Retirement

This new plan, introduced under SECURE 2.0, have lower employee contribution limits compared to traditional 401(k)s and allow for reduced recordkeeping requirements, which reduce administration costs.

Most Gen Xers have adjusted their retirement goals to support their adult children or aging relatives, according to a new “sandwich generation” survey by Athene.

The resolution, which was backed by TIAA and Nuveen, encourages state governments to support efforts to add the options to defined contribution retirement plans.

The number of Gen X managed account holders with at least 3 months of emergency savings more than doubled from their point of enrollment in a managed account, which improves their financial confidence.

Two weeks ago, the Supreme Court heard arguments in Cornell University’s 403(b) excessive fees lawsuit, but the high court refused to hear AT&T’s bid for review of its 401(k) ERISA lawsuit on Monday.

While a recent 401(k) fiduciary survey claimed more than 700,000 American companies could be at risk of fines and legal penalties for fiduciary failures in their retirement plans, one retirement expert now claims that most of these ERISA "red flags" are unfounded.

The biggest change would be for employees to pay a higher retirement contribution rate of 4.4% of their salary, according to Representative James Comer, who is Chairman of the House Oversight Committee and Government Reform Committee.

The “magic number” is $200,000 less than the $1.46 million reported last year, however, 25% say they have just one year or less of their current annual income put aside for retirement, according to Northwestern Mutual.