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Tag: retirement

Fisher withdrawals top $3 billion as Texas retirement plan exits

Fisher withdrawals top $3 billion as Texas retirement plan exits

Finance
Kenneth Fisher, chief executive officer of Fisher Investments, speaks at the Forbes Global CEO Conference in Sydney, Australia, on Tuesday, Sept. 28, 2010.Gillianne Tedder | Bloomberg | Getty ImagesThe Employees Retirement System of Texas announced on Friday that it would end its relationship with Fisher Investments, yanking $ 350 million from the asset manager."Texas ERS has completed its due diligence," said Mary Jane Wardlow, a spokeswoman for the pension system."With respect to our fiduciary duty, we are defunding Fisher Investments, which had served as an external manager in the international equities portfolio with $ 350 million [as of Sept. 30] under management," she wrote in an email to CNBC.The funds will be redistributed within the equities pool of the ERS trust, she said.In all,...
My 21-year-old sister is saving $200 a month for retirement. Here’s how much she’ll have at 65

My 21-year-old sister is saving $200 a month for retirement. Here’s how much she’ll have at 65

Finance
My 21-year-old sister, Janna McPartland, has a lot on her mind.Graduating from college. Finding a job. Dire predictions about global warming. The other day, I asked her how she was doing. "The planet is dying," she said.I was surprised, then, when she showed eagerness recently in starting to save for her retirement. I'd been nagging her to do that since I was hired as a personal finance writer at CNBC. My reporting has taught me a simple but powerful lesson: The earlier one starts saving, the easier it is to do.It's not just my professional experience that made me a nag. I've seen my mother, now in her late 60s, suffer the consequences of not saving. It's a painful reality. I don't want to see anyone else I love go through it.Janna McPartlandSource: Janna McPartlandAs a senior in college, ...
Botching this decision could cost you your retirement savings

Botching this decision could cost you your retirement savings

Finance
Sean Murphy | Stone | Getty ImagesIf you're taking a hefty check from your 401(k) plan as you leave your employer, you might be making a big mistake.Just over 9 out of 10 employers give their employees multiple options to take a distribution from their retirement plan, according to a new survey from Alight Solutions.The employee benefits provider polled 240 employers in March."As we see more and more boomers retiring – these people who really developed their nest egg in the 401(k) — we see more installment payments and partial distributions offered," said Rob Austin, head of research at Alight Solutions.In addition to giving workers a lump sum, close to 80% of employers also allowed a partial distribution and 3 out of 4 companies permitted departing workers to take installment payments fro
These 5 money habits put young workers on track for retirement

These 5 money habits put young workers on track for retirement

Finance
Jose Luis Pelaez Inc | DigitalVision | Getty ImagesYes, you can max out your 401(k) plan at work, go on vacation and enjoy your Netflix, too.Close to half of the so-called "super-savers" polled by Principal Financial Group said they not only saved aggressively their retirement plan at work, but they also still maintained their Netflix or Hulu subscription services.The company polled 1,116 participants in its 401(k) plans between May and June of this year.These individuals either came close to maxing out their 401(k) in 2018 — they contributed $ 18,500, plus a catch-up contribution of $ 6,000 if age 50 and up — or they saved at least 15% of their salary in their plan.In 2019, you can save $ 19,000 in your 401(k) plan, plus $ 6,000 if you're over 50."Little steps make a huge difference," sai
Want to know how prepared you are for retirement? There’s a score for that

Want to know how prepared you are for retirement? There’s a score for that

Finance
You know you need to put money away for retirement. But how much do you really need to save?It's a question that confounds many individuals. And not knowing can contribute to one big fear: that they will run out of money in their later years.ATABOY | Getty ImagesA new tool aims to help you understand just how close you are to meeting your goals.A score called RISE — Retirement Income Security Evaluation — evaluates just where you fall in terms of having steady income in retirement, much like a credit score, on a zero to 850 scale.The tool is provided by the Alliance for Lifetime Income, a nonprofit backed by the financial services industry. It was developed by Milliman, a provider of actuarial products and services.Consumers can access the tool online. After inputting factors such as the S