's response to the coronavirus pandemic and the 2020 election.
Read more »
Exclusive: As COVID-19 cases in Yemen surge, some sources see undercountingYemen has more suspected coronavirus cases and deaths than the authorities have so far reported, four sources familiar with the matter told Reuters, as the United Nations warned the virus is spreading in the war-ravaged country.
Read more »
NYT reporter slams Trump, CDC leadership for COVID-19 response - Business Insider'Yes, it is the president's fault': New York Times reporter rips into the Trump administration's response to the pandemic and says he thinks CDC head should resign
Read more »