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1 Article
Source: Common Domain

Why a retirement savings account is crucial for military members

Monday 20:00 GMT

Here are some financial management tips advisers suggest military families consider, especially when it comes to preparing for the future:. The military implemented a new program to save for retirement in 2018, which lowered the defined benefit income service members get upon retirement and automatically enrolled them in a defined contribution system, called the Thrift Savings Plan, which is similar to a 401(k) plan.

1 Article
Source: Common Domain

Maxing out a 401(k) is surprisingly rare — but may be easier than you think

Thursday 13:35 GMT

Andy Hill, the 37-year-old blogger and podcaster behind “Marriage, Kids and Money,” went from sorely lacking in retirement savings — to maxing out his 401(k) plan the last six years.

Hill acknowledges income growth is a crucial part of maxing out a 401(k) or other workplace retirement account, but that may not come naturally. A few ways to see an increase in earnings include looking for jobs with upward mobility (when possible) or negotiating a salary during the hiring process.

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