The U.S. Department of Labor headquarters in Washington. Al Drago/Bloomberg via Getty Images The Biden administration issued a final rule on Tuesday that cracks down on the investment advice that advisors, brokers, insurance agents and others give to retirement savers. The U.S. Department of Labor regulation — which follows a rule proposal in October — … Read more
Artur Debat | Moment | Getty Images The number of centenarians in the U.S. is poised to balloon in coming decades. That longevity poses a big financial challenge for households. By 2054, there will be an estimated 422,000 Americans age 100 and older — more than four times the 101,000 in 2024, according to a … Read more
Aleksandarnakic | E+ | Getty Images When it comes to retirement, Americans have a new number in mind — $1.46 million — for how much they think they will need to live comfortably, according to new research from Northwestern Mutual. That estimate is up 53% since 2020, when Americans said they would need $951,000, as … Read more
Americans in their 50s are right around the corner from reaching retirement age, but don’t have much saved up for their post-work years. By the time you reach your 50s, you should have around six times your salary saved for retirement, according to Fidelity Investments, the largest 401(k) provider in the U.S. If you earn … Read more
A United Auto Workers union member holds a sign outside the Stellantis Sterling Heights Assembly Plant to mark the beginning of contract negotiations in Sterling Heights, Michigan, on July 12, 2023. Rebecca Cook | Reuters Many Americans long for the days when companies guaranteed workers income in retirement. That includes Sara Schambers, a fourth-generation Ford … Read more
Jackyenjoyphotography | Moment | Getty Images The start of 2024 has not been kind to workers in industries that opened the year with layoffs. Google has cut several hundred jobs in its central engineering, hardware and assistant teams. Amazon is shedding hundreds of positions across its Prime Video, MGM Studios, Twitch livestreaming and Audible divisions. … Read more
What begins as a gender wage gap inevitably becomes a significant shortfall by retirement. In the U.S., women who work full time are typically paid about 80 cents for every dollar paid to their male counterparts. That gap has persisted despite women’s increasing levels of education and representation in senior leadership positions. Women are also still more … Read more
Valentinrussanov | E+ | Getty Images Retirement balances for midcareer workers declined between 2019 and 2022, despite gains on financial assets such as stocks during that period, according to new research. However, the loss isn’t necessarily as bad as it may initially seem, financial experts said. Median combined 401(k) plans and individual retirement account balances … Read more
With repayment of student loans starting again after a three-and-a-half year pause, college debt is top-of-mind for many borrowers who won’t be eligible for new relief plans from the Biden administration. That could come at the expense of saving for retirement, as paying down these loans can cause Americans, especially prime-working-year Americans, to forgo saving … Read more
A modern office space with a variety of plants on display and some employees working together at computer desks. Tom Werner | Digitalvision | Getty Images If you elected not to participate in your company’s 401(k) plan, your employer may have other ideas. The concept of 401(k) plan “reenrollment” has been gaining traction. That means … Read more
