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Friday, March 04, 2005
How do you measure up financially? Dear Armchair Millionaire: I'm 31 years old and have saved $79,000 so far in my 401(k) for retirement. Can you tell me how I'm doing compared to other people my age? According to the 2004 Retirement Confidence Survey, conducted by the Employee Benefit Research Institute and the American Savings Council, you're definitely in the top-tier of American savers. The survey found that those in your age group (25-34) are doing a poor job overall of saving, with 64 percent having saved less than $25,000. Just 7 percent have saved between $50,000 and $99,999. And those in other age groups are not doing much better. Wednesday, March 02, 2005
How Today's Social Security Works Social Security is probably the most popular federal program, yet most people know almost nothing about it. In practice, Social Security’s complex benefit formulas and rules make it difficult for people to understand how their retirement benefits will work. |
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