Pictures of people | Istock | Getty Images Whether you quit your job by choice or not, don’t forget your 401(k) plan. As workers continue to leave their jobs at a high rate and some companies embark on layoffs – including Amazon, Salesforce and Goldman Sachs – there is a good chance that some departing …
Don’t forget your old 401(k) if you leave a job or are laid off Read More »
With today’s high inflation, many Americans worry that they don’t have enough money set aside for their retirement. They fear that sharp increases in food and energy prices as well as transportation and medical costs will significantly affect their retirement savings. However, there is another important factor to consider: your life expectancy. A new report …
Longevity may have a bigger impact on retirement money than inflation Read More »
Tim Robbert | Digital Vision | Getty Images On January 18, the first benefit checks of 2023 will be sent to beneficiaries whose date of birth falls on the 11e up to 20e of their month of birth. These recipients can expect to receive their benefit checks on the third Wednesday of each month. On …
The first checks with 8.7% COLA arrive in January Read More »
Ascent/Pks Media Inc. | Photodisc | Getty Images Current Social Security recipients are set to receive an 8.7% increase in their benefits for 2023 starting this month, thanks to the highest cost-of-living adjustment in 40 years. If you are at or near the Social Security retirement benefit eligibility age of 62, you may be wondering …
Almost 62? What you need to know about the 8.7% COLA of social security Read More »
Designer491 | Istock | Getty Images If you want to boost your retirement savings, there’s good news for 2023: higher 401(k) contribution limits. And now is the time to adjust your carryovers, say financial experts. You can contribute $22,500 to your 401(k), 403(b) and other similar plans for 2023, up from $20,500 in 2022. Employees …
How to Take Advantage of Higher 401(k) Contribution Limits for 2023 Read More »
Catherine McQueen | time | Getty Images It will soon be easier for cash-strapped Americans to tap into their retirement savings for emergency expenses. President Joe Biden is set to sign a $1.7 trillion bill that changes the rules around so-called 401(k) plan hardship distributions. The measures are embedded in “Secure 2.0”, a set of …
New 401(k), IRA rules make it easier to tap into emergency savings Read More »
Catherine McQueen | time | Getty Images It will soon be easier for cash-strapped Americans to tap into their retirement savings for emergency expenses. President Joe Biden is set to sign a $1.7 trillion bill that changes the rules around so-called 401(k) plan hardship distributions. The measures are embedded in “Secure 2.0”, a set of …
New 401(k), IRA rules make it easier to tap into emergency savings Read More »
Michael Godek | time | Getty Images Three years after the Secure Act of 2019 introduced the first major changes to the US retirement system in more than a decade, more changes are on the way. Dozens of retirement-related provisions known collectively as ‘Secure 2.0’ are included in a $1.7 trillion omnibus appropriations bill that …
Secure 2.0 authorizes Congress and will bring changes to the retirement system Read More »
Finding the money to cover an unexpected emergency expense can be a challenge for many individuals and families. Studies show that an unexpected expense of even $400 can motivate people to borrow to cover the cost. Faced with such bills, workers may be tempted to dip into their retirement savings accounts. investment related news Now, …
Emergency Savings Proposals in Secure 2.0 Can Boost Financial Security Read More »
Sporrer/Rupp | Source of images | Getty Images Participation in workplace pension plans may soon be expanded, thanks to new efforts by Capitol Hill lawmakers. A set of retirement devices, dubbed “Secure 2.0”, have been included in the state spending bill for fiscal year 2023. investment related news But as Congress rushes to pass the …
Secured Retirement 2.0 bill leaves ‘huge problem intact’: Economist Read More »
