Updated Friday, July 11, 2014 as of 4:51 PM ET
401(k) Strategies for All Generations: Monday's Retirement Scan
Our daily roundup of retirement news your clients may be thinking about.
How to get the most from your 401(k) at any age
Millennials can make the most out of their 401(k) plans if they start with a small amount and auto-escalate their contributions through time, hold a target-date fund in their portfolio, and roll over their old 401(k) into a new account when they resign from work, according to CNN Money analysts. For Gen Xers, shifting to lower-cost options when the balance gets big is a good move, while aiming at 17% savings and avoiding a 401(k) loan can also help clients max out their 401(k) benefits. Baby Boomers can boost their 401(k) contributions, plan to take up to 10% withdrawal of their plans when they are retired, and adjust their investment goals based on cash-out growth and overall costs in retirement, the analysts say.   --CNN Money   more »
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