retirement fund

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IRS Announces Record Boost for 401(k) Infusions

For 2023, you can deposit $22,500 to qualified retirement plans—up to $30K for those 50 and over

(Newser) - Good news for those who want to pump more money into their retirement savings: The IRS just raised the contribution limit on 401(k) plans for 2023, as well as for similar tax-deferred plans for public education workers, federal and state employees, and those who work for tax-exempt groups. That new...

Millennials Are Winning at Saving for Retirement

And 24% of those with savings have $100K saved already

(Newser) - Among those of their generation saving for retirement, baby boomers started saving, on average, at age 33. For Generation Xers, it was age 30. For millennials? Age 24, according to a new Bank of America survey cited by USA Today . Nearly 3 out of 4 millennials, who are between the...

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...

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...

Man Scored $500K in Retirement Checks ... for His Dead Father

His dad passed in 1983, but the money kept coming

(Newser) - For 30 years after his father died, a New York man continued to receive his retirement money—amounting to nearly $500,000, prosecutors say. Peter Spino, 78, pleaded guilty to stealing government cash, but he won't have to go to jail, lohud.com reports: Instead, he's been sentenced...

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...

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...

6 Retirement Planning Myths

 6 Retirement Planning Myths 
Apr 7, 2012 1:00 PM CDT

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...

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...

Town's Pension Collapse Seen as Warning Across US

When fund ran dry, it stopped paying its retirees

(Newser) - When an Alabama town’s pension fund ran out, it simply stopped sending money to its retirees—a decision that’s never been made before, pension experts believe. That left retired public workers struggling: Some returned to work, one filed for bankruptcy, and one died with no electricity or running...

Consumer Confidence Hits New Low
Consumer Confidence
Hits New Low
Feb 24, 2009 10:16 AM CST

Consumer Confidence Hits New Low

Index plummets to 25, compared to 76.4 a year ago

(Newser) - Americans' already-battered confidence in the economy went into freefall this month, reaching new lows as consumers grow more fearful over huge job cuts and shrinking retirement accounts. New York's Conference Board said its Consumer Confidence Index, which was down slightly in January, plummeted more than 12 points in February to...

Lehman to Spin Off $4.5B Private Equity Arm

A strategy of hold and manage, rather than sell into weakness, has emerged

(Newser) - Lehman Brothers, bleeding out but not quite dead, will spin out its private equity arm into an independent firm, which will take on new investment from a South African billionaire investor, the Wall Street Journal reports. The Lehman estate will retain a small interest in Lehman Brothers Merchant Banking, which...

Obamas Play It Too Safe With Personal Finances
Obamas Play It Too Safe
With Personal Finances
ANALYSIS
May 8, 2008 6:37 PM CDT

Obamas Play It Too Safe With Personal Finances

Despite big new book-generated income, and youth, they're too cautious

(Newser) - Barack and Michelle Obama invest their own money “very, very safely”—perhaps too conservatively, say Sam Grobart and Tara Siegel Bernard in Slate. The Democratic frontrunner and his wife only began rolling in the money recently and their portfolio—“for the most part, a collection of run-of-the-mill...

Advice Amid Market Turmoil: Don't Panic!

Ride out the storm and hang on to your 401k, experts say

(Newser) - If you’re watching today’s economic news with trepidation, financial experts want you to take a deep breath. “This is not the beginning of the end,” said one analyst. “If you’re going to invest in stocks, this kind of volatility comes with the territory.”...

$10 Million Added to NFL Retirees Fund

Money will target joint replacement, other medical concerns

(Newser) - The medical fund the NFL established in July for its retired players will receive a $10 million boost. The money will be added to the $7 million already in the fund and be used for joint replacement surgery, cardiovascular screening and assisted living. “We're continuing to work on the...

Hillary Offers 401(k)s for All
Hillary Offers 401(k)s for All
Oct 9, 2007 6:10 PM CDT

Hillary Offers 401(k)s for All

Feds would match up to $1,000 for middle income Americans

(Newser) - Today Hillary unveiled a new plan, vowing to help Americans retire by matching $1,000 of their savings with federal funds. She says feds can match 50-100% of the first $1,000 saved in a 401(k)-style account, depending on one's income. She plans to pay the $20-$25 billion tab by...

BCE Agrees to Landmark LBO
BCE Agrees to Landmark LBO
Jul 1, 2007 10:24 AM CDT

BCE Agrees to Landmark LBO

Ontario teachers' retirement fund lines up largest Canadian takeover ever

(Newser) - Canada's dominant telecom company will go private in the country's biggest takeover ever, and one of the largest LBOs in the world. A powerful teachers' retirement fund and two American private-equity firms made a deal yesterday for CBE, also known as Bell Canada. The $48.5 billion (C$51.7 billion)...

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