Older Workers to Get ‘Super’ 401(k) Catch-Up Contributions in 2025 – The New York Times
Will you be 60 to 63 next year? lucky you! You also have the option of contributing thousands more to your workplace retirement plan. That is if they can afford it, but many workers will find that impossible. Federal tax law already allows people age 50 and older to make additional contributions above the annual […]
IRS increases contribution limits for 401(k), some other retirement plans for 2025
In “The Bottom Line,” President Trump donor Norm Champ details how the Biden-Harris rule is hurting Americans' retirement savings. of Internal Revenue Service (IRS) announced Friday that it will increase the amount individuals can contribute to 401(k)s and other retirement plans to account for inflation. Each year, the IRS reviews the tax thresholds and limits […]
Switching jobs? If you're thinking about your 401(k), you might want to reconsider – Fox Business
Harvard University professor Arthur Brooks has joined Barney & Company. We discuss his new book and how it provides readers with insight into how they can build a happier life. If saving for retirement is at the top of your list of concerns, you may want to think twice about changing jobs. a Wall Street […]
Why 401(k) plans are the 'final frontier' for exchange-traded funds – CNBC
Momo Production | Digital Vision | Getty Images While many investors are flocking to exchange-traded funds (ETFs), they're not as popular among 401(k) plan participants. Exchange-traded funds (ETFs) emerged in the early 1990s and have since amassed about $10 trillion. Mutual funds hold about $20 trillion, but ETFs are slowly losing their dominance. ETFs now […]
There are more 401(k) millionaires in the US than ever before
Barron's Roundtable discusses reports that Gen Z is actively seeking retirement. The number of 401(k) plan participants with balances of $1 million or more hit a record high at the end of June, according to a new survey released by Fidelity Investments. There were about 497,000 so-called 401(k) plan “millionaires” in the second quarter, the […]
401(k) millionaires reaches record high: Fidelity
The number of 401(k) accounts with assets of more than $1 million hit an all-time high in the second quarter of 2024. analysis Fidelity Investments. There were about 497,000 so-called 401(k) “millionaires” last quarter, up 2.5 percent from 485,000 in the first quarter, according to a Fidelity analysis of 24 million 401(k) accounts across 26,000 […]
Can I use my 401(k) as an ATM? New rules allow emergency withdrawals. – USA TODAY
Need $1,000 to cover an unexpected expense? Starting this year, you might be able to withdraw money from your 401(k) relatively easily. New rules make it easier to tap into retirement accounts for emergency funds. In 2024, you can withdraw up to $1,000 from a traditional 401(k) or IRA to cover emergency needs. And here’s […]
IRS has made it easier for you to get emergency cash out of your 401(k) – 69News WFMZ-TV
ALLENTOWN, Pa. — The IRS has made it easier to access emergency funds from your 401(k), now allowing you to withdraw $1,000 penalty-free for a “self-defined” emergency. “The reason this is an exception is because if you’re under 59.5 and you withdraw funds from a retirement account, you have to pay a 10 percent penalty […]