A recent survey shows that 38% of Americans are worried about outliving their retirement savings and investments, indicating that retirement anxiety is a persistent problem in the United States.
WASHINGTON, DC – A recent proposal to end tax breaks for workplace retirement plans and IRAs in the U.S. has sparked a heated debate among economists and researchers. The proposal, put forth by prominent policy researchers Alicia Munnell and Andrew Biggs, suggests redirecting the newfound revenue to fund Social Security as the program faces insolvency. The argument is that these accounts primarily benefit the wealthy, while lower-income Americans rely heavily on Social Security to avoid …
A recent survey shows that 38% of Americans are worried about outliving their retirement savings and investments, indicating that retirement anxiety is a persistent problem in the United States. According to Transamerica’s “Emerging From the COVID-19 Pandemic: A Compendium About U.S. Workers’ Retirement Outlook,” the fear of running out of money during retirement ranks as the top retirement worry among Americans. In addition, 37% of respondents reported that they were worried about their health deteriorating …
If you’re the type of person who contributes the maximum amount to their 401(k) every year, you’ll be able to put away an extra $2,000 before taxes in 2019 compared to 2022. That is an unprecedented increase in absolute terms and as a percentage of the total.
Investing as much as possible in as many different ways could pay off immensely in the future. As of 2023, the maximum amount that can be contributed to a retirement plan will be raised by the Internal Revenue Service (IRS), allowing you to save more.
New York, NY – Employers in the United States are hesitant to offer a new perk that would help workers pay down student loans while saving for retirement, despite a law that makes it easier for companies to do so, experts say. The SECURE Act 2.0 Act, which became law in December 2022, included a provision allowing employers to count student loan payments toward matching 401(k) or other retirement contributions for the first time this …
If you have been saving and investing for retirement, it has been a difficult year. All three stock market indices, including the DOW, S&P 500, and most notably, the NASDAQ, have seen severe losses. And if that weren’t enough, the inflation rate is still rising. The housing market bubble has burst, and the nation may be on the verge of the next economic downturn.
A provision of the $1.7 trillion spending plan that was enacted on Friday has been touted as helping millions of Americans save more for retirement. But the true gain may go to a somewhat more secure group: the financial services sector.
Although approximately 48 million Americans are receiving Social Security retirement benefits, many are still actively employed and hope to one day receive these benefits. If you are one of these soon-to-be retirees, you should know that there are things you can do to ensure a comfortable retirement financially.
There may soon be a new incentive for low- and middle-income folks to save for retirement. Under a provision in a legislative plan known as “Secure 2.0” — which is part of an omnibus appropriations package that passed the Senate on Thursday and awaiting a vote in the House — a retirement “saver’s match” would be introduced, thereby altering how a current tax credit operates.