Modern Retirement

Politics

Biden issues new rule to crack down on bad retirement advice

The Labor Department on Tuesday finalized a rule that aims to crack down on retirement advice given by financial advisers, brokers and insurance agents.

Start investing today: 5 steps to take right now

For those new to investing, getting started isn't complicated. We breakdown how to get in the game in five easy steps.

Economy

Cost of living hinders younger generations from saving for retirement: Fidelity

Fidelity Investment's annual State of Retirement study found that over half of Millennials and Gen Z think saving for retirement will be harder in comparison to their parents.

401(k)s vs pension plans: What's the difference?

Pension plans and 401(k) plans can both help workers during their retirement years. While once commonplace, pensions have largely been replaced by 401(k)s in the private sector.

Personal Finance

Valentine's Day: When love and money collide

Couples celebrating Valentine's Day may not be celebrating their financials. Many are on opposite sides of the fence when it comes to saving and spending money.

Markets

Revamp your finances: Smart financial new year's resolutions for 2024

When outlining your resolutions for the coming year, prioritize your financial wellness. Get expert guidance as a certified financial planner shares 2024's resolutions.

Lifestyle

'Career cushioning,' latest workplace trend, has employees trying to protect themselves heading into 2024

A workplace trend known as "career cushioning" has employees setting up Plan B initiatives — so that if they're downsized by their companies, they're prepared for it. Here's what to know.

Personal Finance

Biden cracks down on retirement junk fees that cost Americans billions a year

The Department of Labor proposed a retirement security rule requiring investment advisers to avoid recommendations that favor their financial and other interests at the expense of retirement savers.

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.

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