As people born between 1965 and 1980—also known as Generation X—approach retirement age, a new study finds them unprepared financially. The study from the National Institute on Retirement Security (NIRS) sees “dismal” prospects for the so-called Forgotten Generation compared with more financially influential baby boomers. “The leading edge of Generation X will enter retirement in…
Tax Break Vanishing for Some Retirement Savers
A popular tax break in the form of being able to make so-called “catch-up” contributions to 401(k) retirement savings plans is set to vanish for many higher-earning Americans at the end of this year. Catch-up contributions refer to a provision in 401(k) plans that allows individuals aged 50 and above to contribute extra money to…
How Much to Sock Away in a 401(K)
By Lisa Gerstner From Kiplinger’s Personal Finance Stashing enough in an employer-sponsored retirement plan to get the full match is a no-brainer—it’s free money toward your retirement. Employers often match contributions up to about 3–5 percent of an employee’s salary. However, figuring out how much to contribute to a 401(k) beyond the match and how…
Gen Z Workers Are Saving More for Retirement: Study
Gen Z workers are participating in workplace retirement plans at higher rates than previous generations were at the same stage of their lives, according to a new study by the investment firm Vanguard. In 2021, 62 percent of workers between the ages of 18 and 24 participated in their company’s 401(k) plan, up from 30…
Should You Tap Your 401(k) When Urgent Financial Needs Arise?
March 29, 2023
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Shortly after COVID-19 started and many people lost their jobs, the government permitted penalty-free 401(k) withdrawals for people short on cash. There was a limit to the withdrawal of $100,000, which had to be paid back within three years—if it was to remain penalty-free. Many people took advantage of the opportunity, but hindsight asks whether…
Honey, Biden Just Shrunk Our Pension
Commentary President Joe Biden recently issued his first veto since taking office on Jan. 20, 2021. Biden rejected a bipartisan bill that would have required investment fund managers to take politics out of their investment decisions and to stay focused on providing the best return to their clients as much as possible. Why should you…
How to Protect Your 401(K) From a Stock Market Recession
February 28, 2023
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Retiring with a sizeable retirement fund is something you are looking forward to in the future. Until you retire, you naturally watch your money to ensure it continues to grow. You want to know it is safe, because it is not always guaranteed. Oftentimes, your retirement money is in a 410(k), but even this investment…
Hardship Withdrawals From Retirement Accounts Surge as Americans Battle Rising Prices
February 3, 2023
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Last year, a higher proportion of Americans with 401(k) accounts carried out hardship withdrawals—emergency removal of funds from a retirement plan—as many people financially struggled under decades-high inflation rates. “A record 2.8 percent of the 5 million people in 401(k) plans run by Vanguard tapped their retirement savings in 2022 to cope with hardships such…
Here’s Everything You Need to Know About 401(K) Contribution Limits for 2023
January 10, 2023
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By Entrepreneur Staff Contributing to a 401(k) may be one of the smartest things you can do to set yourself up for a comfortable retirement in your golden years. However, unlike simply stashing money in a savings account, you can only put so much into your 401(k) retirement plan each year due to 401(k) contribution…
Transferring a 401(k) to an IRA While Still Employed
December 27, 2022
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Many employees only consider what to do with their 401(k) plans after leaving an employer, but you may have the option to roll over your retirement savings into an IRA while still working at your current job. Deciding whether or not to transfer a 401(k) to an IRA while still employed depends on your employer’s…
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