Breaking Stories

T. Rowe Price Says Workers Over 50 Should Do This in a Down Market


S&P 500




Dow 30








Russell 2000




Crude Oil
















10-Yr Bond
















CMC Crypto 200




FTSE 100




Nikkei 225




SmartAsset: If you are over the age of 50, here’s how you need to save

As markets tumble, folks nearing retirement are scrambling to locate strategies that will help them protect their nest eggs and grow their wealth. But if you’re over 50 and currently in the workforce, you may specifically want to consider a tweak to your savings that could benefit you in this current climate. T.Rowe Price recently released data that illustrates how increasing your retirement savings now could help you contend with market losses. We’ll go over the suggested savings strategies and how workers on the back nine of their careers can boost their retirement preparedness.

Find a financial advisor who serves your area with SmartAsset’s free matching tool.

What T. Rowe Price Says Workers Over 50 Should Do

T.Rowe Price’s recent study contends that workers who are over 50 years old may consider increasing their rate of savings to help make up for losses or low returns in a struggling market. The financial institution typically suggests that workers save 15% of their annual income for retirement, but for those in the 50 to 65 age range, T. Rowe Price recommends increasing that savings rate and potentially putting off retirement.

“For those close to retirement but unable to meet their retirement savings benchmarks, they might consider delaying retirement for a year or two, taking part-time work in retirement, or making spending adjustments,” said Judith Ward, the thought leadership director at T.Rowe Price, in a statement.

Suggested Retirement Savings Strategies

SmartAsset: If you are over the age of 50, here’s how you need to save

T.Rowe Price bases this advice on a typical saving pattern for pre-retirees. One of the patterns includes a savings benchmark. This benchmark is based on individuals or couples with a current household income between $75,000 and $250,000.

The data assumes that individuals begin their savings rate at 6% when they are 25 years old. And from that point on, they increase their savings rate by 1% until they reach their goal.

For those nearing the end of their careers, boosting retirement contributions to over 15% can help them sock away sufficient funds for their golden years. Making catch-up contributions to 401(k) and individual retirement accounts (IRAs) can help pre-retirees bolster their nest egg.

Even amid the bear market and recent volatility during the first half of 2022, 95% of 401(k) participants didn’t make any investment exchanges, T. Rowe Price noted. But with less of a time horizon to recoup losses, retirement savers who increase their retirement contributions during a down market stand to enter retirement in a better position.

Workers 50 and older should calculate their income and spending needs before they’re ready for retirement. They should also estimate their Social Security benefits, along with their state and federal taxes.

Bottom Line

SmartAsset: If you are over the age of 50, here’s how you need to save

Savers between the ages of 50 and 65 may want to increase their savings rate amid market volatility. For pre-retirees, it is important to estimate your income and spending habits before you enter retirement. Keeping tabs on your finances will help you secure successful financial wellness.

Planning for Retirement Tips

Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.

If you need help finding a balance for your portfolio, SmartAsset’s asset allocation calculator can help you determine what to invest in.

Photo credit: ©iStock/franckreporter, ©iStock/RiverNorthPhotography, ©iStock/RiverNorthPhotography

The post T. Rowe Price Says Workers Over 50 Should Do This in a Down Market appeared first on SmartAsset Blog.



9 Smart Part-Time Jobs for Retirees

Retired people need to stay busy and it never hurts to make extra cash, especially when you’re on a fixed income. If you’re thinking of working while retired, let’s go over some of the best part-time jobs for retirees. Here are … Continue reading → The post 9 Best Part-Time Jobs for Retirees appeared first on SmartAsset Blog.


Inflation Could Cause 85% of Your Social Security Income to Be Taxed

Amid rampant inflation, Social Security payments are set to get a hefty boost. But that boon may come with a major consequence: a gnarly tax bill. With inflation running at 8.5% after running as high as 9.1% this year compared … Continue reading → The post Will Inflation Cause 85% of Your Social Security Income to Be Taxed? appeared first on SmartAsset Blog.


HSAs Can Earn More Tax Benefits Than 401(k)s, 529s and IRAs: Morningstar Ranks the Best

Health savings accounts (HSAs) have grown at an annual growth rate of 31% over the past 15 years. And a 2022 study by Morningstar says that HSA assets added up to $98 billion by the end of 2021. Overall, the … Continue reading → The post HSAs Can Earn More Tax Benefits Than 401(k)s, 529s and IRAs: Morningstar Ranks the Best appeared first on SmartAsset Blog.


Why Senators Are Fighting to Help You to Buy More I Bonds Soon

I bonds are a very popular investment asset, especially in a time of market volatility – the guaranteed variable return is attractive in a time when other investments seem too risky. There’s only one major downside – you are limited … Continue reading → The post Senators Are Fighting to Help You to Buy More I Bonds Soon appeared first on SmartAsset Blog.


Apple iPhone Exports From India Doubling in Boon to Modi’s Plan

(Bloomberg) — Apple Inc.’s iPhone exports from India crossed $1 billion in the five months since April, according to people familiar with the matter, signaling the South Asian nation is making progress with its bid to become a force in electronics manufacturing.Most Read from BloombergElon Musk Sets Off Uproar in Ukraine by Tweeting His ‘Peace’ PlanNorth Korea Fires Missile Over Japan for First Time Since 2017Trump Asks to Push Special Master Appeal Hearing to JanuaryCredit Suisse’s Options Wor


How to Invest in Real Estate if You’re Not Rich

Real estate investing can seem daunting. But it doesn’t have to be that way. If you want to invest in real estate with little money, there are four common ways you can start building your portfolio. Here’s a breakdown from … Continue reading → The post How to Invest in Real Estate With Little Money appeared first on SmartAsset Blog.


Social Security Funds Could Run Dry by 2035

The Social Security Administration now says the funds Social Security uses to pay benefits will run dry by 2035, one year later than previously predicted. For most Americans those extra 12 months are cold comfort. Will Congress come to the … Continue reading → The post Social Security Funds to Run Dry by 2035? Here’s How to Prepare appeared first on SmartAsset Blog.

Oil Markets Are Set Up For A Bull Run

Bullish catalysts are coming together in oil markets to send oil prices higher, with OPEC+ preparing to cut production targets, the U.S. SPR release coming to an end, and new Russian sanctions coming into effect


1 in 5 retirees don’t see this expense coming — or its $315,000 pricetag

Only about one in four retirees has not experienced any kind of shock event in retirement, according to a study from the Society of Actuaries. “With retired clients, one of the bigger items that we talk about is how many months of distributions we want to set aside for extra money for unforeseen, or irregular expenses,” said Peter T. Palion, certified financial planner and president of Master Plan Advisory in East Norwich, New York. This is one of the most unforeseen expenditures in retirement, and includes the medical needs of a spouse, parent, child or grandchild, says Spencer Betts, a certified financial planner, chief compliance officer and financial consultant at Bickling Financial in Lexington, Massachusetts.

Motley Fool

You Won’t Believe How Much Gen Z and Millennials Will Need Saved Up to Retire

Wealthcare Financial recently did an analysis, and it found that won’t be enough. When Gen Z and millennials reach retirement age, they’re going to need $3 million in retirement savings. After years of hearing that $1 million was a good goal for retirement, $3 million is a huge, scary jump.


Does Whole Life Insurance Make Sense to Buy?

Building financial security for your family is achievable in numerous ways. For example, you could set up a trust, purchase real estate or create a 529 college fund. However, if you’re looking for a financial vehicle with guaranteed returns and … Continue reading → The post Is Whole Life Insurance a Good Investment? appeared first on SmartAsset Blog.


Looking for Beaten-Down Tech Stocks? Here Are 2 J.P. Morgan Likes

Stocks came storming out the gates in October’s first session as if in a hurry to leave a brutal September well behind. Investors will be hoping the rally is more than a one-off after the storm of headwinds – a combination of high inflation, rising interest rates, and slowing economic activity – have hit the markets hard this year. The tech sector has been especially vulnerable. The NASDAQ closed out the third quarter with three consecutive weeks of losses and is still down 31% for the year. But

Motley Fool

2 Monster Dividend Stocks to Help You Retire Early

Stocks are in a tailspin with the S&P 500 down a dizzying 24% year to date. This market volatility presents unique challenges if you are planning for retirement. That said, sustainable dividend-paying stocks like Philip Morris International (NYSE: PM) and Vector Group (NYSE: VGR) can help your portfolio weather the storm.

The Fed: Fed’s Jefferson, in first speech, says elevated inflation is his chief concern

Previous article

The Stock Market Is Rallying. Why the Next Move Is Likely Lower.

Next article

You may also like


Leave a reply

Your email address will not be published. Required fields are marked *