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Do you have a retirement budget? 
Determine what your spending plan is today and compare it to what it may be in retirement, says Rianka Dorsainvil, founder and president of Your Greatest Contribution. Doing this will help you learn how much income you’ll need in retirement.

Where’s your income coming from in retirement?

Besides getting a handle on your expenses, determine what income you should expect during retirement, says Dorsainvil. “Ideally you would want multiple streams of income whether it comes from Social Security, earned income, a pension, or distributions from your assets in your retirement accounts,” she says.

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The industry needs an infusion of young advisors—but those newbies need more than traditional training, according to MarketWatch.

Experts say aspiring advisors should understand how business models are evolving. Retainer fees and subscription models are catching on, for example, says Kate Healy, managing director of Generation Next for TD Ameritrade Institutional.

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  • Starting a 401(k) is a popular option for those beginning to save for retirement.
  • Many are uninformed about the steps in transferring old 401(k) plans, which could lead to missed opportunities for generating more savings.
  • Leaving your 401(k), cashing it out, rolling your account into a rollover IRA or a new 401(k) are the most popular options; however, some methods are more recommended than others.

Starting a 401(k) plan is the most popular way for many in the workforce to grow their nest egg for retirement.

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