Modern Retirement

Money

Pension plans: The reasons behind the decline of fund contributions in today's job market

FOX Business is exploring the disappearance of pension plans in the contemporary job market. The reasons for the scarcity are due to the rise in individual retirement needs.

Personal Finance

New IRS 401(k), IRA contribution limits a win if you need catching up

The IRS has announced new contribution limits for 401(k) plans, as well as an ammendent to IRA catch-up contribution limits, both of which can help workers reach their retirement goals faster.

Personal Finance

Retirement crisis: Great Recession takes its toll on younger Boomers

The Great Recession diminished the retirement savings potential of late Boomers, a study found. And cost adjustments to Social Security could be smaller next year.

Lifestyle

Best cities to retire in 2024

Pennsylvania remained on top for retirees as a new city within the Keystone State officially took on the title of best U.S. location to retire, a newly-released indicated.

Personal Finance

Share of Americans borrowing from 401(k) multiple times rises

A 401(k) loan can help you pay off debt, but it can harm your retirement savings and become a repeat move depending on various factors, one study found. Here's what to know about 401(k) loans.

Economy

US retirement system earns just a C+ in global study

A new ranking of world retirement systems conducted by Mercer gave the U.S. a C+ grade, citing concerns over its efficacy and long-term sustainability.

Social Security cuts: Retirees could face more than $17,000 in annual benefits losses

Social Security could run out of money to make full benefits payments in 2033, spurring as much as $23,000 in benefits cuts for retirees, a study found. Here’s what you need to know.

Personal Finance

Retirement account balances increase for third straight quarter

Average 401(k) and IRA balances have risen for three straight quarters, Fidelity reported. But some savers face particular hurdles.

Personal Finance

Social Security payments could rise 3.2% in 2024

The Social Security cost of living adjustment could increase to 3.2% in response to high inflation. But it’s far from the 2023 record raise and many Americans still struggle to generate retirement income.

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.

Americans over age 55 plan to delay retirement: survey

Nearly two-thirds of working Americans who are at least 55 years old said they’ll delay retirement, a survey found. And those saving for retirement are doing so in a time of stubborn inflation and recession fears.

Money

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.

More than half of Gen Xers stopped saving for retirement, here's why: Survey

Many GenXers stopped saving for retirement because they couldn’t afford it, a Clever survey found. And about half have less than $100,000 saved for retirement. But there are many ways to save.

401(k) participation rates reach all-time high: Vanguard

401(k) participation rates have reached 83% this year, Vanguard said.

Lifestyle

Interest in tiny homes growing as retired Americans look to save money, space

Tiny home advocates are looking to alleviate the housing crisis that is impacting more than 70% of Americans by pushing for construction of the trendy spaces across the country.

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.

Social Security recipients could see a smaller benefits bump in 2024 - Here's what that means for retirees

The 2024 Social Security COLA could rise to 3%, according to a Senior Citizens League estimate. That would be a drop from the 2023 adjustment of 8.7%. But retirees have options to reach a comfortable retirement.

Retirement account balances rise despite economic turmoil: Fidelity

401(k), IRA and 403(b) plan balances increased for the second straight quarter in Q1 2023, Fidelity Investments reported.

Most seniors regret retirement planning decisions, want do-over: Survey

Regret over how soon they started saving and how much they put away are the biggest mistakes seniors wish they could reverse in retirement planning, according to Lincoln Financial Group.

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