Andrey_Popov / Shutterstock.com Americans are contributing more to their retirement than ever before, and they still don’t feel financially secure enough to stop working. A 2024 study by Fidelity Investments found that “the average 401(k) savings rate reached a record high of 14.2%.” However, only half of Baby Boomer respondents who are still working feel … Read more
DD Images / Shutterstock.com Your 401(k) is one of the most reliable ways to save for retirement, offering tax advantages and the potential for long-term growth. However, even a well-designed plan can fail if you make common mistakes. These mistakes can quietly erode your retirement fund, whether it’s due to high fees, poor diversification, or … Read more
401(k) accounts provide employees with many tax advantages, but when you need the money, there are tax consequences you must understand. The taxes you owe depend on several factors, including the type of account, your age, whether you are retired, and the reason for the withdrawal. In this article Tax basics on 401(k) accounts. You’ll … Read more
The 401(k) contribution limit for employees in 2025 increased to $23,500, up from $23,000 in 2024. The employer contribution limit also increased to $46,500, bringing the employee and employer 401(k) contribution limits to $70,000 for 2025. Don’t underestimate the power of employer 401(k) contributions, especially as you advance in your career. As you gain seniority, … Read more