The latest estimate for Social Security's cost-of-living adjustment (COLA) in 2025 has risen to 3% due to higher-than-expected inflation, according to new calculations reported on Wednesday. This increase marks the third adjustment this year, following the reacceleration of inflation each month in...
Retirement savings play a crucial role in securing financial stability in your golden years. For those aiming high, being in the top 3% of retirees in terms of savings enhances comfort and offers greater financial freedom.
Using...
The wealth gap between rich millennials and the rest of their age group is the largest of any generation, creating a new wave of class tension and resentment, according to a recent study.
Even as the vast majority...
Millions of us have 401(k) accounts, sponsored by our employers or former employers. And hundreds of thousands, if not millions, of us actually have accounts worth $1 million or more. That's not the norm — millionaire accounts only made up about 1.8% of 401(k) accounts administered by Fidelity, for...
U.S. workers have stashed $6.9 trillion in their 401(k) plans as of Sept. 30, 2023, according to the Investment Company Institute, an association representing regulated investment funds.
A healthy chunk of those 401(k) assets is being steered toward spouse and non-spouse beneficiaries who take over the plans after the original...
BlackRock, the largest asset manager, has launched a new product to help workers access their retirement savings through a regular income stream that mimics a paycheck they receive during their working years.
Experts say that while the new choice could be helpful, its success will be defined by whether consumers...
As the torch passes from millennials to Gen Z, the world of investing is witnessing a seismic shift. With a keen eye for financial independence and a penchant for innovation, Gen Z is revolutionising the way we think about wealth planning.
Here are some trends and investment tips tailored to Gen Z's...
In your 40s, you’re likely hitting your peak earning years and beginning to seriously evaluate your strategy for saving, whether it’s for retirement or your children’s future.
In 2023, Americans in their 40s managed to save over $6,930, according...
If you’ve inherited an individual retirement account since 2020, you could have a shorter timeline to withdraw the money, which can trigger tax consequences. But there are a few things to consider before emptying an inherited account, experts say.
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The Biden administration on Tuesday finalized a new rule to crack down on retirement advice given by financial professionals, a move that has already drawn fierce backlash from Wall Street.
The Labor Department regulation aims to ensure...
