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Stories 1 - 20 |
IRS Announces Record
Boost for 401(k) Infusions
Oct 21, 2022 5:35 PM CDT
IRS Announces Record Boost for 401(k) Infusions
For 2023, you can deposit $22,500 to qualified retirement plans—up to $30K for those 50 and over
- Good news for those who want to pump more money into their retirement savings: The IRS just raised the contribution limit on 401(k) plans for 2023, as well as for similar tax-deferred plans for public education workers, federal and state employees, and those who work for tax-exempt groups. That new...
Millennials Are Winning
at Saving for Retirement
Jan 30, 2020 2:34 PM CST
Millennials Are Winning at Saving for Retirement
And 24% of those with savings have $100K saved already
- Among those of their generation saving for retirement, baby boomers started saving, on average, at age 33. For Generation Xers, it was age 30. For millennials? Age 24, according to a new Bank of America survey cited by
. Nearly 3 out of 4 millennials, who are between the...
'FIRE' Movement Grows:
Live Frugally, Retire Early
Nov 9, 2018 9:49 AM CST
'FIRE' Movement Grows: Live Frugally, Retire Early
WSJ: Some adherents save 75% of their incomes
- For years, retirement planners have typically advised people to save 15% of their incomes. Adherents of the FIRE movement would scoff at such a paltry goal. FIRE, as the
Wall Street Journal
explains, stands for Financial Independence, Retire Early. And while the concept of living frugally isn't exactly a...
There's Good News for
401(k) Account Holders
Nov 5, 2018 4:00 PM CST
There's Good News for 401(k) Account Holders
Average balance hits record high
- The average 401(k) balance in the US has hit a record high. According to Fidelity Investments' most recent quarterly analysis of its 30 million customers, that average was $106,500 at the end of the third quarter,
reports. That's almost 7% higher than a year prior and...
Number of 401(k)
Aug 16, 2018 12:02 PM CDT
Number of 401(k) Millionaires Surges
Fidelity announces 168K of its clients have at least $1 million in their 401(k) accounts
- Good news for many who are saving for retirement: During the second quarter, 168,000 people with 401(k)s managed by Fidelity Investments were millionaires, having at least $1 million in their accounts, per a press release . That's a record high,
reports. It's also up 41% from...
Survey: How Much US Adults
Have Saved Is 'Troubling'
May 23, 2018 7:08 AM CDT
Survey: How Much US Adults Have Saved Is 'Troubling'
About 40% don't have $400 for an emergency
- Concerning news from the feds in the personal finance realm: About 40% of US adults would have to sell something or borrow to come up with $400 in an emergency, or wouldn't be able to pay at all, CNBC reports. The Federal Reserve's "Report on the Economic...
Your 401(k) Contributions
May Not Be Safe After All
Oct 25, 2017 12:03 PM CDT
Your 401(k) Contributions May Not Be Safe After All
House tax-writing chief Kevin Brady suggests limits are in play, despite Trump's opposition
- President Trump declared emphatically this week that 401(k) contributions were off-limits to congressional negotiators working on changes to the tax code. But on Wednesday, one of those negotiators—in fact, one of the most influential ones—suggested otherwise, reports the
. Kevin Brady, who chairs the House tax-writing committee,...
Trump Says No One Will
Lay a Hand on Your 401(k)
Oct 23, 2017 9:42 AM CDT
Trump Says No One Will Lay a Hand on Your 401(k)
President seemed to be responding to a 'NYT' report that suggested otherwise
- President Trump promised Monday there will be "no change" to tax incentives for the popular 401(k) retirement programs. "This has always been a great and popular middle class tax break that works, and it stays!" Trump tweeted . The AP reports the president appeared to be responding to...
GOP May Use Retirement
Accounts to Pay for Tax Cuts
Oct 21, 2017 11:24 AM CDT
GOP May Use Retirement Accounts to Pay for Tax Cuts
Sources say Republicans may cap contributions to 401(k) accounts at $2,400 a year
- Multiple sources say Republican lawmakers may be setting their sights on Americans' retirement accounts to pay for tax cuts, specifically to the business tax rate. The
New York Times
reports Republicans are expected to release a tax reform plan sometime in the next few weeks, and that plan could include...
Early Cheerleaders of 401(k)
Plans Are Now Changing Tune
Jan 3, 2017 12:16 PM CST
Early Cheerleaders of 401(k) Plans Are Now Changing Tune
They point to major issues, such as dependence on stock market, high fees
- When 401(k) plans emerged in the '80s, they were supposed to complement pensions, not replace them. But as the
Wall Street Journal
reports, only 13% of workers in the private sector today hold pensions thanks to the 401(k) revolution—and original proponents of the tax-deferred savings plans are now...
Can't Set Up a
Now You Can,
Nov 4, 2015 6:43 PM CST
Can't Set Up a Retirement Plan? Now You Can, Gov't Says
New myRA savings plan is free, no-risk vehicle for lower, middle classes
- About one-third of non-retired Americans have no retirement savings or pensions to their names—and the government says it has just the thing to remedy that. Cue myRA , a free, no-risk savings plan designed for people who don't have access to (or can't afford) 401(k)s, IRAs, or other...
100 CEOs Have $4.9B
in Retirement Savings
Oct 28, 2015 3:00 PM CDT
100 CEOs Have $4.9B in Retirement Savings
That's equal to the nest eggs of 50M US families
- When you add them together, the 100 biggest CEO retirement accounts are equal to the retirement savings of 50 million American families, CNBC reports. According to a new report from the Center for Effective Government and Institute for Policy Studies, each of those 100 CEOs has an average of $49....
Half of Couples Don't Know This About Their Partners
Jun 26, 2015 7:08 AM CDT
Half of Couples Don't Know This About Their Partners
They say they communicate, but a new survey by Fidelity suggests otherwise
- For richer, for poorer, for who knows? Nearly half (43%) of couples in serious relationships don't know what their partners earn. And of those, 10% are off by at least $25,000. So finds the latest biannual online survey by Fidelity , which polled 1,051 couples who are at...
One in 8 Older
Apr 30, 2015 12:08 PM CDT
One in 8 Older Americans Die Penniless
10% of single Americans die in debt: study
- Need a push to start saving? You've got it, courtesy of the Employee Benefits Research Institute. A review of retirement surveys from 2010 to 2012 finds one in eight people who died at 85 or older were dead broke, with no assets to their name, reports NBC News . One...
We Live Way Longer
Than We Expect
in case you missed it
Nov 16, 2014 6:58 AM CST
We Live Way Longer Than We Expect
And that could be bad news post-retirement: study
- How long do you think you'll live? New research suggests you can tack a few more years on to whatever number you came up with. In 1992, University of Michigan researchers asked 26,000 Americans between the ages of 51 and 61 if they thought they would make it...
31% of Americans
Have No Savings
Aug 8, 2014 2:49 PM CDT
31% of Americans Have No Savings for Retirement
That includes 1 in 5 who are near retirement age
- Here's a scary stat for you, spotted by the
: About 1 in 5 people nearing retirement have no money for retirement. It comes from a newly released survey by the Federal Reserve of about 4,100 Americans. In total, 31% had saved no money for retirement, though...
Medicare Fund to Last
Jul 28, 2014 6:14 PM CDT
Medicare Fund to Last Longer Than Previously Thought
Medicare gets a 4-year boost—but disability benefits are disappearing more quickly
- If you’ve been nervously eyeing your Social Security and Medicare updates, wondering if there will be anything left or whether a viable health program will exist by the time you punch your final timecard, Uncle Sam has (some) good news: Benefits funds for Medicare are expected to last for...
36% Have Saved
Less Than $1K
Mar 18, 2014 9:11 AM CDT
36% Have Saved Less Than $1K for Retirement
Yet more of us are feeling secure about retirement
- A new survey offers a look at Americans' retirement savings, and two somewhat conflicting points stand out: Some 36% of us have less than $1,000 saved for our golden years, yet a higher proportion are feeling very confident they can retire in comfort. That $1,000 doesn't factor...
MyRAs Not Enough
to Fight 'Retirement Crisis'
Jan 30, 2014 1:24 PM CST
MyRAs Not Enough to Fight 'Retirement Crisis'
President Obama's proposal is only a modest start: opinions
- President Obama's MyRA proposal, announced at the State of the Union , is not enough to save the retirement system. At least that's the takeaway from two columns on the plan:
"The system is failing," write the editors at Bloomberg . Workers aren't saving enough, employers aren'
Former Oral-B VP
Now Flipping Burgers
Sep 24, 2013 10:44 AM CDT
Former Oral-B VP Now Flipping Burgers
Tom Palome didn't save enough for retirement; neither do many others
- That people aren't saving enough for retirement is not exactly breaking news. But Bloomberg tells the story in terms that truly resonate. Tom Palome, 77, used to be a VP at Oral-B, making a six-figure salary. But like many middle-class retirees, he didn't save much for retirement, and...
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