Retirement millionaires just jumped: Fidelity
The number of retirement millionaires jumped in the second quarter. Those with million-dollar 401(k)s rose 10% and those with million-dollar IRAs climbed 13%, according to Fidelity.
401(k) hardship withdrawals on the upswing as inflation squeezes consumers
More Americans are making hardship withdrawals from their 401(k) retirement plans to cover expenses as they struggle with chronic inflation.
Is not having a 401(k) as a benefit becoming a deal breaker for new hires?
Workers are realizing it takes years of planning to shape up their nest egg for a comfortable retirement, and they’re counting on their 401(k) to help them reach their goals.
12 steps to retirement
Regularly review your expenses and income needs, withdrawal strategy, beneficiaries, health care proxy, will and trust to ensure your plan meets your current needs.
Average 401(k) account balances tumbled last year, Vanguard research shows
New Vanguard data released Thursday shows that 401(k) balances plummeted in 2022, primarily due to the "decrease in equity and bond markets" over the year.
Financial professionals recommend investing your bonus in your 401(k): Survey
Most financial professionals recommend you contribute your bonuses to your 401(k). But many Americans don’t get bonuses or have 401(k)s. Here’s what you can do.
Retirement, 401(k) savings rise led by Boomers, Gen Z
Retirement and 401(k) savings posted an increase in this year's first quarter, with Generation Z and Baby Boomers leading the way, according to a recent study from Fidelity Investments.
Behind on your retirement savings? Here's one feature that can help workers catch-up
Automatic enrollment into a workplace savings plan could help close the gap for Black and Latino employees that might otherwise have lower plan participation rates, according to a recent Voya Financial study
Rising costs pressure many Americans to make this one retirement mistake: Survey
High costs pushed 25% of cash-strapped Americans to cut retirement savings, according to a recent TIAA Institute survey.
Nearly half of Americans cash out 401(k)s when changing jobs
Almost half of Americans have withdrawn funds from their 401(k) plans after leaving jobs, with some completely draining their balances. But doing so before reaching retirement age can trigger taxes and penalties. Here’s what you need to know.
Saving for retirement in America makes 'dramatic' shift, new report reveals
A new Vanguard report showed an increasing number of American workers participating in retirement plans and saving more money, but Gen Z is "better prepared" than the rest.
Over 25% of Americans contributed 3% or less to retirement plans
Americans contributed less to retirement in 2022 and nearly a quarter contributed 3% or less of their income to their 401(k)s.
Higher wages and social security checks led to increase in consumer spending: BofA
Credit and debit card use on BofA brand cards rose 5.1% year-over-year annually compared to 2.2% the month before, the bank said.
Biden's ESG rule will 'hurt America's retirement security,' GOP lawmaker warns
After introducing a bill to kill Biden's ESG rule for retirement plans, Rep. Andy Barr is expecting bipartisan support to steer Americans' savings away from politics.
Fidelity: Retirement account balances are down from a year ago but rebounding
Research from Fidelity Investments found that Americans' average IRA and 401(k) balances were down at the end of last year compared to a year ago but are rebounding.
Survey points to significant layoffs in 2023 – Here's how to safeguard your finances from a job loss
Sixty-one percent of U.S. companies said they plan to lay off employees in 2023 and are likely to pause hiring this year, according to a ResumeBuilder.com survey.
Why your 401(k) might not have ETFs
Although there are significant benefits of ETFs, there are also technological barriers for companies that manage the plans, which can prevent ETFs from being intertwined in 401(k)s.
Princeton economist warns Biden’s tax on stock buybacks will hurt your 401(k)
Economist Burton Malkiel explains how corporate stock buybacks are "exactly" the kind of thing you want from a capitalist system, and says Biden's proposals are "just wrong."
When should you borrow from your 401(k)? Use 'as a last resort,’ Fidelity adviser warns
As inflation rages on, more Americans are borrowing from their 401(k)s to cover emergency expenses. Fidelity's Leanna Devinney offers her best alternative options.
401(k) 'hardship' withdrawals hit record amid cost-of-living crunch
More Americans are using their 401(k) retirement plans to help cover financial hardships as consumers continue to confront persistently high inflation.