401(k) plans Archives - DR News - News, Retirement, Finance

Securing Your Future: Essential Strategies For Retirement

“Failing to plan is planning to fail,” which couldn’t be truer when preparing for retirement. With life expectancies on the rise and the future of social safety nets uncertain, taking the reins on your retirement planning is more important than ever. Here’s what you should do to ensure your golden years are secure and enjoyable. Start Early and Save Consistently You should begin saving for retirement as soon as possible. Thanks to the power of …

How Secure 2.0 Act is Changing Your Retirement NOW

The landscape of retirement planning is witnessing significant changes as the Setting Every Community Up for Retirement Enhancement (SECURE) 2.0 Act comes into force. The goal of the act is to enhance retirement savings for Americans, introducing new rules and opportunities for individuals and employers. Here are some key changes taking place now: Age for RMDs One of the key modifications under the SECURE 2.0 Act is the adjustment to the age at which retirement …

Could You Lose Out on Catch-Up Contributions Next Year? Find Out Now!

The SECURE 2.0 Act, introduced last year, significantly altered retirement account regulations. Some modifications have already been implemented, leading to confusion, especially among older individuals trying to navigate essential retirement planning decisions, like when to take required minimum distributions (RMDs). A particular area of concern is the forthcoming adjustments to the rules surrounding catch-up contributions for 401(k) plans. Initially set to be effective in 2024, these changes will necessitate catch-up contributions for those with higher …