Retirement, 401(k) savings rise led by Boomers, Gen Z
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.
Behind on your retirement savings? Here's one feature that can help workers catch-up
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
GOP senator warns Americans: 'Retirement is now in jeopardy'
Sen. Mike Braun, R-Ind., explains how Democrats' excessive spending and debt ceiling stalemate means Americans' retirements are "now in jeopardy" by not producing the best return.
Why it’s important to start a retirement plan in your 20s
Saving for retirement early can have lots of benefits for young professionals in their 20s. Being able to retire earlier or with more money is just one example.
Most Americans say they can no longer depend on Social Security: Survey
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.
Americans save more in HSAs, Fidelity reports HSA assets exceed $16 billion
Fidelity's total assets in health savings accounts (HSA) totaled more than $16 billion. But even as savings increase, some consumers are practicing dangerous financial habits to pay for healthcare.
Nearly half of Americans cash out 401(k)s when changing jobs
Almost half of Americans have withdrawn funds from their 401(k) plans after leaving jobs, with some completely draining their balances.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.
How AI and fintech are encouraging retirement savings
A panel of experts at the Milken Institute's 2023 Global Conference discussed how advances in fintech and AI tools have led to innovative approaches to boosting retirement savings.
Financial stress has biggest impact on Americans’ mental health: survey
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.
Inflation battered retirement savings in 2022
A new study by financial services giant TIAA found inflation forced 1 in 4 Americans to slash the amount they were saving for retirement last year, adding to a mounting crisis.
America's retirement preparedness score drops: Fidelity
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.
Social Security cost-of-living adjustment could be much smaller next year
The Social Security cost-of-living adjustment could be 3% in 2024, a big drop from last year, amid signs that high inflation is beginning to moderate.
Seniors worry Social Security increase not enough to cover rising costs: Survey
More than half of survey respondents said the latest increase to Social Security benefits doesn't adequately cover rising costs. As inflation rises, the increase in spending exceeded the latest 8.7% COLA adjustment.
Saving for retirement in America makes 'dramatic' shift, new report reveals
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.
Social Security cuts could be coming soon — here's who will be affected
Social Security funds face a long-term financial crunch that could mean some benefits get cut sooner for retirees, according to a recent government report.
US debt ceiling crisis could delay Social Security payments – Here's why you're still likely to get a check
The Social Security "escape clause" from the debt limit enacted by Congress in 1996 prohibits the disinvestment of the Social Security trust funds for any purpose other than the payment of benefits, according to a Concord Coalition report.
Self-directed retirement plan balances increased in Q4: report
Self-directed retirement plan balances as well as balances for 401(k)s, 403(b)s and individual retirement accounts (IRA)s increased at the end of 2022, despite year-over-year losses.
Over 25% of Americans contributed 3% or less to retirement plans
Americans contributed less to retirement in 2022 and nearly a quarter contributed 3% or less of their income to their 401(k)s.
Expecting a tax refund? Smart ways to use the extra cash
If you received a tax refund this year, there are many different ways to spend your cash to benefit you in the long term, including investments and an emergency fund.
Most Americans falling short of affording basic expenses in retirement: Fidelity
A new study from Fidelity Investments found that Americans' retirement preparedness has dropped sharply since 2020, as people have saved less and invested more conservatively.