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401k Plans

All articles tagged with #401k plans

finance1 year ago

"Generational Retirement Savings Trends: Millennials and Gen Z Outpacing Older Generations"

Millennials face a challenging retirement outlook due to policy changes, longer lifespans, and higher student debt, with 38% projected to have inadequate retirement income at age 70. Factors contributing to their wealth gap include student loans and the shift from pensions to 401(k)-type plans. However, their higher educational attainment and potential for increased retirement savings through 401(k) enhancements offer room for optimism. Experts recommend incremental savings increases and prioritizing retirement savings over other financial goals.

via CNBC|
#401k-plans#finance#millennials
retirement-planning2 years ago

Expanded Access to 401(k) Plans for Part-Time Workers in 2022

Starting in 2024, part-time workers in the U.S. will have increased access to employer retirement plans under the SECURE Act. The legislation requires employers to extend eligibility for their company retirement plans to part-time employees who work at least 500 hours per year for three consecutive years. This requirement will be reduced to two years starting in 2025. The changes aim to improve retirement savings for part-time workers and encourage small businesses to re-evaluate their retirement benefits. Offering retirement benefits to part-time workers also opens up conversations about saving and investing for these employees.

via CNBC|
#401k-plans#part-time-workers#retirement-benefits
finance2 years ago

IRS Sets 2024 Retirement Account Limits: $23,000 for 401(k)s, $7,000 for IRAs

The IRS has announced the new retirement account contribution limits for 2024. The employee contribution limit for 401(k) plans will increase to $23,000, while catch-up contributions for those aged 50 and older will remain at $7,500. The contribution limit for IRAs will be raised to $7,000, with catch-up contributions remaining at $1,000. Additionally, the adjusted gross income phaseout range for Roth IRA contributions will increase, potentially allowing more Americans to qualify.

via CNBC|
#401k-plans#contribution-limits#finance
finance2 years ago

Biden's ESG Rule Upheld in Court, Marking a Major Victory for Environmental Advocacy

President Biden's ESG (environmental, social, and governance) rule, which promotes sustainable investing, has survived a legal challenge from Republican state attorneys general. The rule, which replaced a regulation issued by the Trump administration, aims to address climate change and encourage the adoption of ESG principles in 401(k) plans. The court ruling preserves the Biden administration's positive stance on ESG investing and signals a "tonal shift" that may encourage fiduciaries to consider ESG factors in their investment decisions. However, roadblocks remain, including concerns over potential class-action lawsuits and future regulatory changes.

via CNBC|
#401k-plans#biden-administration#climate-change