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Yahoo
9 minutes ago
- Yahoo
70% of Americans Don't Think They'll Reach $1 Million for Retirement: 8 Things They Can Do Now
Hitting $1 million for retirement might feel out of reach, and most Americans agree. In fact, 70% say they don't think they'll ever get there. Learn More: Try This: But with the right steps now, building a more secure financial future is still possible. How People Feel About Saving for Retirement According to CNBC, a survey that was conducted by Schroders, an investment management company, shows that Americans who have an employer-sponsored retirement plan feel that they will need to have at least $1.28 million put aside for retirement. Only 30% of workers with a retirement plan will expect to have $1 million saved, 48% will possibly have $500,000 and only 26% think they will have $250,000 saved. Other studies find that 68% of Americans feel that they could work till they retire and still not have enough money for retirement. With bills, loans and other expenses that are unexpected, it may be tempting for some individuals to want to use funds that they would have put aside for retirement to help pay off debt. This may leave most Americans with a feeling of doubt about the actual ability to have enough money saved for retirement. Read Next: Ways To Boost Retirement Savings Americans need not despair because there are some easy ways to help build retirement savings. After enrolling in an employer's retirement savings plan, check whether it allows pre-tax contributions. These reduce taxable income by deducting money before federal income taxes are calculated. For instance, someone in the 12% tax bracket who sets aside $100 each pay period would see take-home pay reduced by about $88, plus any required Medicare, Social Security and state and local taxes, according to Merrill. Check whether an employer offers a 401(k) plan with contribution matching, and be sure to contribute enough to receive the full match. For example, if the employer matches 50% contributions up to 5% of an employee's salary, and the annual salary is $50,000 with a $2,500 contribution, the employer would add $1,250. If age 50 or older, look into catch-up contributions to IRA or 401(k) plans since yearly contributions are limited if under the age of 50. Consider opening a traditional IRA or a Roth IRA. With a traditional IRA, contributions may be tax deductible and are made pre-tax, which means potential investment earnings will be able to grow without taxes until withdrawals are made during retirement. With a Roth IRA, contributions are made after taxes and withdrawals will be free of federal taxes after age 59-1/2. Think about putting 1% or 2% of salary towards retirement savings, and then each year, raise the amount by 1% or 2% more, per This Is Pretirement. Any time extra money like a bonus or a raise happens, put at least half of the amount towards retirement. Contemplate delaying retirement as far as possible. Every year retirement is delayed before the age of 70 will increase the monthly benefits available. Reflect on possibly having a side job or hobby as a way to make extra money to save for retirement, according to This Is Pretirement. More From GOBankingRates Mark Cuban Warns of 'Red Rural Recession' -- 4 States That Could Get Hit Hard 6 Popular SUVs That Aren't Worth the Cost -- and 6 Affordable Alternatives 8 Common Mistakes Retirees Make With Their Social Security Checks This article originally appeared on 70% of Americans Don't Think They'll Reach $1 Million for Retirement: 8 Things They Can Do Now Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
USA Today
10 minutes ago
- USA Today
Trump considers four finalists for new Fed chair, rules out Scott Bessent
WASHINGTON – President Donald Trump said he has four finalists in mind to replace Fed Chair Jerome Powell, but he ruled out Treasury Secretary Scott Bessent as a possibility. Trump, in an Aug. 5 appearance on CNBC's Squawk Box, confirmed he is considering Kevin Warsh, a former member of the Federal Reserve Board of Governors, and Kevin Hassett, his director of the National Economic Council, for the role. "I think Kevin and Kevin, both Kevins, are very good, and there are some other people that are very good," Trump said. "The two Kevins are doing very well, and I have two other people who are doing very well. In the end, there are numerous people who are very qualified." "It will be one of four people," Trump said, adding that he won't be making a final decision soon. More: Trump's claims of 'rigged' jobs numbers challenged by CNBC host Trump did not reveal the names of the two other contenders but crossed off Bessent as a potential replacement for Powell, whose term as chairman ends in May 2026. "I love Scott, but he wants to stay where he is," Trump said. I'll take him off the (list) because I asked him just last night, 'Is this something you want?' 'Nope, I want to stay where I am,'" Trump said. Trump has for months complained about the Federal Reserve keeping interest rates steady and ignoring his calls to lower the rates. Despite repeatedly warning he might fire Powell, however, Trump has held off on doing so. Trump has emphasized that the end of Powell's term presents an opportunity to choose his replacement. More: Trump says he 'probably' won't run for a third term in 2028 Although Powell's term as chairman ends in 2026, his term as a member of the Fed's board runs through the end of 2028. On Aug. 1, another member of the seven-person Federal Reserve's Board of Governors, Adriana Kugler, announced she is stepping down from the board, giving Trump another opportunity to appoint someone he considers more willing to cut rates to his liking. Kugler, appointed by former President Joe Biden, joined the seven-member board in 2023 and was set to serve through January 2026. "Don't forget, we have somebody that left early, which was a pleasant surprise," Trump said. "I'm going to be announcing that very shortly, too." Reach Joey Garrison on X @joeygarrison.
Los Angeles Times
10 minutes ago
- Los Angeles Times
Switzerland's president rushes to Washington in effort to avert steep U.S. tariffs
GENEVA — Switzerland's president and other top officials were traveling to Washington on Tuesday in a hastily arranged trip aimed at striking a deal with the Trump administration over steep U.S. tariffs that have cast a pall over Swiss industries like chocolates, machinery and watchmaking. President Karin Keller-Sutter was leading the delegation after last week's announcement that exports of Swiss goods to the U.S. will face a whopping 39% percent tariff starting Thursday. That is over two-and-a-half times higher than the rate on European Union goods exported to the U.S. and nearly four times higher than on British exports to the U.S. Many Swiss companies in industries including watchmaking and chocolates have expressed concern about the issue. It's also more than the 31% that Switzerland had been set to face when President Trump announced his 'Liberation Day' tariffs on products from dozens of countries in early April. The Swiss government said the trip was 'to facilitate meetings with the U.S. authorities at short notice and hold talks with a view to improving the tariff situation for Switzerland.' Keller-Sutter, who also serves as Switzerland's finance minister, has faced criticism in Swiss media over a last-ditch call with Trump before a U.S. deadline on tariffs expired Aug. 1. She was leading a team that included Economy Minister Guy Parmelin. In an interview with CNBC on Tuesday, Trump alluded to the call, saying 'the woman was nice, but she didn't want to listen' and that he had told her: 'We have a $41 billion deficit with you, Madame ... and you want to pay 1% tariffs.' 'I said, 'you're not going to pay 1%,'' he added. It was not immediately clear where that $41 billion figure came from. According to the U.S. Census Bureau, the United States ran a $38.3 billion trade imbalance on goods last year with Switzerland. Swiss officials have argued that American goods face virtually zero tariffs in Switzerland, and the Swiss government says the wealthy Alpine country is the sixth-biggest foreign investor in the United States and the leading investor in research and development. Ivan Slatkine, the head of the Federation of Romandie Enterprises, which regroups companies in French-speaking Switzerland, told Le Temps newspaper that 39% tariffs amounted to a 'hammer blow for the entire Swiss economy.' Some Swiss companies — like high-end watchmakers with little direct competition — might face less impact, but others in airplane parts, machines and mid-level watchmaking would be hit, he said. 'For all the companies that depend on the American market, it's really bad news — in particular compared to rivals in the European Union, whose exports are taxed only at 15%,' he was quoted Tuesday as saying. The trip comes a day after Switzerland's executive branch, the Federal Council, held an extraordinary meeting and said it was 'keen to pursue talks with the United States on the tariff situation,' the government statement Tuesday said. After consulting with Swiss businesses, the council said it had developed 'new approaches for its discussions' with U.S. officials and was looking ahead to continued negotiations. 'Switzerland enters this new phase ready to present a more attractive offer, taking U.S. concerns into account and seeking to ease the current tariff situation,' a council statement said Monday. Under the U.S. announcements Friday, Swiss companies will now have one of the steepest export duties — only Laos, Myanmar and Syria had higher figures, at 40-41%. Keaten writes for the Associated Press.
