Suggestions abound for baby boomers on actions they should take during these troubling financial times.
Gail MarksJarvis, Your Money columnist for the Chicago Tribune, reports Americans have lost about $2 trillion in workplace retirement funds this year.
As baby boomers wonder what to do about retirement, MarksJarvis advises boomers follow typical financial planning advice in her article “Fighting the Shrinking 401(K): Investors Can Take Steps to Help Prepare for Retirement.”
Here are the steps she suggests:
- Start by calculating how much money you’ll need each year in retirement.
- See if you can afford it.
- Save more.
- Pay down debt.
- Put money into the right accounts, and then withdraw it during retirement so you don't increase your tax bill.