Your 50th birthday provides new opportunities to secure your financial future. For example, it gives you access to the “catch-up” provisions that allow you to contribute extra amounts to retirement accounts each year, which are not available to younger earners.
In a lawsuit that took eight years to wind its way to the Supreme Court, 401(k) sponsors were essentially told that they need to be more diligent about the fees that mutual funds are charging their employees' 401(k) accounts. This is a promising development for employees because too many workplace retirement savings plans are stuffed with expensive investment choices.
What is the likelihood that I’ll outlive my nest egg?
Investors are likely to start asking some variation of that question when they are nearing retirement.
And it’s understandable since saving for retirement seems far more straightforward than figuring out how much you can spend in retirement, especially during turbulent times.