Urge to splurge amid US retirement savings boom
The dramatic 2017 stock market rally has boosted the nation's 401 (k) accounts to record heights, making the painful 2008-2009 stock market crash feel like ancient history
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Washington
RECENTLY, financial adviser Joseph Kelly visited a client who had seen the value of his retirement savings soar, thanks to a surging stock market.
"He said his account was up 18 per cent, and he asked me, 'What should I do with it?'," recalled Mr Kelly, who works in Berkeley Heights, New Jersey. His client was modestly wealthy, but Mr Kelly still suggested holding tight. The client had another idea: He wanted to take out US$75,000 to help his son buy a house.
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