Michael R. Weston, Ch FC

In 2020, only a quarter of Americans were confident they'd have enough money saved to live comfortably throughout retirement, according to a poll conducted by Principal.

Getting professional financial help can be beneficial for a number of reasons. A financial professional can offer advice on making a comprehensive plan for how much to save for retirement, what accounts to use, and what to invest money in. If you opt to work with a professional, you'll want to make sure you find someone with the right credentials who charges reasonable fees. You can get recommendations from friends and family or visit NAPFA.org to find an advisor in your area. Talk with any professionals about the scope of their work and make sure you're choosing someone you're comfortable with to guide you.
(Source: Motley Fool)

FACT or FICTION: The IRS is allowing more people to draw from their retirement accounts without penalty.

FACT: In addition to people who lost their jobs during the pandemic, the tax agency now says individuals who experienced a reduction in pay or were supposed to start a job – but experienced a delay due to the virus – can access their savings. Further, people who lost a job offer over the past three months can do so, as can people who suffer adverse financial consequences due to the impact of the virus on their spouses. Earlier this year lawmakers approved legislation that gives individuals greater flexibility to tap retirement accounts as a means to help them weather the financial effects of the virus. People can take up to $100,000 from their 401(k) retirement stash without being subject to the 10 percent penalty – so long as the funds are used for coronavirus-related financial needs. Individuals will, however, have to pay income taxes on the money.
(Source: Fox Business)