Millennials are facing difficulties as they attempt to navigate in stormy financial seas according to PwC’s report: Millennials & Financial Literacy— The Struggle with Personal Finance. The study was conducted in partnership with The Global Financial Literacy Excellence Center at George Washington University.
Can you believe that half the year is already gone? It’s time for a midyear financial checkup to make sure you’re on track to meet your retirement and other financial goals. This is a great time to set up an appointment with your NFP financial advisor or just take the opportunity to review some of the following areas of your financial wellness plan on your own.
Research conducted by the University of Amsterdam found that early retirement might potentially enhance longevity. In their study of male Dutch civil servants over the age of 54, the authors found that those who took early retirement were 42% less likely to die over five years versus those who continued to work.
Named after Section 401(k) of the Internal Revenue Code, this powerful retirement vehicle was created in the early 1980s by Congress as an alternative to traditional defined benefit plans. Funded with pre-tax contributions, 401(k) plans help employees save while lowering their taxable income. Employee matching funds, when available, make this retirement planning option hard to beat.