Tag: 401(k)s

Posted on

IRS Increases 401(k) Contribution Limits for 2025: Here’s What You Need to Know

IMG 20241028 073045016 1 scaled

the staff of the Ridgewood blog

Ridgewood Nj, the IRS has just released new 401(k) contribution limits for 2025, bringing some exciting news for retirement savers. Beginning in the new year, the maximum annual employee contribution will increase to $23,500, a slight boost from the 2024 limit of $23,000. This adjustment applies across various workplace retirement plans, including 401(k)s, 403(b)s, most 457 plans, and the federal Thrift Savings Plan.

Continue reading IRS Increases 401(k) Contribution Limits for 2025: Here’s What You Need to Know

Posted on

ALMOST A THIRD OF THOSE WITH SAVINGS HAVE LESS THAN $1,000 FOR RETIREMENT

wimpy

by WARNER TODD HUSTON 22 Apr 2015

Study after study shows that Americans are not saving for retirement like they should, and a new survey finds that nearly one third of people who have some sort of savings plan have amassed less than $1,000 for retirement.

The survey titled “Preparing for Retirement in America,” by Employee Benefit Research Institute (EBRI) and Greenwald and Associates, finds that only 65 percent of workers have any savings for retirement, a number that fell below the 75 percent figure from 2009.

But 28 percent of workers report that they have saved less than $1,000 for retirement, and almost 6 in 10 Americans say that their financial planning needs improvement.

Additionally, 34 percent say they have made no effort at all to saving anything or make a retirement plan. Still, most say that they intend to start saving at some point.

But intentions may not be enough. “Intending one thing and doing another is human, but it’s an impulse we should all fight hard to resist,” Rebekah Barsch, vice president of planning and sales at Northwestern Mutual, said in a press statement. “Intentions only get us so far. And when the stakes are high, it’s taking action that’s critical.”

https://www.breitbart.com/big-government/2015/04/22/almost-a-third-of-savers-have-banked-less-than-1000-for-retirement/

Posted on

White House looking to creep into 401(k)s

464268286-e1425183212825

464268286-e1425183212825

White House looking to creep into 401(k)s

By Jonathon M. Trugman

February 28, 2015 | 11:21pm

Last Monday, with Sen. Elizabeth Warren (D-Mass.) at his side, President Obama attacked Wall Street, again, for essentially helping in what the federal government and businesses can no longer provide — a decent retirement.

Under the false pretense of calling for new and tougher so-called fiduciary standards for financial brokers, advisers and retirement plan representatives, the White House once again horned in on Wall Street’s compensation formulas.

However, what the president surely knows is that a vast majority of retirement plans — IRAs and 401(k)s — are in simple fee-based products like mutual funds. The commission-based accounts are for those who prefer to direct their brokers in certain purchases inside some of their retirement products.

The key to the White House’s interference is in its nuanced language.

Currently, a broker may make a recommendation that must be “suitable” for retirement account assets such as 401(k)s and IRAs.

However, the president wants to take it a step further and mandate that it be in an investor’s “fiduciary best interest.”

https://nypost.com/2015/02/28/white-house-looking-to-creep-into-401ks/