Rethinking Retirement

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

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.

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.

Americans have roughly $30 million in funds lingering in forgotten 401(k) accounts and could be losing out on valuable retirement savings, according to a recent report by Capital.

Ninety-eight percent of Americans said that successful retirements are centered around preparation and planning, yet 40% are being forced into an early one, according to a recent Edward Jones survey.

The typical Gen X household has saved less than what is needed to finance a secure retirement, according to a study from the National Institute on Retirement Savings.

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.

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 have reached 83% this year, Vanguard said.

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.

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

Americans said that having a plan for their investments made them feel more confident that they could make the right investment decisions, even during extreme financial crises, according to a recent Nationwide survey.

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.

High inflation and rising costs are why 80% of households with adults over the age of 60 — or 47 million households — were found to be at risk of falling into economic insecurity, a recent National Council on Aging (NCOA) survey said.

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

Most Americans (88%) said it is critical to have another source of guaranteed income beyond Social Security benefits to have a comfortable retirement, according to a recent Allianz Life survey.

Inflation and rising costs have meant curtailing how many Americans spend money, but 34% said they saved more for retirement this past year, according to the Certified Financial Planner (CFP) Board of Standards cost of living 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.

Financial struggles are the biggest drivers of stress among Americans, according to a survey by Clever Real Estate. More than half of respondents said they’re stressed about inflation and not having enough money to save for retirement.

The average American has a 78% chance of covering estimated retirement expenses in a down market, according to Fidelity's 2023 Retirement Savings Assessment. Here’s what you need to know.