Latest news with #Roop
Newsweek
09-07-2025
- Business
- Newsweek
Americans Want Their 401(k) Plans to Change
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Americans are looking for options beyond the traditional 401(k) for funding their retirement, a new survey has found. A PlanAdviser poll conducted in May among 2,153 401(k) plan holders showed a growing concern among American workers: Their 401(k) plans may not be enough to carry them through retirement. An overwhelming 93 percent said it was important to have the option to convert their savings into guaranteed monthly income, and 67 percent said they would feel more confident about retirement if their plan included that option. The results are consistent with other research that shows the American retirement landscape is due a change. A plethora of studies and polls have found that U.S. workers are becoming increasingly concerned about their ability to see themselves financially through their post-working years. A recent study by Transamerica Center for Retirement Studies found that almost seven in 10 workers—69 percent—said they could work until retirement age and still not save enough to meet their needs. The Allianz 2025 Annual Retirement Study found that 64 percent of Americans were more scared of running out of money in retirement than they were of dying. The stress of wondering how they will fare financially later in life is fueling Americans' growing interest in guaranteed income. For many, a 401(k) account balance, even one that looks substantial, is no longer reassuring in an economy marked by volatility and inflation. A composite image created by Newsweek. A composite image created by Newsweek. Photo-illustration by Newsweek/Getty/Canva While a 401(k) allows a plan holder to invest over time and make withdrawals in retirement, it is a far cry from the defined pension plans that have dwindled over the past 40 years. Those traditionally provided steady, guaranteed income during retirement. These days, guaranteed income streams often come in the form of annuities, which are plans bought from insurance companies. "Who wouldn't feel more confident knowing they'll receive a steady check every month for the rest of their life?" Joseph Patrick Roop, the president and CEO at Belmont Capital Advisors, told Newsweek. "The fact that 93 percent of survey participants want the option to convert part of their 401(k) into guaranteed monthly income says it all." The issue, according to Roop, is largely structural. While 401(k)s give employees freedom and flexibility, they were never designed to provide lifelong income. "They give employees choices, but they also shift the burden of creating retirement income from the employer to the individual," he said. "That's precisely why employers love 401(k)s. They can contribute a match, but they're off the hook for the long-term promises of a pension." The SECURE Act and SECURE 2.0 Act, the latter of which expands automatic enrollment in retirement plans, have helped to introduce guaranteed income options into some retirement plans. However, Roop said, "very few employers have adopted them," and that broader flexibility is needed. "Allow any plan participant to roll over some or all of their 401(k) into an annuity of their choice that provides lifetime income," he continued, adding, "Just because an annuity is included in a company plan doesn't mean it's the right fit for every person in the company." Aaron Cirksena, the founder and CEO of MDRN Capital, agreed that the desire for guaranteed income is naturally rooted in worries about financial longevity. "Retirees aren't just worried about having enough money. They're worried about when that money will run out," he told Newsweek. "A guaranteed paycheck in retirement mimics the comfort of a salary." This trend isn't necessarily a rejection of the 401(k) model, but rather a realization that it has limits. "It's less about a lack of faith and more about missing pieces," Cirksena continued. "Most people don't want to ditch their 401(k), but they're realizing it's not a complete solution." Christina Muller, a licensed workplace mental health expert, suggested that this craving for security goes beyond finances, and that people naturally "crave predictability and stability, and our brains need these for psychological safety." "The 401(k) system can feel like rolling the dice with your future, adding undue financial stress for some," she told Newsweek. "People want structure and what feels like an 'insurance plan' for their hard-earned money and future." She added that Gen X, many of whom are nearing retirement after experiencing multiple economic downturns, are especially likely to prioritize safety and consistency in their planning. Almost 60 percent of Gen Z and millennials in the survey said they would be more likely to participate in their workplace retirement plan if guaranteed income options were included. "Reducing the financial and mental load for later in life will help stave off this 'invisible interest' of stress and uncertainty that compounds over time," she continued. As inflation and market instability continue to cast doubt on traditional saving strategies, demand for stable, reliable income in retirement is likely to grow. Cirksena said: "Even folks with solid savings are starting to think, 'What if this doesn't stretch as far as I thought?' That fear is driving the push for income that's stable, reliable, and protected from market swings."
Straits Times
01-06-2025
- General
- Straits Times
Alaska man survives 3 hours pinned face down under a 317kg boulder
In an image provided by emergency responders, Kell Morris lies trapped under a 317-kg rock at a creek near Seward, Alaska, on May 24. PHOTOS: JASON HARRINGTON-SEWARD FD/NYTIMES Kell Morris does not remember exactly how he started tumbling or how he ended up on his stomach, but he remembers when a 317.5kg boulder hit his back – the jolt of pain it caused as it pinned him down, and how instantly he knew he was in trouble. Mr Morris, 61, said it was a 'beautiful, beautiful day' on May 24 in Seward, Alaska, where he lives with his wife, Joanna Roop. The pair decided to hike near a remote glacier more than 190km south of Anchorage, Alaska's largest city. They had been looking for a spot to cross a creek when the earth holding a group of boulders gave way. Mr Morris said he tried to almost surf the sliding gravel but lost his footing and tumbled down. 'The next thing I know, I'm face down in the creek and you can still hear these rocks,' he said. Ms Roop, 61, also heard that distinctive sound. She ran to the area of the slide, calling for her husband but there was no answer. When she saw him, Ms Roop said, it felt like the situation went from 'worse to worse'. Trapped under the massive boulder, Mr Morris was just about holding himself out of the cold glacier water that feeds the creek. 'We kind of assessed that I'm not going to last long in this cold water,' Mr Morris said, and he sent his wife with both their cellphones off in search of a signal. After walking around 270 metres, Ms Roop connected to a 911 dispatcher. Rescue crews from several agencies, including the Seward Fire Department and the Bear Creek Volunteer Fire Department, mobilised. But the extreme terrain of the area meant progress was slow. Then, a Bear Creek volunteer who works for Seward Helicopter Tours heard the 911 dispatch call. The volunteer and a pilot offered to pick up six firefighters and take them to where Mr Morris was pinned. Rescuers found Mr Morris suffering from hypothermia and wavering in and out of consciousness, face down in a creek with the boulder on his back, and Ms Roop holding his head out of the water, the Seward Fire Department said in a news release. Rescue crews used air bags, ropes and 'brute force' to free him, the department said. After he was warmed up, Mr Morris 'became more alert, and his vitals improved,' the department said. NYTIMES Join ST's Telegram channel and get the latest breaking news delivered to you.
News18
02-05-2025
- News18
Cheap Tickets, Cheaper Hotels, Cheapest Booze: This Island Is Ideal For Indians On A Budget
Last Updated: Situated off the north-west coast of Malaysia, Langkawi is not only visa-free for Indian travellers, but food, accommodation, alcohol, and even petrol are surprisingly affordable The number of Indians travelling abroad has been rising steadily, with a noticeable increase in solo and budget travellers. While destinations like Thailand, Indonesia, and Sri Lanka remain popular, the Maldives continues to attract travellers with its stunning white sand sea shores. Amid these well-known spots, one island has recently gone viral on social media for offering a perfect mix of affordability and beauty. Langkawi is one of the 99 archipelagos situated on the northern coast of Malaysia. Not only is it visa-free for Indian travellers, but food, accommodation, alcohol, and even petrol are surprisingly cheap. A viral video by solo traveller Roop Verma has captured attention, as she shares detailed insights on exploring this hidden gem. Roop shared the video on her Instagram account @roopvermaa. In the caption, she mentions that you can get a direct flight from Kuala Lumpur to Langkawi. The total cost of travel and accommodation from India is around Rs 25,000. A hotel for two nights on this island can be booked for as little as Rs 2,000–5,000. Meals typically cost between Rs 600 to Rs 1,000, and participating in local activities might cost another Rs 1,000–2,000. In the video, Roop shares several surprising facts about Langkawi. She says no one told her about this hidden gem. The island is visa-free and duty-free, making it a great spot for those who enjoy alcohol. Vegetarian food is also widely available, typically priced around Rs 200–300. Petrol is just Rs 40 per litre, and tourists can rent a car, fill the tank, and explore the island all day. The island boasts beautiful beaches and waterfalls, as well as caves, jungles, and rich wildlife. Monitor lizards and other creatures can be spotted wandering freely. Roop describes Langkawi as breathtakingly beautiful and pocket-friendly, a perfect destination for a fun and budget-friendly holiday. Her video quickly went viral on social media, garnering over 8.8 crore views. More than 27 lakh people have liked the video, and it has been shared countless times. Over 6,000 comments have poured in. One user commented, 'I went to Langkawi just last year. It's stunning, but the best part is it's far less crowded than Thailand and Bali. Please don't make such reels that invite crowds here too!" Another user wrote, 'I'm going there next month." However, not everyone agreed with the video. One person said, 'Whether it's cheap or not, we'll only know after visiting." Meanwhile, another added, 'You say there's a lot of vegetarian food, but when I visited in January 2024, I couldn't find any. Please don't mislead people." First Published: May 02, 2025, 15:25 IST
Yahoo
02-03-2025
- Business
- Yahoo
3 Key Signs You Should File for Social Security Sooner Rather Than Later
Deciding when to claim Social Security could be an important key for older adults unlocking their retirement future. Claiming early could be the best move for retirees in poor health, who need immediate income or for other reasons taking benefits could be a wise financial move. Be Aware: Try This: Here are three key signs you should file for Social Security sooner rather than later. Many financial experts don't recommend filing for Social Security early, because the reduction in payments can be drastic. Doug Carey, a chartered financial analyst (CFA) and founder and owner of WealthTrace, a consumer retirement and financial planning software company, said claiming at 62 instead of the full retirement age of 67 could be costly. 'Their payments are reduced by 30% per month,' Carey said. 'Over time, this can add up to thousands of dollars in reduced payments.' However, Carey said if an older adult has a lower life expectancy, then filing for Social Security sooner rather than later makes financial sense. 'Generally speaking, if you expect to live to at least age 75, it wouldn't make sense to take Social Security early,' Carey said. 'But if you have serious health conditions or a family history of shorter lifespans, claiming early could be the right strategy.' Find Out: Claiming Social Security early may be a wise move, depending on one's marital status. Joseph Patrick Roop, president and founder of Belmont Capital Advisors, said filing for Social Security sooner could be an option for a single person in poor health who is no longer working or a married couple. 'Spouses should strategize to determine which one should file last to maximize benefits by waiting until age 70,' Roop said. 'Typically, the higher-earning spouse should delay filing until 70 to maximize their benefit.' Roop explained, 'After one spouse passes away, the surviving spouse will continue receiving the larger of the two benefit checks while the smaller check is lost.' Melissa Pavone, founder at Mindful Financial Partners, said divorced retirees who were married for at least 10 years and are unmarried now may be eligible for spousal benefits based on their ex-spouse's earnings. 'In some cases, claiming early may make sense, especially if your own benefit is lower.' For older adults whose spouse is deceased, Pavone said surviving spouses can claim reduced survivor benefits as early as age 60. 'But switching strategies — claiming their own benefits later — can optimize overall payouts,' Pavone said. The Social Security Trust Fund will face a shortfall within the next decade unless Congress acts sooner rather than later to shore up funds for the federal entitlement program. Economists at the Peterson Foundation, a fiscal think tank, estimate that 'without reform, the combined Social Security trust funds will be depleted in 2035, at which point program benefits would be reduced by 17%.' Krisstin Petersmarck, a National Social Security Advisor (NSSA) and investment advisor representative at New Horizon Retirement Solutions, said many people are worried about the future of the Social Security Trust Fund. 'It is not uncommon for individuals who are worried that the benefit could be reduced or eliminated to make the decision to claim early and receive income before it may not be available,' Petersmarck said. She said older adults should understand that they cannot go back once they have claimed their benefits and received payments for 12 months. 'The best decision is to consult with a financial advisor who specializes in retirement planning to weigh the different claiming options and how it can impact you long term,' Petersmarck said. More From GOBankingRates This article originally appeared on 3 Key Signs You Should File for Social Security Sooner Rather Than Later Sign in to access your portfolio
Yahoo
28-02-2025
- Business
- Yahoo
Raleigh County Commission approves resolution for development district at Pinecrest Industrial Park
BECKLEY, WV (WVNS) — During a special meeting on Thursday, February 27, 2025, Raleigh County Commission approved a resolution to create an economic development district, which may be developed using deferred sales tax collection. Raleigh County Attorney Bill Roop said Pinecrest Industrial Park is the targeted acreage for the proposed district. It was unclear if additional acreage would be included. Greg Duckworth, president of Raleigh County Commission, said the proposed economic development district would allow retailers to build a development using sales tax financing to pay off their bonds. The county and state agree not to collect sales tax in the district so the development can be created. 'Preserving Black Churches' grant aims to save more sites like New Salem Baptist Church Roop said that Legislative bills this session, one in the Senate and one in the House, support the creation of such districts. Duckworth said the special meeting was called on Thursday because there was a sense of urgency to have the district created during the current legislative session. Jozy Moore, a spokesperson for New River Gorge Regional Development Authority, urged commissioners to ensure the resolution wasn't premature and that the process aligned with the bills. 'I do think there's, according to the code, a great deal of work that needs to be done before you potentially pursue approving this,' Moore advised commissioners. 'But that is up to you, how you guys decide to proceed.' Moore pointed out that public hearings are required by law. Roop said the Senate bill requires a resolution to show state lawmakers the county will host the proposed district. WVEA president says WV schools could lose millions if Trump Administration closes Department of Education 'We're doing what we were asked by the Senate, and I think what they're (NRGRDA) talking about, is the process on down the road,' said Roop. 'We will have public hearings, and we will have more input and more exact descriptions, once we get to that point.' Moore stated during the meeting that the role of NRGRDA was to provide information to commissioners. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
