retirement funds

12 Stories

States Where That $1M for Retirement Won't Last Very Long

Per GOBankingRates, a million bucks will last just 7.3 years in Hawaii, nearly 25 years in West Virginia

(Newser) - Remember the days when you could hit a $1 million jackpot, quit your job, and be set for life? That figure simply doesn't last as long these days, including one's retirement years— though some states give you more bang for your post-career bucks than others. GOBankingRates looked at...

Bus Driver Stripped of $84K Pension Over $7 Theft

Japanese man in Kyoto who pocketed passenger fare had worked as a bus driver for 3 decades

(Newser) - A Japanese bus driver who put in three decades on the job won't be receiving his $84,000 pension—all because he decided to swipe a few bucks in passenger fare. The Mainichi reports that in February 2022, the unnamed driver slipped a passenger's 1,000-yen bill, worth...

Here's What You Can Put Toward Retirement in 2025

IRS releases annual cost-of-living adjustments, including updates on contributions to 401(k)s, IRAs

(Newser) - The IRS is out with its annual cost-of-living tweaks, including increases in how much Americans can inject into their pension plans and retirement accounts. The details, per the AP :
  • 401(k), 403(b), federal Thrift Savings Plan, most 427 plans: In 2025, individuals will be able to contribute up to $23,500
...

Elite Group of 401(k) Holders Breaks a New Record

Fidelity says there are more '401(k)-created millionaires' than ever in the US

(Newser) - Got a retirement plan in the seven figures? Consider yourself among a record-breaking group: A new report from Fidelity Investments says there are more US participants in 401(k) plans with balances over $1 million than ever, though the stats show that most Americans are "woefully unprepared" for their retirement...

In First Veto, Biden Blocks Tossing Rule on Investments
Biden Veto
Survives
House Vote
updated
Mar 23, 2023 6:10 PM CDT

Biden Veto Survives House Vote

Outcome preserves rule letting retirement funds consider social and climate factors when investing

(Newser) - A House vote on whether to override President Biden's first veto fell short of the two-thirds majority needed on Thursday, keeping a Labor Department rule on investments by retirement funds intact. The 219-200 vote means the Senate will not take the veto up, NBC News reports. Senate Majority Leader...

Big Changes on Horizon for Your 401(k)

Congress is poised to pass legislation on retirement savings

(Newser) - The massive spending package that Congress is poised to pass before Friday includes tangible changes for ordinary Americans when it comes to retirement savings—particularly 401(k) savings. Some of the proposed changes as part of the Secure Act 2.0 legislation:
  • Automatic: Most employers would be required to automatically enroll
...

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

(Newser) - 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

And 24% of those with savings have $100K saved already

(Newser) - 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 USA Today . Nearly 3 out of 4 millennials, who are between the...

There's Good News for 401(k) Account Holders

Average balance hits record high

(Newser) - 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, USA Today reports. That's almost 7% higher than a year prior and...

Early Cheerleaders of 401(k) Plans Are Now Changing Tune

They point to major issues, such as dependence on stock market, high fees

(Newser) - 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...

MyRAs Not Enough to Fight 'Retirement Crisis'
MyRAs Not Enough
to Fight 'Retirement Crisis'
OPINION
Jan 30, 2014 1:24 PM CST

MyRAs Not Enough to Fight 'Retirement Crisis'

President Obama's proposal is only a modest start: opinions

(Newser) - 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'
...

Detroit Officials Take $22K Taxpayer-Funded Hawaii Trip

Pension trustees attend conference at resort with public money

(Newser) - Detroit is $15 billion in debt, but that hasn't stopped some officials from visiting a resort in Hawaii on the public dime. Four city public pension fund trustees used $22,000 of retirement system funds to attend a conference at a four-star resort in Honolulu this week, reports Reuters...

12 Stories
Most Read on Newser