retirement savings

20 Stories

Your 401(k) Contributions May Not Be Safe After All

House tax-writing chief Kevin Brady suggests limits are in play, despite Trump's opposition

(Newser) - President Trump declared emphatically this week that 401(k) contributions were off-limits to congressional negotiators working on changes to the tax code. But on Wednesday, one of those negotiators—in fact, one of the most influential ones—suggested otherwise, reports the Washington Post . Kevin Brady, who chairs the House tax-writing committee,... More »

Trump Says No One Will Lay a Hand on Your 401(k)

President seemed to be responding to a 'NYT' report that suggested otherwise

(Newser) - President Trump promised Monday there will be "no change" to tax incentives for the popular 401(k) retirement programs. "This has always been a great and popular middle class tax break that works, and it stays!" Trump tweeted . The AP reports the president appeared to be responding to... More »

GOP May Use Retirement Accounts to Pay for Tax Cuts

Sources say Republicans may cap contributions to 401(k) accounts at $2,400 a year

(Newser) - Multiple sources say Republican lawmakers may be setting their sights on Americans' retirement accounts to pay for tax cuts, specifically to the business tax rate. The New York Times reports Republicans are expected to release a tax reform plan sometime in the next few weeks, and that plan could include... More »

Early Cheerleaders of 401(k) Plans Are Now Changing Tune

They point to major issues, such as dependence on stock market, high fees

(Newser) - When 401(k) plans emerged in the '80s, they were supposed to complement pensions, not replace them. But as the Wall Street Journal reports, only 13% of workers in the private sector today hold pensions thanks to the 401(k) revolution—and original proponents of the tax-deferred savings plans are now... More »

Can't Set Up a Retirement Plan? Now You Can, Gov't Says

New myRA savings plan is free, no-risk vehicle for lower, middle classes

(Newser) - About one-third of non-retired Americans have no retirement savings or pensions to their names—and the government says it has just the thing to remedy that. Cue myRA , a free, no-risk savings plan designed for people who don't have access to (or can't afford) 401(k)s, IRAs, or other... More »

100 CEOs Have $4.9B in Retirement Savings

That's equal to the nest eggs of 50M US families

(Newser) - When you add them together, the 100 biggest CEO retirement accounts are equal to the retirement savings of 50 million American families, CNBC reports. According to a new report from the Center for Effective Government and Institute for Policy Studies, each of those 100 CEOs has an average of $49.... More »

Half of Couples Don't Know This About Their Partners

They say they communicate, but a new survey by Fidelity suggests otherwise

(Newser) - For richer, for poorer, for who knows? Nearly half (43%) of couples in serious relationships don't know what their partners earn. And of those, 10% are off by at least $25,000. So finds the latest biannual online survey by Fidelity , which polled 1,051 couples who are at... More »

One in 8 Older Americans Die Penniless

10% of single Americans die in debt: study

(Newser) - Need a push to start saving? You've got it, courtesy of the Employee Benefits Research Institute. A review of retirement surveys from 2010 to 2012 finds one in eight people who died at 85 or older were dead broke, with no assets to their name, reports NBC News . One... More »

We Live Way Longer Than We Expect

And that could be bad news post-retirement: study

(Newser) - How long do you think you'll live? New research suggests you can tack a few more years on to whatever number you came up with. In 1992, University of Michigan researchers asked 26,000 Americans between the ages of 51 and 61 if they thought they would make it... More »

31% of Americans Have No Savings for Retirement

That includes 1 in 5 who are near retirement age

(Newser) - Here's a scary stat for you, spotted by the Washington Post : About 1 in 5 people nearing retirement have no money for retirement. It comes from a newly released survey by the Federal Reserve of about 4,100 Americans. In total, 31% had saved no money for retirement, though... More »

Medicare Fund to Last Longer Than Previously Thought

Medicare gets a 4-year boost—but disability benefits are disappearing more quickly

(Newser) - If you’ve been nervously eyeing your Social Security and Medicare updates, wondering if there will be anything left or whether a viable health program will exist by the time you punch your final timecard, Uncle Sam has (some) good news: Benefits funds for Medicare are expected to last for... More »

36% Have Saved Less Than $1K for Retirement

Yet more of us are feeling secure about retirement

(Newser) - A new survey offers a look at Americans' retirement savings, and two somewhat conflicting points stand out: Some 36% of us have less than $1,000 saved for our golden years, yet a higher proportion are feeling very confident they can retire in comfort. That $1,000 doesn't factor... More »

MyRAs Not Enough to Fight 'Retirement Crisis'

President Obama's proposal is only a modest start: opinions

(Newser) - President Obama's MyRA proposal, announced at the State of the Union , is not enough to save the retirement system. At least that's the takeaway from two columns on the plan:
  • "The system is failing," write the editors at Bloomberg . Workers aren't saving enough, employers aren'
... More »

Former Oral-B VP Now Flipping Burgers

Tom Palome didn't save enough for retirement; neither do many others

(Newser) - That people aren't saving enough for retirement is not exactly breaking news. But Bloomberg tells the story in terms that truly resonate. Tom Palome, 77, used to be a VP at Oral-B, making a six-figure salary. But like many middle-class retirees, he didn't save much for retirement, and... More »

57% of US Workers Have Less Than $25K in Savings

New survey suggests retirement trouble looms for nation

(Newser) - The Wall Street Journal points to a double-whammy in terms of retirement savings: People aren't saving enough, and they're living longer. Among the depressing nuggets from a new survey by the Employee Benefit Research Institute:
  • 28% of Americans don't think they'll be able to retire comfortably,
... More »

401(k)s Aren't Working

Nation's 'grand experiment' has been an alarming failure: Duncan Black

(Newser) - We're just now seeing the results of the nation's "grand experiment" with 401(k) plans as the first generation of workers to embrace the concept reaches retirement age. The results are "truly alarming," writes Duncan Black in USA Today . Many people don't have nearly enough... More »

Retiring? Better Have $240K for Health Care

Fidelity releases annual estimate

(Newser) - Retiring this year? You and you significant other will need $240,000 for health care expenses, according to Fidelity Investments' latest annual projection. That's up 4% from last year's $230,000 estimate, which is a typical—and actually fairly modest—increase, BusinessWeek reports. Since 2002's $160,000... More »

6 Retirement Planning Myths

From debt to 401(k) plans, it's never too late to prepare

(Newser) - According to a new survey, only 14% of US workers are very confident they'll be able to retire comfortably—and more than 50% haven't even tried to calculate how much money they'll need. Workers are increasingly planning to keep working past the retirement age—37% said they... More »

3 European Countries Grab at Private Pensions

Hungary, Bulgaria, Poland call for citizens' savings

(Newser) - As European governments seek new sources of revenue, private retirement plans are taking a hit. Since most are organized by the state, "European ministers of finance have a facilitated access to the savings accumulated there, and it is only logical that they try to get a hold of this... More »

Workers May Get Automatic Retirement Accounts

Democrats want all employees enrolled

(Newser) - Democrats plan to introduce legislation that would automatically enroll private-sector workers in retirement savings accounts, the Hill reports. The measure, being heavily pushed by the AARP, would apply to those whose employers don't offer 401k accounts. Workers would be able to opt out of the plan, whose backers don't expect... More »

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