Roughly 16,000 workers made hardship withdrawals from their 401(k) accounts in the second quarter, marking a significant increase from the previous quarter, BofA said in a report.
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.
More Americans are making hardship withdrawals from their 401(k) retirement plans to cover expenses as they struggle with chronic inflation.
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.
Regularly review your expenses and income needs, withdrawal strategy, beneficiaries, health care proxy, will and trust to ensure your plan meets your current needs.
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.
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 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.
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
High costs pushed 25% of cash-strapped Americans to cut retirement savings, according to a recent TIAA Institute survey.
Almost half of Americans have withdrawn funds from their 401(k) plans after leaving jobs, with some completely draining their balances.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.
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.
Americans contributed less to retirement in 2022 and nearly a quarter contributed 3% or less of their income to their 401(k)s.
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.
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.
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.
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.
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.
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."
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.