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Mott Tax Advisory Services Weekly News Letter

Thursday, October 9, 2014   (0 Comments)
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Alan Mott
President / Owner
2864 Hwy 27 Suite F
North Brunswick, NJ 08902
(800) 259-1001
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Retirement Savings Eroded By Fees And 'Leakage,' Study Finds
Consumers' 401(k)s and Individual Retirement Accounts (IRAs) are being eroded by fees, “leakage” and low participation rates, according to a new analysis of the Federal Reserve’s latest triennial Survey of Consumer Finances.
In a research note, Alicia H. Munnell, director of the Center for Retirement Research at Boston College, breaks down the impact of erosion over time on 401(k)/IRA balances.
Using data supplied by the Vanguard Group, Munnell analyzes a hypothetical 401(k)/IRA balance of $373,000 for a 29-year-old in 1982 who reached the age of 60 last year.
Assuming the 29-year-old, who earned a median income in 1982, contributed 6 percent of his salary with a 50 percent match from his employer and placed the contributions in a 50-50 stock and bond allocation, the 401(k)/IRA balance would have grown to $373,000.
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Sincerely,
Alan Mott
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Copyright © 2014. Material discussed in this Financial Reporting newsletter is meant to provide general information and should not be acted upon without first obtaining professional advice appropriately tailored to your individual facts and circumstances.
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