The year 2023 has marked a notable increase in the average savings rates for 401(k) plans, reflecting a shift in employees’ attitudes towards retirement planning. According to a recent survey conducted by the Plan Sponsor Council of America (PSCA), the combined savings rate, which includes both employee contributions and employer matching, has risen to 12.7%,
Personal
In 2023, the transfer of student loan accounts from NelNet to Mohela sparked significant turmoil, culminating in alarming discrepancies within the consumer credit reporting system. Lawmakers, led by Senator Elizabeth Warren and Senator Ron Wyden, have raised critical issues surrounding the handling of these accounts, stating that the fallout from this “faulty” transfer has resulted
As the cryptocurrency market continues to evolve, Bitcoin has captured significant attention, particularly after its impressive surge past $100,000 in December. Many investors are currently at a crossroads: should they hold onto their Bitcoin investments in light of substantial gains from the recent bull run, or is it time to cash out partial profits to
As the year 2025 approaches, it’s essential to reassess your retirement saving strategies, particularly concerning 401(k) contributions. Financial experts are highlighting significant changes in contribution limits that could benefit individuals looking to enhance their retirement funds. In 2025, the contribution cap for 401(k) plans will rise to $23,500, an increase from $23,000 in 2024. This
In the wake of the November U.S. elections, digital currencies have experienced a remarkable ascent, with Bitcoin recently surpassing the $107,000 mark. This rally has intensified interest in cryptocurrencies, particularly as President-elect Donald Trump outlines potential policies in favor of digital assets. While this enthusiasm is palpable among investors, the response from financial advisors has
With the Federal Reserve poised to make yet another cut to interest rates, savers and investors are finding themselves at a pivotal crossroad. As experts anticipate a reduction by a quarter of a percentage point during its December meeting, many are reassessing their strategies for managing cash reserves. Historically low rates create a dilemma for
As the Federal Reserve signals another potential drop in interest rates following its upcoming meeting, American consumers are beginning to exhibit a renewed sense of hope regarding their financial futures. Despite a challenging period characterized by sustained high inflation that has strained household budgets, recent reports indicate a significant uptick in consumer confidence. This shifting
The Social Security Fairness Act, recently passed by the House of Representatives, has sparked significant conversation about its potential effects on public workers who receive benefits from both Social Security and public pensions. While more than 300 members of the House voted in favor of the bill, the upcoming Senate debate will ultimately decide whether
As the year 2025 approaches, the financial landscape is shrouded in uncertainty, particularly concerning tax legislation and its implications for individual and corporate investors. The anticipated discussions in Congress regarding the potential extension or alteration of the Tax Cuts and Jobs Act (TCJA), enacted in 2017, hint at lessons that can still guide investors today.
In the ever-evolving landscape of retirement planning, the Roth individual retirement account (IRA) conversion stands out as a strategic avenue for many investors. However, the decision to convert must be approached with a nuanced understanding of one’s financial position, tax implications, and market conditions. Understanding these elements is crucial for making informed decisions that will