If you don’t use the account properly, you might not save enough or could pay unnecessary fees and penalties. / Credit: Getty Images Having enough money in retirement often requires decades of c...
Tag: 401k
401(k) And Other Retirement Savings Limits Will Jump Record Amounts In 2023
Young workers will be allowed to contribute up to $22,500 pretax to a 401(k) in 2023, while those 50 and older will be able to sock away $30,000. getty The Internal Revenue Service announced today tha...
Here’s how to Take Advantage of the new 401k Contribution Increase
Inflation may be ruining everything from bond coupon interest payments to holiday travel plans but being able to put more away for retirement is one unexpected positive. On Friday, the Internal Revenu...
IRS sets new 401(k) limits — investors can save a lot more money in 2023
People can contribute up to $22,500 in 401(k) accounts and $6,500 in IRAs in 2023, the IRS said Friday. For 401(k)s, that’s an almost 10% increase from 2022’s contribution limit of $20,500. For IRAs, ...
Investors can contribute up to $22,500 in a 401(k) and $6,500 in IRAs in 2023
If you’re eager to save more for retirement in 2023, there’s good news from the IRS: higher limits for your annual 401(k) plan and individual retirement account contributions. The employee...
Vanguard, Fidelity Will Join a 401(k) Auto-Portability Network to Rescue $1.5 Trillion in Retirement Savings
SmartAsset: Top 401(K) Providers Want to Help Americans Preserve $1.5 Trillion in Retirement Money Two top 401(k) companies – Fidelity Investments and Vanguard – have teamed up with two in...
So you just checked your 401(k)
Ok, so you just checked your 401(k) and it doesn’t look good. Actually, it looks pretty terrible. But don’t worry, you’re not alone. With the bond market experiencing one of its worst years in history...
Roth IRA and Roth 401(k): the world would be a better place without them
One can make a strong case for getting rid of the Roth version of both 401(k)s and IRAs. While having two forms of retirement saving is lovely for young professionals who know their tax rates will be ...
Opinion: This 401(k) bill opens the door to risky assets
Senators Pat Toomey, Tim Scott and Peter Meijer have just proposed a bill in Congress that would allow 401(k) plans to stretch beyond traditional investments like stocks and bonds. And when we say “be...
U.S. Senators Introduce 401(k) Investment Classes- Including Crypto
A trio of Republican lawmakers introduced a bill including “digital assets.” The bill will extend the acceptable investment classes in defined contribution plans. The U.S. Lawmakers Introduced a Bill ...
US Lawmakers Introduce Bill Allowing Crypto Investments in 401(k) Retirement Plans – Coinotizia
Several U.S. lawmakers have introduced the Retirement Savings Modernization Act to provide 401(k) retirement savers access to a wide range of investments, including crypto assets. “With inflation at r...
US Lawmakers Introduce Bill Allowing Crypto Investments in 401(k) Retirement Plans – Regulation Bitcoin News
Several U.S. lawmakers have introduced the Retirement Savings Modernization Act to provide 401(k) retirement savers access to a wide range of investments, including crypto assets. “With inflation at r...
Lawmakers Draft Bill to Allow Crypto in 401(K) Plans
Republican lawmakers have presented a bill designed to enable investment managers to offer Bitcoin and other cryptocurrencies in their 401(k) plans according to a Congressional filing. Republican memb...
The one question to ask yourself about your 401(k) when stock indexes are dropping
With the Dow DJIA, -1.62%, S&P 500 SPX, -1.72% and Nasdaq COMP, -1.80% indexes dipping into the red right now, looking at your retirement portfolio may have your heart racing. Retirement Tip of t...
Don’t panic about your 401(k)
I’ve been doing this—writing about the stock market and investments—for a quarter of a century. It’s been a heckuva turbulent ride, including Russian defaults, emerging market crises, dot-com disaster...
Pros & Cons of a 401(k)
Is a 401(k) Worth It Until the 1980s, most of America used pensions to plan for retirement. These defined-benefit plans offered by employers saved a fund on behalf of their workers and calculated each...
Wells Fargo Shells Out $145 Million To End Feds’ 401(k) Investigation
Topline Wells Fargo agreed to pay $145 million to end a Department of Labor investigation into alleged malpractice with employees’ 401(k) retirement accounts Monday, in the latest major penalty for We...
New 401(k) statements could confuse folks about their retirement savings
There’s a new twist to your quarterly 401(k) statement that may merit an extra look. For the first time, 401(k) statements will feature a lifetime income illustration which shows the monthly income yo...
The New & Lucrative Way to Convert Your 401(k) into Income
Image shows a couple reviewing their retirement plan. Fidelity Investments plans to launch a new product next year that will allow individuals to shift a portion of their employer-sponsored retirement...
401(k) Plan Participants Say They Need to Save This Much to Retire
A couple looks over their retirement savings. A recent survey found that Americans believe they need $1.9 million saved by retirement. If $1 million was once the consensus target for retirement saving...
Ranking Your 401K Account Against Your Peers
Once in a while, U.S. retirement savers should sit down and compare their 401k amount totals with peers in the same age group. That task is made easier by the California Society of Certified Public Ac...
Despite recession fears, most investors haven’t shifted 401(k) assets
Morsa Images | E+ | Getty Images Many investors worry a recession is coming amid rising interest rates, high inflation and stock market volatility. But the majority haven’t changed their portfol...
Fidelity Investments Introduces a Bitcoin Offering for 401(K) Plans – crypto.news
Fidelity Investments, one of the world’s largest financial services enterprises, earlier announced the launch of Fidelity’s factory Digital Assets Account( DAA). This is the first blockchain-based acc...
Could This Bill Get You Penalty-Free 401(k) Withdrawals for Common Retirement Expense?
401k withdrawls for ltc When planning for the future, health care ranks as one of the highest concerns for both savers and retirees alike. Not only are health care costs rising by more than 5% every y...
Senators Say Fidelity’s New 401(k) Option is Risky, But Is It Right for You?
SmartAsset: Should You Add Bitcoin to Your Retirement Plan? Democrat senators sent a letter to Fidelity Investments questioning why the company would allow its 401(k) participants to be exposed to Bit...
Will Your 401(k) Rollover Count as an IRA Contribution?
SmartAsset: Does 401(k) Rollover Count as IRA Contribution? If you have an old 401(k) at work, you might decide to roll it over to an individual retirement account (IRA). But does 401(k) rollover coun...
Opinion: Fidelity’s bitcoin move getting all the wrong publicity
What would Ned Johnson do? The late, great Fidelity Investments honcho built his family’s Boston-based money management firm into one of the biggest in the world over the course of a long career. John...
How Much 401(k) Inheritance Taxes Will Really Cost You
Inheriting a 401(k) can add a wrinkle to your financial plan from a tax perspective. Under 401(k) inheritance tax rules, any assets passed on from one person to another are taxable. The rules for inhe...
Opinion: Liz Truss is out — why that might be good for your 401(k)
The British pound rose on the news that Liz Truss was standing down. (It’s now the best performing currency of the last month, if you can believe). The interest rate on British government bonds fell. ...