Expert Insights on Retirement Planning: Advice from Empower CEO Ed Murphy
Saturday, 27 July 2024, 12:00
Understanding Retirement Planning
In today's economic landscape, effective retirement planning is crucial. Empower CEO Ed Murphy highlights the significant steps individuals can take.
Key Tips for Successful Retirement
- Set Up an IRA: For individuals lacking employer-sponsored retirement plans, establishing an IRA is essential.
- Maximize Employer Matching: Those with employer plans should contribute at least enough to benefit from any available employer matching.
- Focus on Contributions: Increasing contributions whenever possible is vital for meeting retirement goals.
- Avoid Crypto in Retirement Portfolios: Murphy sees better investment opportunities than cryptocurrencies for long-term planning.
With around 19 million American customers reporting an average savings rate of 8%, Murphy believes understanding these practices can drive greater participation in retirement savings.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.