Number of retirement millionaires hits record high

The average 401(k) account balance, at $127,100, is still below its 2021 highs — but there are now half a million Americans with more than $1 million in their 401(k) accounts just at Fidelity alone. Why it matters: It’s a sign of how the wealthy benefit disproportionately from tax breaks on retirement savings. Between the lines: Many Americans don’t […]

401(k) auto-enrollment features don’t help savings as much as expected, study finds

Employers are increasingly putting workers’ 401(k) plan savings on autopilot. But the positive impact of automated retirement savings is more muted than initially thought, new research finds. Previously “underexamined” factors — like workers cashing out 401(k) balances when they leave a job — “meaningfully reduce” the long-term impact of policies like automatic enrollment and automatic escalation, according to a new […]

Find out how to receive an extra $943 Social Security check this august

The benefits sent by the Social Security Administration in the United States are crucial for many families. In numerous households, these monthly payments are the only source of income, so knowing the exact dates when they are received is essential for planning a proper monthly budget. However, sometimes irregularities in the payment schedule can occur, causing beneficiaries to […]