401k

Investment giant BlackRock announced Friday it is taking a minority stake in venture-backed fintech startup Human Interest. Terms of the deal were not disclosed. Human Interest’s digital retirement benefits platform allows users “to launch a retirement plan in minutes and put it on autopilot,” according to the company. It also touts that it has eliminated all 401(k) transaction fees. The startup told TechCrunch previously that it works with “every kind of SMB” — from tech startups to law…

Designer491 | Istock | Getty ImagesIf you're eager to boost your retirement savings, there's good news for 2023: higher 401(k) contribution limits. And now is the time to adjust your deferrals, financial experts say.You can funnel $22,500 into your 401(k), 403(b) and other such plans for 2023, up from the $20,500 limit in 2022. Employees 50 and older can contribute an extra $7,500, up from $6,500 in 2022.In 2021, roughly 14% of investors maxed out employee deferrals, according to 2022 estimates from Vanguard, based on…

Congress is on the verge of passing a bill that aims to help Americans save more for retirement and leave their retirement savings untouched and untaxed for longer.The bill nearing approval raises the age people are required to start withdrawing money from tax-deferred retirement accounts to 75 from 72. It increases retirement savings contribution limits for older workers and provides an increased incentive to people with low and moderate incomes to save in retirement accounts. It also paves the way for more employers to…

If you've already maxed out 401(k) plan contributions for 2022 and you're eager to save more for retirement, some plans have an under-the-radar option, experts say.For 2022, you can defer $20,500 into a 401(k), plus an extra $6,500 for investors 50 and older. But the total plan limit is $61,000 per worker, including matches, profit sharing and other deposits. And some plans let you exceed the $20,500 deferral limit with so-called after-tax contributions. "It's definitely something higher-income people may want to consider…

If you're eager to save more for retirement in 2023, there's good news from the IRS: higher limits for your annual 401(k) plan and individual retirement account contributions.The employee contribution limit for 401(k) plans is increasing to $22,500 in 2023, up from $20,500, and catch-up deposits for savers age 50 and older will jump to $7,500, up from $6,500. The new amounts also apply to 403(b), most 457 and Thrift Savings Plans.The agency has also increased contribution limits for IRAs, allowing investors to save $6,500…

Millions of Americans can save more in retirement accounts next year, after inflation adjustments made Friday by the Internal Revenue Service.The employee contribution limit for 401(k) and similar workplace plans will jump $2,000 to $22,500 for 2023, the largest increase ever in terms of dollars and percentage, according to benefits provider Milliman. The amount taxpayers can contribute to an individual retirement account will be $6,500 for 2023, up from $6,000. The limit hasn’t changed since 2019. The 401(k)…

Retirement: The word conjures up thoughts of relaxing on a tropical beach, playing with grandkids and taking up birdwatching or gardening.But the nature of retirement as a reliable reward for a lifetime of work is changing with the uncertain times. Many Americans found themselves forced into an early retirement when they lost their jobs during the COVID-19 pandemic. Unable to find new employment, they pinched their pennies and bunkered down at home.For some, the high mortality rate of COVID-19 in seniors and the…

Morsa Images | E+ | Getty ImagesMany investors worry a recession is coming amid rising interest rates, high inflation and stock market volatility. But the majority haven't changed their portfolios, according to research from Fidelity Investments.Only 5% of 401(k) and 403(b) investors shifted asset allocations during the second quarter of 2022, the report found, slightly lower than the 5.3% who made changes the quarter prior. Among the savers who made adjustments, the majority of investors only made one, with the top…

UnitedHealth Group Inc.’s finance chief allegedly put business interests first and ignored information that the company’s 401(k) plan was filled with low-performing target-date funds, hurting plan participants, according to an amended class-action complaint filed Wednesday. Chief Financial Officer John Rex gave priority to the healthcare company’s relationship with Wells Fargo & Co., which managed the funds in question through…

Elena Kurkutova | Istock | Getty ImagesOlder Americans may have a number of different goals with their retirement savings. But usually their main goal is the same: to make it last.Unfortunately, many younger baby boomers and members of subsequent generations who don't have access to a traditional pension could outlive the funds in their 401(k) accounts, a recent study from the Center for Retirement Research at Boston College found.The economists compared the drawdown speeds between those with traditional pensions and…