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 […]
Category: Personal Finance
6 ways to emotionally prepare for retirement — even if it’s a long way off
Many people like to ponder how they’ll spend their retirement one day: selling up and moving to the beach? Crisscrossing the country in an RV? Wiling away the hours at the golf club? But fewer realize that a new life chapter comes with its own set of challenges. Having a perpetually open calendar may seem blissful, but […]
Young Americans’ top financial regret is easy to avoid—here’s how
When it comes to financial regrets, about a quarter of Gen Zers and 21% of millennials say not saving enough for emergencies ranks at the top of their lists. That’s according to new data from Bankrate, which defines Gen Zers as those ages 18 to 27 and millennials as those ages 28 to 43. That tracks with larger […]
Louisville financial advisor gives advice after massive Social Security data breach
LOUISVILLE, Ky. (WDRB) — A data breach has put billions at risk of identity theft. A class action lawsuit said hackers stole sensitive information, including billions of names, addresses and social security numbers. But there’s a way you can protect yourself by putting a security freeze on your credit report. Court documents said criminals stole […]
The new middle-class retirement plan: Working into old age
A new glimpse into how middle-class people in the U.S. think about retirement is revealing some startling views about how long they expect to live and to work. About half of middle-income Americans who are currently employed say they expect to work past age 65, according to a study from the Transamerica Center for Retirement Studies and […]
Survey reveals Americans’ 2 biggest financial regrets
A new survey reveals that more than three-quarters of Americans have a financial regret, as ongoing inflation continues to drive up prices on many goods and essentials. Bankrate surveyed more than 2,300 U.S. adults online between July 16-18 2024. According to the survey published Wednesday, not saving for retirement early enough (22%) and not saving […]
The number of 401(k) millionaires hit a new record high
The number of 401(k) plan participants with balances of $1 million or more rose to a record high at the end of June, according to new findings published by Fidelity Investments. There were about 497,000 so-called 401(k) “millionaires” during the second quarter, the data shows. That marks a 2.5% increase from the previous quarter and […]
U.S. Government Announces Full Social Security Payment Schedule for September
August is about to end and this means that the United States Social Security payment schedule will also end soon. But this means that a new month begins and, therefore, that a new retirement payment will arrive in the next few weeks. Social Security check payments for next month will arrive as usual and with no surprises. However, it is […]
More Americans are thinking about postponing retirement
A growing number of Americans are considering delaying their retirement plans and working longer than planned as they continue to battle high prices, according to a new survey published by LiveCareer. More than 8 in 10 respondents said they have thought about postponing their retirement for financial reasons, while another 92% expressed concern that they […]
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 […]
Number of 401(k) ‘millionaires’ reaches new high
On balance, 401(k) participants have had a good run over the past year. Especially those who have amassed a balance of at least $1 million. The number of so-called 401(k) ‘millionaires’ rose to a new record high in the second quarter, according to a new data analysis released Wednesday by Fidelity Investments, which based its […]