Workers who leave their jobs sometimes leave their retirement accounts behind — to the tune of more than 16 million accounts holding less than $5,000 left sitting in workplace plans between 2004 and 2013, according to one study. Part of a retirement legislation package under consideration in Congress is a plan to create a national “lost and found” database for such accounts, making it easier to find money that’s been left behind.
TikTok may have a reputation as an app for teens to share dance videos, but it’s a growing platform for sharing financial literacy information as well. As financial institutions change their strategies to reach younger audiences, some of them are branching out into social media apps like TikTok and recruiting influencers to help spread brand awareness.
Retirees who rely on retirement accounts like 401(k)s/IRAs and their personal savings may worry about outliving their account balances and overspending. Purchasing an annuity, which provides guaranteed lifetime payments, may help ease that anxiety — a recent research paper found retirees with guaranteed income may spend as much as twice the amount spent by those relying on their savings.
More older Americans are choosing to stay in their homes as they age, either to avoid or postpone moving into an assisted living facility. Here are some things to consider and some tips for making sure a home is well-equipped for aging adults.
News You Should Know is a digest of news from publications around the nation about finance, investing, and retirement.