DepositAccounts, a personal finance web site affiliated with LendingTree, reported that the average 401(k) balance in the second quarter of 2024 was $127,100, while the average Individual Retirement … more Noteworthy 2024 Retirement Statistics
Retirement Issues and Trends
Two-Thirds of Seniors Rely on Social Security for More Than Half Their Income
A survey conducted by The Senior Citizens League, a non-profit that advocates for increased Social Security benefits, found that 27 percent of older Americans rely solely on Social … more Two-Thirds of Seniors Rely on Social Security for More Than Half Their Income
Women Believe They Need This Amount to Retire
The survey conducted by the Transamerica Center for Retirement Studies finds that women workers believe they will need to have saved $500,000 by the time they retire to … more Women Believe They Need This Amount to Retire
Treasury Stresses SECURE 2.0 in Financial Inclusion Plan
To help foster financial well-being for all, but especially lower-income and minority households, the U.S. Department of the Treasury released a report commissioned by Congress that recommends federal … more Treasury Stresses SECURE 2.0 in Financial Inclusion Plan
Public Employees Share Retirement Concerns
A national survey of public employees from MissionSquare Research Institute reveals the vast majority (81 percent) are concerned they won’t have enough money to last throughout their retirement … more Public Employees Share Retirement Concerns
States Make Case for Why Auto-IRAs Make Fiscal Sense
The Pew Charitable Trusts estimates that by the end of 2040 insufficient retirement savings will have cost states and the federal government a combined $1.3 trillion in increased … more States Make Case for Why Auto-IRAs Make Fiscal Sense
Baby Boomers’ Biggest Worry Might Surprise You
According to the 10th annual John Hancock Financial Resilience and Longevity Report, 57 percent of Baby Boomers are worried about the upcoming election, followed by inflation/cost of living … more Baby Boomers’ Biggest Worry Might Surprise You
American Retirement Preparedness Is Improving, but It’s Still Not Good Enough
Using data from the Federal Reserve Survey of Consumer Finances, researchers from Morningstar’s Center for Retirement & Policy Studies developed an economic model that estimates the percentage of … more American Retirement Preparedness Is Improving, but It’s Still Not Good Enough
U.S. Retirement System Receives C+ Grade
When compared to 48 other countries, the U.S. retirement system ranked 29 and received an overall C+ grade, according to the latest Mercer CFA Institute Global Pension Index, which … more U.S. Retirement System Receives C+ Grade
Multiple Job Transitions Could Result in $300K Retirement Savings Loss
While job switchers on average experience a ten percent increase in pay when changing employers, they’re also likely to see a drop in retirement savings rates, according to … more Multiple Job Transitions Could Result in $300K Retirement Savings Loss