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401(k) Withdrawals and Social Security: Will Cashing in Affect Benefits and Taxes?

Social Security in 2024 will be affected by 401(k) withdrawals, and it is important to understand how this might impact your benefits. As you approach your full retirement age, it’s crucial to consider the implications of cashing in your 401(k) and how it may affect your Social Security payments. Here’s what you need to know about this complex issue. Firstly, as you reach your full retirement age in 2024, your work earnings limit will be …

How Do Americans Really Save for Retirement?

Diversifying your retirement portfolio is always good, but do we do it? From August 9-11, 2022, GOBankingRates polled 997 Americans ages 18 and older to determine what they are investing in for retirement. The survey included 16 questions regarding various financial matters, with one, in particular, focusing on the assets in respondents’ retirement accounts. Multiple responses were permitted based on each survey respondent’s portfolio components. The results were filtered using several different criteria, including age …

IBM Retirement Plan Shifts to Pension Model, Dropping 401(k) Match

Armonk, New York – IBM is making significant changes to its retirement plan, shifting away from the 401(k) model and towards a more traditional pension-like system. The technology company recently announced that it will discontinue its 401(k) match for employees, a move that has sparked discussions within the industry and raised questions about the future of retirement benefits in the corporate world. The decision to end the 401(k) match is a departure from the prevalent …

Surprising Economic Growth in 2023 Delivers Welcome Boost to 401(k) Accounts and Stock Market

NEW YORK, NY – After widespread predictions of recession last year, 2023 defied expectations with better-than-expected economic growth and falling inflation, the latest federal data shows. Investors have been buoyed by growing optimism that the Federal Reserve will cut interest rates this year, leading to record highs in the stock market. The S&P 500 is up over 2% at the start of this year, after a 26% jump last year. One of the most significant …

401(k) Millionaires: The 3 Secrets to Reaching a $1 Million Retirement Portfolio

New York, NY – Achieving a $1 million retirement portfolio may seem like a distant dream for many, but recent estimates show that only 3.2% of Americans have managed to reach this milestone by the end of the last decade. Surprisingly, these individuals are not privy to any special savings plans or knowledge that the average person doesn’t possess. What sets them apart are a few simple yet powerful secrets that have propelled them to …

Are you Saving Too Much for Retirement?

Saving for a post-work world has become a near-universal ideal: the 50-something workers who worry about their nest eggs have been joined by younger workers who experienced new working arrangements and the promise of life outside the office during the pandemic. Could you be saving to much?

Social Security Advisor Answers IRS Tax Questions Regarding 401K Withdrawal Timing

Riviera Beach, Florida – A reader from Riviera Beach, Florida, has reached out to inquire about the implications of cashing in on their 401(k) before reaching full retirement age. With September 2024 marking the date of their full retirement age, the reader is concerned about potential tax liabilities and impacts on their Social Security benefits. Seeking to ensure that their financial decisions do not adversely affect their Social Security benefits, the reader is working part-time …

401(k) Reform: Can Tax-Free System Save Social Security?

Could a 401(k) system without tax perks fix Social Security? This question has been raised as a possible solution to the funding issues facing Social Security. According to experts, this proposal is being considered as a way to stabilize the program’s finances for the long term. One of the proposed solutions involves creating a new universal savings account that would function similarly to a 401(k) plan but without the tax incentives. Proponents of this idea …

Should Your Add Crypto to Your Retirement Portfolio?

Cryptocurrencies based on blockchain are sure to play a significant role in the future of investing, the economy, and digital life in general. According to several experts, millennials are putting too much trust in trendy but risky computer-generated tokens as retirement investments.