The average 401(k) account balance, at $127,100, is still below its 2021 highs — but there are now half a million Americans with more than $1 million in their 401(k) accounts just at Fidelity alone. Why it matters: It’s a sign of how the wealthy benefit disproportionately from tax breaks on retirement savings. Between the lines: Many Americans don’t […]
Many people like to ponder how they’ll spend their retirement one day: selling up and moving to the beach? Crisscrossing the country in an RV? Wiling away the hours at the golf club? But fewer realize that a new life chapter comes with its own set of challenges. Having a perpetually open calendar may seem blissful, but […]
When it comes to financial regrets, about a quarter of Gen Zers and 21% of millennials say not saving enough for emergencies ranks at the top of their lists. That’s according to new data from Bankrate, which defines Gen Zers as those ages 18 to 27 and millennials as those ages 28 to 43. That tracks with larger […]
LOUISVILLE, Ky. (WDRB) — A data breach has put billions at risk of identity theft. A class action lawsuit said hackers stole sensitive information, including billions of names, addresses and social security numbers. But there’s a way you can protect yourself by putting a security freeze on your credit report. Court documents said criminals stole […]
The benefits sent by the Social Security Administration in the United States are crucial for many families. In numerous households, these monthly payments are the only source of income, so knowing the exact dates when they are received is essential for planning a proper monthly budget. However, sometimes irregularities in the payment schedule can occur, causing beneficiaries to […]
Employers are increasingly putting workers’ 401(k) plan savings on autopilot. But the positive impact of automated retirement savings is more muted than initially thought, new research finds. Previously “underexamined” factors — like workers cashing out 401(k) balances when they leave a job — “meaningfully reduce” the long-term impact of policies like automatic enrollment and automatic escalation, according to a new […]
A growing number of Americans are considering delaying their retirement plans and working longer than planned as they continue to battle high prices, according to a new survey published by LiveCareer. More than 8 in 10 respondents said they have thought about postponing their retirement for financial reasons, while another 92% expressed concern that they […]
On balance, 401(k) participants have had a good run over the past year. Especially those who have amassed a balance of at least $1 million. The number of so-called 401(k) ‘millionaires’ rose to a new record high in the second quarter, according to a new data analysis released Wednesday by Fidelity Investments, which based its […]
State-run auto-IRA plans affect private-sector employers but are most of all intended to benefit their employees. How are those employees responding to them? Overall Positive Effects There is research indicating that these plans, in which employers are required register if they do not already offer retirement coverage to their employees, have a variety of positive effects. […]
September is set to be a significant month for retirees and those receiving subsidies from the Social Security Administration (SSA). Starting from September 3rd, the SSA will implement increases in the amounts it distributes. What is the new Social Security increase This increase will benefit recipients of the Supplemental Security Income (SSI) program. According to the SSA, the increase will be up to $943, […]
For most Americans, 67 is the full retirement age. So, how much should you expect from Social Security at that age? As of July 2024, the average retired worker in the United States receives a Social Security benefit of $1,919.40 per month. However, this is the overall average, and there can be big differences between […]
Figuring out how much money you’ll need in retirement can be tricky. After all, while some factors are in your control — such as what sort of lifestyle you plan to lead in retirement — others, like your life expectancy, are nigh impossible to predict. Researchers at Morningstar are trying to narrow down how things […]
