One option is through a profit sharing plan that invests the money in an annuity once a participant retires.
The median retirement account balance among all U.S. workers is "zilch"
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A new interactive interface allows employees to think about retirement and health savings together and visualize the best way to allocate limited assets.
One of three bills introduced this week as part of “Tax Reform 2.0,” the Family Savings Act includes many of the provisions written into the popular RESA legislation.
Seventy-nine percent of Americans say they don’t fully understand what happened during or what caused the financial crisis.
They want help with calculating how much money to save for retirement, determining how to invest their 401(k) assets, determining the age at which they can retire, and figuring out their expenses in retirement.
It is also compatible with all major web browsers and mobile devices.
With a new service from BenefitEd, workers can move the entire match over to pay down their student loan debt or just a portion of it.
The percentage of employers that default participants at a 6% deferral rate or higher more than doubled in the past decade to 19%, an analysis from Fidelity finds.
Younger Baby Boomers and Gen Xers are the most stressed about retirement, a Bankrate.com survey found.
Their primary reasons are financial and to fight boredom
According to the Alight Solutions 401(k) Index, year-to-date there have been 29 days with above-normal trading activity, suggesting that the month of June brought back a bit of a sense of tranquility for investors after a difficult start to the year.
Plans which permit non-safe harbor hardship distributions could theoretically approve a participant’s hardship distribution request for the repayment of student loans, but those relying on the safe harbor cannot.
For those learning about HSAs for the first time, one of the keys is to understand there is one set of rules for money going into the accounts, and another set of rules for money moving out.
“We continue to see the significant impact plan design and financial wellness programs have on participant behavior, as evidenced by the increase in both participation and deferral rates and decrease in loan usage,” says Aimee DeCamillo, head of T. Rowe Price Retirement Plan Services.
In a brief supporting a motion to dismiss a case against George Washington University related to the management of its 403(b) plan, the defendants note that 403(b)s have always looked differently and were set up for a different purpose than 401(k) plans.
On top of this, more than three in four worry Social Security could be extinct by the time they retire.
Half of retirees say they spend less in retirement than they did in their working years.
"Having a plan in place to manage their finances can help retirees feel confident about spending their assets and address the fears that may be holding them back,” says Marcy Keckler, vice president of financial advice strategy at Ameriprise Financial.