Ingham Retirement Group

Curious about where you stand with your retirement savings? According to Vanguard’s 2024 report, the average 401(k) balance is $134,128, up from $112,572 in 2023. However, the median balance is much lower at $35,286, showing a wide disparity in savings.

Here’s a snapshot of average 401(k) balances by age:

-Under 25: $7,351
-25 to 34: $37,557
-35 to 44: $91,281
-45 to 54: $168,646
-55 to 64: $244,750
-65 and up: $272,588

Starting early and contributing consistently are key to building a solid retirement fund. Take advantage of employer match programs, diversify your investments, and be mindful of fees to maximize your savings.

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Have you ever wondered if you might be losing out on thousands of dollars during an IRA rollover? A CBS News investigation uncovered a shocking mistake that cost a retiree $130,000. At Ingham Retirement Group, we want to ensure you avoid such costly errors.

A retiree attempted to roll over $644,000 from her employer’s retirement plan to a Vanguard IRA. However, due to Vanguard’s processing delay, she missed the 60-day deadline for rolling over the funds, resulting in a hefty tax bill. This situation underscores the critical importance of adhering to IRS rules when handling retirement accounts.

When rolling over retirement funds, it’s vital to understand the two primary methods: direct and indirect rollovers. Direct rollovers, where funds are transferred directly from one account to another without you touching the money, are the safest way to avoid mistakes. Indirect rollovers, on the other hand, involve receiving the funds and then depositing them into another retirement account yourself. This method is fraught with potential pitfalls, including missing the 60-day window, which could result in significant taxes and penalties.

To prevent such errors, always opt for direct rollovers whenever possible. Double-check with your financial institutions to ensure timely processing and compliance with IRS regulations. At Ingham Retirement Group, we are dedicated to helping you navigate these complexities to secure your financial future.

Don’t let a simple mistake derail your retirement plans. Contact us today to learn more about safe and effective IRA rollovers. Our team of experts is here to guide you every step of the way, ensuring your hard-earned money works for you without unnecessary losses.

For personalized advice and comprehensive retirement planning, reach out to Ingham Retirement Group. Your secure and prosperous retirement is our priority.

A recent survey reveals a growing concern among Americans about outliving their retirement savings. The study highlights that nearly 40% of respondents fear their savings won’t last throughout their retirement. Factors contributing to this anxiety include rising healthcare costs, inflation, and increased life expectancy.

At Ingham Retirement Group, we understand the importance of financial security in retirement. Planning ahead is crucial to ensure that your savings are sufficient to support your lifestyle in your golden years. Here are some tips to help you prepare:

-Start Early: The earlier you begin saving for retirement, the more time your money has to grow. Take advantage of compound interest by starting your retirement fund as soon as possible.

-Diversify Investments: Spread your investments across different asset classes to reduce risk and increase potential returns. A well-balanced portfolio can provide more stability and growth over time.

-Regularly Review Your Plan: Life circumstances change, and so should your retirement plan. Regularly review and adjust your retirement strategy to reflect changes in your financial situation, goals, and market conditions.

-Consider Professional Advice: A financial advisor can provide personalized guidance to help you navigate the complexities of retirement planning. They can help you create a tailored strategy that aligns with your goals and risk tolerance.

-Maximize Contributions: Make the most of retirement accounts like 401(k)s and IRAs by contributing the maximum amount allowed. Take advantage of employer matching contributions if available.

At Ingham Retirement Group, we are committed to helping you achieve a secure and comfortable retirement. Contact us today to learn more about how we can assist you in planning for your future.