>>Many People Approaching Retirement-Age Have Regrets
(Undated) -- Many retirement-age Virginians regret two big financial mistakes. Rebecca Hughes explains.Preview: Wrap Script:
Debt expert Ja'Net Adams says most older people realize they didn't keep enough in their emergency savings and they didn't save enough for retirement. She says companies moved away from pensions in the 80's to save themselves money, encouraging workers to put money into their 401K account. She tells WFMY people should pay off debts and invest as much as you can into savings and retirement accounts.Preview: Adams advises those with a pension to still save in other accounts as well in case the pension account goes bankrupt. The Social Security Fairness Act, signed into law in 2025, increased the earnings limit for workers on Social Security.
Additional Audio:
Virginia residents planning to retire may have some financial regrets. Many people need to save more money in their emergency savings and put more away for retirement because pensions are no longer common. Debt Sucks University Founder Ja'Net Adams says a pension meant a company would fund their employees retirement until they died.Preview: She advises those hoping to retire soon to pay off debt and invest as much as possible. As well, the Social Security Fairness Act, signed into law in 2025, increased the earnings limit for workers on Social Security.