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Listen to Johnson Brunetti's Money Wisdom with Joel Johnson CFP®, host of Better Money Television program and Forbes Contributor. Gain true financial wisdom and advice aimed at educating you about all of your financial options when it comes to retirement so you can make the best decisions for you and your family. Get information and education that can bring you peace of mind with your savings and retirement. Whether it’s your 401k account, IRA, or an underperforming asset, Joel Johnson can answer your questions and make you more aware of issues that may affect you.

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Nov 6, 2020

Vanguard recently released its latest report on how Americans are saving and there are some eye-opening statistics about retirement accounts. Let’s look through some of the data that stood out to us and determine what it tells us about how well we’re utilizing the defined contribution plans.

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What we discuss on the show: 

0:40 – Target seasonal hires have different focus this year.   

2:10 – Vanguard stats on target date funds. 

6:17 – Stats on Roth 401k option

8:51 – Over the past 10 years, company stock holdings dropped 16%.

11:19 – Hardship withdrawals from 401k accounts has increased.

13:06 – Men more likely to contribute than women.

17:41 – Mailbag Question: Should I start my Social Security at 62 to help me pay off my mortgage before I retire? 

18:47 – Mailbag Question: I’ve heard about a strategy using life insurance to create income in retirement? Is this a good idea? 

20:22 – Mailbag Question: My husband wants to leave a lot of money to the kids but I’ve worked hard to save for retirement and don’t want to have to watch my money. What’s a reasonable amount to leave as a legacy?