Retirement

Two of the optional provisions included in the Act provide retirees with the ability to access savings in the event of an emergency or unplanned expense.

Tough markets in 2022 caused average balances to fall across industries, but some sectors managed to outperform significantly, according to Judy Diamond's 401(k) Benchmark Report.

Last week, Pres. Biden released a draft of the new Secretary of Education plan that would cancel or reduce student loan debt for millions of borrowers, following the Supreme Court's rejection of his debt cancellation in 2023.

Since most retirees no longer have pensions, financial advisors need to advise employees to take some of their 401(k) assets and convert them into protected income earmarked for retirement days, says The Longevity Project.

In 2024, a provision in the SECURE 2.0 legislation permits an employer that is not sponsoring a retirement plan to offer a starter 401(k) or safe harbor 403(b) plan to its employees that is exempt from certain nondiscrimination requirements.

Employees are expecting more from their companies and they're pushing for greater financial flexibility to give them a leg up on building wealth – perks that go far beyond a 401(k) plan, such as student loan repayment.