Last year, Americans’ confidence that they would have enough money to live comfortably in retirement fell the most since the global financial crisis. New research shows both workers’ and retirees’ confidence has not recovered. But some signs of optimism have emerged, particularly as wage growth now outpaces inflation growth, according to the Employees Benefit Research […]
The wealth gap between rich millennials and the rest of their age group is the largest of any generation, creating a new wave of class tension and resentment, according to a recent study. Even as the vast majority of millennials struggle with student debt, low-wage service-jobs, unaffordable housing and low savings, the millennial elite are surpassing […]
Retirement savings play a crucial role in securing financial stability in your golden years. For those aiming high, being in the top 3% of retirees in terms of savings enhances comfort and offers greater financial freedom. Using data from the Federal Reserve’s Survey of Consumer Finances, a 2024 survey by the Employee Benefit Research Institute, […]
The latest estimate for Social Security‘s cost-of-living adjustment (COLA) in 2025 has risen to 3% due to higher-than-expected inflation, according to new calculations reported on Wednesday. This increase marks the third adjustment this year, following the reacceleration of inflation each month in 2024. The initial estimate for the 2025 COLA was 1.75% in January, which then […]
U.S. workers have stashed $6.9 trillion in their 401(k) plans as of Sept. 30, 2023, according to the Investment Company Institute, an association representing regulated investment funds. A healthy chunk of those 401(k) assets is being steered toward spouse and non-spouse beneficiaries who take over the plans after the original account holder passes away. All […]
As the torch passes from millennials to Gen Z, the world of investing is witnessing a seismic shift. With a keen eye for financial independence and a penchant for innovation, Gen Z is revolutionising the way we think about wealth planning. Here are some trends and investment tips tailored to Gen Z’s unique needs, helping them navigate […]
BlackRock, the largest asset manager, has launched a new product to help workers access their retirement savings through a regular income stream that mimics a paycheck they receive during their working years. Experts say that while the new choice could be helpful, its success will be defined by whether consumers actually take advantage of it. […]
Millions of us have 401(k) accounts, sponsored by our employers or former employers. And hundreds of thousands, if not millions, of us actually have accounts worth $1 million or more. That’s not the norm — millionaire accounts only made up about 1.8% of 401(k) accounts administered by Fidelity, for example. But Fidelity’s recent 422,000 millionaire […]
If you’ve inherited an individual retirement account since 2020, you could have a shorter timeline to withdraw the money, which can trigger tax consequences. But there are a few things to consider before emptying an inherited account, experts say. Under the Secure Act of 2019, so-called “non-eligible designated beneficiaries,” have a 10-year window to deplete […]
In your 40s, you’re likely hitting your peak earning years and beginning to seriously evaluate your strategy for saving, whether it’s for retirement or your children’s future. In 2023, Americans in their 40s managed to save over $6,930, according to data from New York Life. While that’s lower than the $8,911 people in this age group aimed to […]
The Biden administration on Tuesday finalized a new rule to crack down on retirement advice given by financial professionals, a move that has already drawn fierce backlash from Wall Street. The Labor Department regulation aims to ensure that financial advisers, brokers and insurance agents work in the best interests of their clients. It purports to […]
New projections show the Social Security trust fund will run out of money by the year 2033. Financial expert, Marshall Clay from The Welch Group says that money is safe, but that’s just in the short term. “There’s been a lot of press about the Social Security trust fund and how it’s depleting rather rapidly,’ […]
