401(k) Contributions
The contribution limits are increasing
Social Security is a federal government program funded through payroll taxes that provides a basic level of retirement income. However, Social Security is only designed to replace about 40 percent of your pre-retirement income, not all of it. Over 70…
2026 Retirement Rule Change for 401(k) Catch Up Contributions
A popular retirement tax break for catch-up contributions ends in 2026 for higher-income earners. A provision in the 2022 Secure 2.0 Act no longer allows high earners making $145,000 or more to put their catch-up contributions into a traditional 401(k)…
Retirement Saving: There’s a Hidden 401(k) Feature You May Not be Aware of
Saving for retirement is one of the most frequently discussed topics in financial planning media these days, with the common assertion that nearly everyone needs to do more to prepare for this life phase. CNBC Personal Finance Reporter Kate Dore,…
Changes to 401(k)s in 2025
The start of the new year is only two weeks away, and there are changes to those participating in a 401(k) plan that they need to know. As the result of the SECURE 2.0 Act of 2022, these new rules…
How you can save more money in 2025
New year, new rules for retirement savers. In 2025, 401(k) savers can save $23,500, and those 60 to 63 can save an additional $11,250 for a total of $34,750. “This can be a great way for people to boost their…
Are you making this mistake with your new higher-paying job?
Have you switched to a higher-paying job recently? According to recent research from Vanguard, many workers who jump to a new position frequently enroll in their new 401(k) plan at a lower contribution rate than their previous employer, causing them to…
How would the Retirement Benefit Account (RBA) hurt retirement savings?
IBM announced they will replace their 401(k)-matching program with a new Retirement Benefit Account (RBA) starting January 1st. Their statement said: “Each employee who’s served at least a year will receive a “monthly account credit” up to the IRS limits…
Changes to your retirement savings
For those individuals saving for retirement in 2024, you received some good news from the IRS last week. The IRS announced the 2024 contribution limit increases of $500 for 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings…
How to prioritize in a shaky economy
During times of economic uncertainty, should you max out your 401(k) contribution or build your emergency fund? Experts are saying you should not forgo emergency savings. According to a recent study by Fidelity Investments, more than half of savers are…