retirement savings

For as expensive as New Jersey is, several other states require even more savings before you can retire comfortably

The bill would allow a one-time tax savings via an IRA.

Q. Whenever I move funds around in my 401(k) — my spouse and I have five altogether — I am not charged anything, and I can freely rebalance existing balances any time I like. But within my IRA, I am charged $7 or $9 any time I move them around, so I’ve been hesitant to roll all these 401(k)s into an IRA. Are there hidden fees in my 401(k) that I don’t know about ?

Q. I know there are catch-up contributions for retirement plans. I’ve heard there’s also something called a “lifetime catch-up” contribution. How does that work?

Q. I’m 62 and getting closer to retirement — hopefully in two years. I’m a widow and I think I will have enough to retire. I have $159,000 in a 401(k), $200,000 in IRAs and $60,000 in an annuity. I have my husband’s pension already — $1,213 per month — and I will take Social Security. How can I know I have saved enough?

Q. How can I decide if I should use a Roth IRA or a regular IRA? I have a 401(k) at my job — the regular kind, not the Roth kind.

If you live in New Jersey and you're worried about running out of money during your retirement, you are certainly not alone.

New Jersey's older workers should be worried about the years ahead. A new scorecard shows New Jersey plummeting in the state-by-state rankings of "retirement readiness."

The Fall 2012 Bank of America's Merrill Edge Report represented an updated look at the financial concerns, priorities and behaviors of approximately 28,000,000 households in the United States.

According to the first-ever Life Tracks Poll from Allstate, nearly a third of New Jersey residents don't have retirement savings or life insurance. While 82 percent say they've done at least "some" planning for their long-term finances, 18 percent don't have any type of savings account.