Are you ahead, or behind on retirement? SmartAsset's free tool can match you with a financial advisor in minutes to help you answer that today. Each advisor has been carefully vetted, and must act in your best interests. Don't waste another minute; learn more here. (Sponsor)The IRS imposes a 10% early withdrawal penalty on 401(k) distributions taken before age 59½, on top of ordinary income tax. If someone pulls $150,000 in a single year to cover two years of expenses, the combined cost is steep: $15,000 in ...

On a recent episode of Suze Orman's Women & Money, a 50-year-old caller named Andrea explained that she had $33,000 in revolving debt, mostly from divorce legal fees, plus $87,000 in a 401(k) with two existing loans against it. She wanted to do a hardship withdrawal to wipe the high-interest balances clean. Orman cut her off: "Do not, and I repeat, do not do a hardship withdrawal. Do not do another loan. Don't do it. Don't do it. Don't do it. It's a mistake. Leave it there. Just leave it there." Quick R ...

Knowing how much you and your peers save doesn’t tell the full story, but it can be a helpful benchmark.Credit: Getty Images Key Takeaways You can start taking penalty-free withdrawals from tax-advantaged retirement accounts at 59½. Establish a target savings amount by age 59 for what would suit your retirement goals using one of several strategies. Take advantage of catch-up contributions to maximize savings. From a financial perspective, age 59 isn't just another birthday. At that age, you are ...

401(k)退休账户的储蓄策略 - 401(k)计划因其年度缴款上限高于个人退休账户，是构建稳固退休储备的绝佳机会[1] - 通过工资扣款进行供款的方式是无缝衔接的，这有助于许多储蓄者保持正轨[1] - 参与401(k)计划时，明智地管理储蓄至关重要，需要避免一个关键错误[4] 401(k)计划的最大管理误区 - 最大的错误并非选择错误的投资，而是账户供款不足[5] - 投资过于保守和费用过高是重要问题，但广泛的市场指数基金通常可以解决这两个问题[5] - 根据2025年摩根士丹利的一项调查，39%的工人正在减少其401(k)供款，主要原因是经济影响和担忧[6] 供款不足的长期财务影响 - 通货膨胀在新冠疫情后持续高企，可能使人们难以找到资金投入401(k)[6] - 即使只是几年供款不足，也可能对长期财务状况产生严重影响[6] - 举例说明：如果在距离退休35年时，将年度供款从5000美元减少到2000美元并持续两年，总计少投入6000美元，假设投资组合年回报率为8%（低于股市平均水平），最终可能因增长损失而减少近89000美元[7] 维持充足401(k)供款的策略 - 确保每年全额获得雇主匹配供款，这是一笔可获得的额外资金[8] - 制定实际的预算，可以使用应用程序无缝跟踪支出，从而促进更审慎的消费和更充足的401(k)供款[10]

What 40-Somethings' Investment Portfolios Really Look Like Your 40s are often your peak earning years—or close to it. Yet the latest Federal Reserve data shows that the typical financial portfolio for people in this age group—excluding home equity—is less than $40,000. And nearly four in 10 American fortysomethings have no retirement savings at all. Key Takeaways The median household in its 40s has just $37,700 in financial assets, far below what many retirement benchmarks suggest. The average is much highe ...