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The Federal Reserve continued its rate-cutting campaign Wednesday, Dec. 18, marking the third cut of 2024. The central bank shaved off another 25 basis points from its benchmark rate, in line with expectations.

The past year has been a whirlwind for the mortgage industry. During the first week in January, the average 30-year mortgage rate was 6.62%, according to data from Freddie Mac. Rates continued to climb throughout the first half of 2024, hitting a weekly high of 7.22% at the start of May.  

When it comes to planning for retirement, most Americans have some basic ideas about best practices. We commonly hear advice such as max out your 401(k), don’t spend frivolously right before retirement, and consider downsizing as you enter your golden years.

A secure and satisfying retirement fund is built on two pillars. The first pillar—asset accumulation—typically gets the most attention from retirement savers, who start building that pillar as early as possible and reinforcing it regularly. The second pillar, while just as important, is often underappreciated and undervalued. In fact, many savers only realize how valuable the second pillar is after it’s too late.