At the end of July, the Fed lowered its key interest rate by 0.25% to just below 2.25% — the first time it has cut rates since 2008. But what does that mean for your retirement, particularly for new retirees who are ready to set up their retirement income plan and make other lifestyle decisions?
These new retirees for the most part have seen 401(k) and IRA balances grow. But now they must convert retirement savings to income. For them, the question they often ask is, “Do I set up my plan now or wait until interest rates go back up?”