Daily Money - Don’t Give Up On a Down Market

Also: Here’s What Millennials Can Do to Rescue Their Retirement
͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ 
January 3, 2023
Retire with Money

Happy New Year! A lot of people are probably glad to see the end of 2022, which was a terrible year if you’re at all interested in investing. Two retirement issues are on my mind: how much you can contribute to a 401(k), and how miserable the stock market’s been.

First, contribution limits. This year, you can stash a lot more money in retirement plans like 401(k)s and 403(b)s. Not only did the contribution limit rise from $20,500 to $22,500, but if you’re age 50 or older  you can now contribute a catch-up contribution of $7,500 (up from $6,500). That’s a possible $30,000 you can set aside for retirement, not including the employer match, if you’re lucky enough to have one.

If you’re putting money into a workplace plan, you’re likely investing it in a mutual fund. Or you might use a managed portfolio with your hoped-for retirement year in the name — like Fidelity Freedom 2050 — aka a target-date fund. Right now, you’re buying on sale. (That’s a nicer way of thinking about it.) It’s disheartening to put money in and watch your balance go down, but the money is not actually disappearing. Remember, the cheaper shares are, the more you can buy.

And 2023 could see the losses reverse. Historical patterns show that a bad year is rarely followed by another bad year. For more, read our reporter Sarah Hansen’s stories on 401(k) contribution limits and on what the year ahead might hold for the stock market.

— Jill Cornfield, deputy editor

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More Insights and Advice from Money

 

Millennials will want to retire someday. But their finances today may not be putting them on track to do so. They’re behind on savings, and half said in a Prudential retirement survey that they turn to credit cards or relatives after running out of money.

 

There are so many questions surrounding the housing market in the coming year. Experts our reporter Leslie Cook spoke with were optimistic that, even though there will be an economic downturn, we may manage to avoid a deep recession — and that could lead to a much less hectic housing market.

 

Back in 2010, the entire country seemed focused on the enactment of a sweeping and deeply contentious piece of legislation by the name of the Patient Protection and Affordable Care Act, otherwise known as Obamacare. In the May issue for that year, Money took a deep dive into the intricacies of what became known as the ACA, analyzing its provisions and how it might achieve its ambitious goal of insuring nearly every American.

 

Can coupons be discriminatory? A group of consumer advocates says yes, arguing that digital-only grocery store coupons are inaccessible to some seniors, who often lack access to technology or the skills to use it. These shoppers who need coupons most are losing out on discounts as retailers transition to digital-only in-store deals

 

Retirement 1, 2, 3

 

  • As luxurious as it sounds, this newly retired senior vice president found out sleeping in every day isn’t all it’s cracked up to be.
  • A retirement pro discusses how to handle filing for Social Security and applying for Medicare if you’re still working. (Podcast)
  • This couple’s dream retirement home is on Mexico’s Yucatan peninsula.
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