Modern 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.

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.

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.

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.

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.

Tiny home advocates are looking to alleviate the housing crisis that is impacting more than 70% of Americans by pushing for construction of the trendy spaces across the country.

Regularly review your expenses and income needs, withdrawal strategy, beneficiaries, health care proxy, will and trust to ensure your plan meets your current needs.

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.