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Category: Retirement Tips

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Categorized as Retirement Savings, Retirement Tips

Women Are Saving Less for Retirement but Living Longer

Women are saving less for retirement than men – and not just by a little. Prudential’s 2024 Pulse of the American Retiree survey found, “Across all age groups, women are particularly vulnerable, with less than a third the median savings of men. They are nearly three times as likely to delay retirement due to caregiving… Continue reading Women Are Saving Less for Retirement but Living Longer

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Categorized as Retirement Savings, Retirement Tips

Tax-Savvy Retirement: Mastering Your 401(k) Tax Implications

When it comes to investing for your financial future, understanding the tax consequences is important to growing wealth.  Because it’s not just what you make, it’s what you keep, that counts.  How tax savvy are you with regards to your 401(k)?  Are you aware of the 401(k) tax implications on withdrawals? Or the real benefit… Continue reading Tax-Savvy Retirement: Mastering Your 401(k) Tax Implications

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Categorized as Retirement Savings, Retirement Tips

Check Your Statements–There Are Record High 401(k) Savings in 2024

Fidelity Investments recently released a report on 2024 trends, and Q1 shows record high 401(k) savings in 2024. Read on to discover more about the current 401(k) savings rate, why rates have increased, and how you can save even more. Record High 401(k) Savings According to Fidelity’s Q1 2024 Retirement Analysis, “Total average 401(k) savings… Continue reading Check Your Statements–There Are Record High 401(k) Savings in 2024

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Categorized as Retirement Savings, Retirement Tips

6 Ways to Boost Your 401(k) Halfway Through the Year

Now that we’re halfway through the year, are you looking for ways to boost your 401(k) savings?  Many Americans are struggling to save like they used to, and their retirement accounts are taking a hit. According to recent data from the Commerce Department, “The personal saving rate, the share of income that Americans are squirreling… Continue reading 6 Ways to Boost Your 401(k) Halfway Through the Year

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How to Become a 401(k) Millionaire

More Americans are entering the 401(k) millionaire club. In fact, 422,000 retirement savers are now labeled 401(k) millionaires¹.  It’s not a surprise we are seeing a rise in questions about how to become a 401(k) millionaire. If you’ve been wondering how to make it happen, you’ve come to the right place. Becoming a 401(k) millionaire… Continue reading How to Become a 401(k) Millionaire

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Why Decreasing 401(k) Contributions Is a Bad Idea

A recent survey revealed that 24% of respondents are thinking about decreasing 401(k) contributions to free up more money.¹ We get it. Times are hard for some people right now. If you are stressed about your finances, you are not the only one.  Consider these findings from Empower’s 2024 Money Plans and Goals Survey:  70%… Continue reading Why Decreasing 401(k) Contributions Is a Bad Idea

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6 Questions Every 401(k) Investor Needs to Ask ASAP

If you’ve taken a new job, chances are you were automatically enrolled into a new 401(k), handed a welcome packet, and then left wondering what to do. The problem is that 63% of Americans don’t understand how a 401(k) plan works.¹ Here’s the deal: If you’re already contributing money from each paycheck to a new… Continue reading 6 Questions Every 401(k) Investor Needs to Ask ASAP

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Categorized as Retirement Savings, Retirement Tips

401(k) Millionaires Soared at the End of 2023

The number of 401(k) millionaires has soared in recent months.   According to a Fidelity Q4 2023 Retirement Analysis report, “This quarter saw a 20% increase in 401(k) millionaires following Q3 2023. […] The number of millionaires in Q4 is also 11.5% higher than Q2 2023.”¹ In other words: 20% of 401(k) investors entered the 7-figure… Continue reading 401(k) Millionaires Soared at the End of 2023

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How the 401(k) Match for Student Loans Works

Choosing between paying off student loans and saving for retirement is a reality for many Americans. But that’s about to change. A provision in the Secure Act 2.0 permits employers to consider student loan payments as qualifying contributions toward retirement plans with the goal of enhancing retirement savings while paying off student loan debt. Keep… Continue reading How the 401(k) Match for Student Loans Works