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Miami Herald
06-05-2025
- Business
- Miami Herald
Jean Chatzky sends surprising message on 401(k) plans
Business Jean Chatzky sends surprising message on 401(k) plans As financial pressures mount due to rising costs in housing, groceries, and fuel, many American workers are focusing on managing their daily expenses. Growing concerns about market instability and a potential economic downturn have made it increasingly difficult for individuals to balance short-term financial obligations with long-term savings goals. Jean Chatzky, the well-known financial expert and former NBC Today Show editor, has surprising words for workers about common pitfalls in retirement planning, especially when it comes to 401(k) plans. Don't miss the move: Subscribe to TheStreet's free daily newsletter She emphasizes the widespread issue of inadequate savings, encouraging individuals to take a more proactive approach. Despite immediate financial challenges, retirement planning remains a priority. Workers are actively contributing to 401(k) plans and Individual Retirement Accounts (IRAs) to safeguard their future financial security. Employer-sponsored 401(k) plans provide a reliable avenue for retirement savings, particularly with matching contributions that enhance savings potential. Automatic paycheck deductions further streamline the process, ensuring consistent contributions without requiring extra effort. Related: Jean Chatzky warns Americans on Social Security, retirement money For 2025, the maximum contribution limit for 401(k) plans has increased to $23,500, compared to $23,000 in 2024. Catch-up contributions for workers aged 60 to 63 now reach $11,250, significantly higher than the $7,500 limit for those aged 50 to 59. IRAs, on the other hand, offer access to a broader range of investment opportunities not available in 401(k) plans. But IRAs require a more hands-on approach, as individuals must set up their accounts and arrange automatic contributions themselves - something that can deter some from taking full advantage of their benefits. The contribution limit for IRAs remains at $7,000 in 2025, with an additional $1,000 catch-up contribution available for those 50 and older. With economic uncertainty lingering, Chatzky's surprising thoughts about retirement planning are particularly relevant. A retired couple is seen holding hands and walking on a beach. Former NBC Today Show financial editor Jean Chatzky discusses the importance of saving as a key to free up money for 401(k) plan contributions. Shutterstock Shutterstock Jean Chatzky has surprising words on saving and 401(k) values Chatzky offers advice that might surprise some about how saving money is more important to people's investments and 401(k) plans than may be obvious. "The amount of money you manage to sock away is much more important than the return on that money," she wrote in her book, Money Rules: A Simple Path to Lifelong Security. Chatzky wrote that readers can take her word for it, or take a look at an "eye-opening" example that has major implications. More on retirement: If you set aside $250 each month and invest it, likely in a 401(k), your savings will grow, Chatzky explained. After a year, with a 6 percent return, you'd accumulate $3,267. If the return is 10%, your total would rise to $3,311 - an additional $44. However, delaying your savings by a single month would reduce your total 401(k) contribution, even at the higher 10% return, to $3,052 - meaning you'd have $215 less. Similarly, if you opted to save only $200 per month instead of $250, your balance after a year at a 10% return would be $2,649 - a difference of $618. These numbers highlight how consistency and early action can significantly impact one's long-term financial growth. "As your nest-egg grows and gets into the six figure range, the return on investment starts to matter more," Chatzky wrote. "But you can't get to that level if you don't start to save now. Right now." Related: Shark Tank's Kevin O'Leary sends strong message on Social Security Jean Chatzky offers another word about prioritizing 401(k)s and retirement Chatzky makes an additional point about the importance of 401(k)s and a person's retirement savings and investments, particularly for those who have children and are making every effort to help them in any way they can - and even save for their kids' college education. "You know when you're on an airplane and they always tell you to put your oxygen mask on first before assisting a child?" she asks. "Saving for long-term financial needs is the same. If you don't save for your own future first, you won't be able to help your children when they need it." "Worse, they may be forced to help you just when they're trying to put their own kids through school," she added. "There is no financial aid for retirement. There is plenty of financial aid for college. Don't feel guilty about this." Related: Veteran fund manager unveils eye-popping S&P 500 forecast The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc. This story was originally published May 6, 2025 at 10:33 AM.
Miami Herald
26-04-2025
- Business
- Miami Herald
Jean Chatzky warns Americans on 401(k)s, retirement plans
As worries grow about market instability and a potential economic downturn, many American workers are prioritizing meeting the financial demands of everyday life - paying their mortgage or rent, managing increasing grocery and fuel costs, and addressing other essential expenses. While dealing with these immediate challenges, they remain attentive to their future financial security, investing in 401(k) plans and Individual Retirement Accounts (IRAs) to prepare for retirement and ensure stability amid economic uncertainty. Renowned author and former NBC Today Show financial editor Jean Chatzky offers a compelling warning on 401(k) plans and emphasizes the common issue of inadequate retirement planning. Don't miss the move: Subscribe to TheStreet's free daily newsletter Employer-sponsored 401(k) plans stand out as a dependable way to accumulate retirement funds, particularly when employers offer matching contributions. Automatic paycheck deductions further simplify the process, ensuring consistent savings without requiring extra effort, making it a practical and efficient choice. Related: Scott Galloway sends strong message on Social Security In 2025, the maximum contribution limit for 401(k) plans has risen to $23,500, up from $23,000 in 2024. Workers aged 60 to 63 can take advantage of increased catch-up contributions, now up to $11,250, compared to $7,500 for those aged 50 to 59. IRAs offer access to diverse investment opportunities not available through 401(k) plans. However, IRAs demand a more active role from users, who must establish the account and arrange automatic contributions independently. This added responsibility can lead some to overlook the potential benefits. The contribution limit for IRAs remains $7,000 in 2025, with an extra $1,000 catch-up contribution available for those aged 50 and older. Chatzky has a warning for American workers on retirement planning about which people would be wise to pay attention. In her book Money Rules: A Simple Path to Lifelong Security, Chatzky has a few words of wisdom and offers some advice. "Financial plans don't fail people. People fail to plan," she wrote. "The only way to find financial security is to draw yourself a map. Folks who have specific financial plans that detail what they want - say, retirement at 67 with a paid-off mortgage, membership at the local golf club, and enough money to take two trips to the Caribbean a year - save more than people who don't have specific financial plans." "Human beings are easily distracted (especially by shiny things). So unless you have a road map that tells you where you're going, it is very, very hard to get there," Chatzky continued. "It's not that the map will never change. At which point you can make a new road map and follow that until, inevitably, you change your mind again. Revising your specific plans for the future is far better than not having any plans at all." More on retirement: Scott Galloway sends strong message on Social SecurityJean Chatzky cautions U.S. workers on Social Security, retirement moneyDave Ramsey bluntly warns Americans about retirement Chatzky also explains her belief about why 401(k) plans are effective. "If you can't see it and you can't touch it, you won't spend it," she wrote. "This is why saving in a 401(k) plan works. The money is swiped out of your pay before it ever lands in your checking account so you never see it. It's invisible, which makes it safe, for out-of-sight means you can't pull it out of the ATM." Related: Dave Ramsey bluntly warns Americans about Social Security Once money is contributed to a 401(k) plan, there are painful barriers to taking it out, Chatzky explained. "If you did want to spend your 401(k) stash before age 59 and-a-half, you'd have to pay income taxes that can eat up 20 to 30 percent of your total, plus a 10 percent penalty," she wrote. "That hurts." Chatzky also described other ways to save money. "Don't stop at a 401(k). Have money swiped out of your checking account as soon as you get paid," she advised. "Barricade it by parking it in places that penalize you for early withdrawal like 529 college savings accounts, IRAs, and certificates of deposit. Even putting the money in an Internet savings account that doesn't come with an ATM card can do the trick surprisingly well." Related: Veteran fund manager unveils eye-popping S&P 500 forecast The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
Yahoo
25-04-2025
- Business
- Yahoo
Norfolk's Ryan Resilience Lab gains national attention
NORFOLK, Va. (WAVY) – A trailblazing project along North Colley Avenue in Norfolk is getting national attention. The Ryan Resilience Lab at the Elizabeth River Project was created as a model for urban habitat restoration and serves as a tangible example of how coastal residents and businesses can respond to sea level rise. It opened last summer. Work Program Architects (WPA) designed the $8-million privately-funded building. Back in September, WPA posted to social media that a TODAY show crew with Vicky Nguyen was in Norfolk. But they didn't say why at the time. The Elizabeth River Project broke the details Thursday that they would be on the NBC Today Show Friday morning with architects from WPA. Friday morning, the special report aired on TODAY. You can watch the full report in the video player at the top of this page. Nguyen interviewed several members of the Elizabeth River Project involved in the Ryan Resilience Lab project, and the architects. They highlighted some of the building's unique features, such as the permeable outdoor pavers, which allow rain to drain and helps keep pollution out of the river. The building has carpet made from recycled fishing nets, triple pane windows and even a living roof. Elizabeth River Project to open $8M Ryan Resilience Lab in Norfolk The overall goal of these and many other features at the unique Norfolk structure is to impact the environment by hopefully encouraging the community to incorporate some of the same strategies and techniques in their homes and businesses. The report featured ways to protect your home from flooding: Clear gutters and drains Keep sandbags & plastic sheeting handy Elevate electric panels & outlets At this year's Hampton Roads Association for Commercial Real Estate award presentation earlier this month, the Juror's Choice Award went to the Elizabeth River Project and Ryan Resilience Lab submitted by Work Program Architects. The project also received an Excellence Award for Best Sustainable Project. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
20-03-2025
- Business
- Yahoo
Campaign ads for 2 of 4 SPS school board candidates start running Monday on KY3
Campaign advertisement for two Springfield school board candidates, Sarah Hough and Gail Smart, will start running on a local television station Monday. Hough and Smart are two of the four candidates on the April 8 ballot. Kelly Byrne and David Myers are also vying for the two open seats on the seven-member governing body. The campaign committees for Hough and Smart requested the purchase of ad time on KYTV, commonly referred to as KY3, this week. The agreement forms were signed March 18. Gail Smart for School Board, a campaign committee registered with the Missouri Ethics Commission, purchased 158 30-second spots, which will start Monday and run through Election Day. Forms uploaded to KYTV's public inspection file showed Smart's ad will run 65 times in March and 93 times in April, largely during local and national news, the NBC Today Show and Wheel of Fortune. The net cost for the spots was $47,163. Smart, an attorney and community volunteer, reported $78,833 in campaign contributions including $4,500 worth of in-kind gifts in late February. She raised the most of any of the four candidates and was followed closely by Hough. Hough, senior manager for community and outfitter engagement at Bass Pro Shops, reported $64,968 including $2,119 worth of in-kind gifts. The next round of campaign finance reports are due in late March. Sarah Hough for School Board, a registered campaign committee, purchased 132 30-second spots, which will also start Monday and run through April 8. Of the spots, 54 are scheduled to run in March and 78 in April. They will also run during local and national news, the NBC Today Show and Wheel of Fortune. The net cost for Hough's spots were $40,097. Campaign coverage: Researching the April election? Here are our stories about Springfield's school board race As of Thursday afternoon, the public inspection file for KYTV showed no ad purchases for local candidates other than Hough and Smart in 2025. A review of the public inspection files for KRBK Fox 49 Ozarks and KOLR-10 Ozarks First showed no ad purchases for local candidates in 2025. Byrne, managing partner of Say You Can LLC, is the sole incumbent on the ballot. He was first elected in 2022 along with Steve Makoski, who is not running again. Hough, Smart and Myers, an aircraft paint maintenance technician with the Ozarks Aeroworks and staff sergeant in the U.S. Army National Guard, are first-time candidates. This article originally appeared on Springfield News-Leader: TV campaign ads for 2 Springfield school board candidates start Monday
