Having grown up in poverty, I tend to avoid risks. At 59, I have $575K in my 401(k), $350K in CDs, and $125K in cash. Am I in a good place for retirement?
After spending 27 years at a single company, I retired last December at the age of 59 and now have access to my 401(k). My salary has been roughly $100,000 annually, with bonuses that fluctuate. My husband is also retired and receives Social Security but still has insurance coverage. We own our home and car […]
Significant Changes to 401(k) Plans Under Review by Congress
Proposed Changes in Retirement Savings Legislation Congress is looking into a plan that could allow employees to transfer funds from 401(k) accounts to private pensions without needing to quit their jobs. This initiative, termed “tenure rollovers,” aims to provide a new way for Americans to save for retirement. The proposal was reintroduced in the House […]
That ‘free’ money in your 401(k) might not be yours just yet
For many individuals contributing to a 401(k), there’s often a company match involved. However, it’s worth noting that those matching funds might not be fully accessible right away. In certain cases, a person may need to stay with their employer for as long as six years to gain complete control of those contributions. This extended […]
What Will the Typical 401(k) Balance Be for Those in Their 60s in 2025?
Important points The average 401(k) balance for individuals in their 60s stood at $568,040 as of June 2025, whereas the median amount was significantly lower, at $188,792. Your retirement savings needs hinge on your lifestyle and anticipated annual expenses. A common guideline suggests saving eight times your pre-retirement income by age 60. You can enhance […]
Typical 401(k) and IRA balances reach all-time highs due to market gains in 2025.
Retirement Account Balances Soar in Third Quarter After a downturn in early 2025 due to market swings, retirement account balances hit new heights in the third quarter, as reported by Fidelity Investments, the leading provider of 401(k) plans. The average 401(k) balance rose by 9% year-over-year, reaching an impressive record of $144,400. Additionally, individual retirement […]
A new 401(k) regulation is set for 2026 that will affect many high-earning Americans. Here’s what to understand if you belong to this category.
If you’re in your middle years and earning a good salary, get ready for changes in how you contribute to your 401(k) next year. Back in September, the IRS rolled out new regulations that will alter catch-up contributions starting 2026. Specifically, they’re implementing income tests that could significantly impact high-income earners. So, here’s the crucial […]
Fidelity clients can no longer access their 401(k) plans. Some view this as an unbelievable takeover, while the company claims it’s for security reasons.
In the ongoing tussle between major investment firms and fintech platforms for control over customers’ retirement accounts, some clients feel stuck in the crossfire. Recently, Fidelity’s new policies have ramped up tensions, particularly when they began limiting third-party financial advisors’ access. This has led to many customers losing online access to their 401(k) accounts, especially […]
Retirement savings limits for 2026 rise as contributions for 401k and IRA are increased.
IRS Announces Increased Contribution Limits for Retirement Accounts The IRS has made some noteworthy adjustments to common retirement plans like 401(k)s and IRAs. Starting in 2026, those who contribute to plans such as 401(k) and 403(b) will see their contribution limits rise to $24,500, up from $23,500 in 2025. Additionally, IRA contribution limits will also […]
IRS reveals new 401(k) contribution limits for 2026, increases savings cap
IRS Announces New 401(k) Contribution Limits for 2026 The IRS recently unveiled updates to the 401(k) contribution limits for 2026. In a release on Thursday, the agency increased the deferral limit for employees, raising it from $23,500 in 2025 to $24,500 next year. This adjustment impacts 401(k), 403(b), and most 457 plans, as well as […]
Here are the funds available in a 401(k) plan according to Morningstar.
Morningstar’s Approach to 401(k) Fund Selection I’ve been on Morningstar’s 401(k) committee for over 25 years, where I’ve worked alongside colleagues to pick and monitor the funds offered to our employees. While the selection of 401(k) options has expanded over the years, our fundamental approach has remained: we prioritize highly rated, low-cost funds for the […]