Retirement savings

Retirement Saving Reach Record High Despite Great Resignation

Even though there are high points and low points in the work market, one thing stays consistent – employees’ obligation to finance their retirement accounts. Fidelity uncovered that record rates of retirement savings during 2021 in their most recent pattern report. The information shows that the average 401(k) account balance arrived at a record high rate of $130,700, and 40% of savers increased their record commitments last year. Financial investors kept on remaining fixed on …

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Retirement Bliss: Single Folks Are Making it Happen – Find Out How

Living in a dual-income household has its advantages, but it’s important to note that many single individuals can retire comfortably and lead fulfilling lives in their retirement years. Retirement planning principles remain the same regardless of whether you are single or part of a couple, although certain areas require extra attention. Here are some tips to enhance your prospects of achieving your desired retirement lifestyle. What Is the Average Retirement Income for a Single Person? …

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Crucial Facts to Understand About 401(k) Hardship Loans

If you are experiencing an “immediate and substantial financial need,” the IRS may grant permission for a 401(k) hardship withdrawal. When facing financial difficulties, you may have contemplated tapping into your 401(k) plan for assistance. While there are situations in which current employees can make 401(k) withdrawals, certain conditions must be met to avoid penalties associated with early withdrawals from your retirement account. To gain insight into the process of obtaining a 401(k) hardship withdrawal, …

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Don’t Leave Money on the Table! Seniors, Discover These Hidden Tax Perks

It’s important to recognize that retirement is a significant milestone in life, and for individuals aged 65 and older, it’s crucial to make the most of available tax breaks to ensure financial stability during this phase. After all, retirees typically rely on their hard-earned savings to cover their expenses after retirement.  Here are some valuable tax-saving opportunities that seniors often overlook. Extra Standard Deduction for Seniors: One of the first tax benefits to consider is …

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Struggling to max out your 401(k) – Try this instead

For many workers, the idea of maxing out their 401(k) contributions can seem like an unattainable goal. With the generous annual contribution limits and the need to prioritize living expenses, it’s no wonder that most individuals fall short of reaching the maximum allowable amount. There’s no need to fret. A more realistic alternative exists that can still help you maximize your retirement savings. Rather than aiming to reach the maximum contribution limit, experts suggest focusing …

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How much should you be contributing to your 401(k) in 2024

As we enter the new year, many 401(k) plan savers are wondering how much they should contribute to their retirement plan in 2024. Although the answer depends on individual circumstances, there are specific steps that can be taken to optimize contributions and maximize retirement savings. First and foremost, it’s important to be aware of the 2024 contribution limits set by law. The cap on employee elective deferrals for 401(k) plans is $23,000, with an additional …

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Unlock Your Financial Future: Learn How These 6 Numbers Can Change Your Life

Are you tired of living paycheck to paycheck, constantly worrying about your financial stability? Do you worry about never being able to retire? Do you dream of a future filled with financial freedom and security? Discover how six simple numbers can change your life and allow you to build a secure future.  Evaluating your financial status based on the following six numbers can either give you peace of mind about your financial stability or help …

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