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Category: Retirement Tips

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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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Categorized as Retirement Savings, Retirement Tips

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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Categorized as Retirement Savings, Retirement Tips

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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Categorized as Retirement Savings, Retirement Tips

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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Categorized as Financial Health, Retirement Tips

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

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Categorized as 401(k) Mistakes, Retirement Savings, Retirement Tips

5 Crucial 401(k) Mistakes to Avoid in 2024

Decades in the 401(k) space have made it easy for us to identify common 401(k) mistakes investors make. Obviously, the biggest 401(k) mistake is not contributing enough (or not even having a 401(k) plan). But even those who set up a 401(k) plan and contribute to it regularly make costly mistakes. We see it time… Continue reading 5 Crucial 401(k) Mistakes to Avoid in 2024