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New Annuity Rules for 401(k)s
Tweet Share on Facebook February 6, 2012 CommentThe federal government is trying to make it easier for workers to buy annuities with their retirement savings. The Treasury Department issued several new regulations last week aimed at encouraging retirement savers to use their 401(k) balance to purchase an annuity that would guarantee monthly payments throughout retirement.
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Labor Department Delays 401(k) Fee Disclosure
Tweet Share on Facebook February 3, 2012 Comment (3)The Department of Labor announced this week that it will delay the date that plan sponsors will be required to disclose 401(k) fees to participants by three months. Plan sponsors will now have until August 30, 2012 to provide 401(k) fee information to retirement savers, rather than the May 31, 2012 deadline under an earlier version of the rule.
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Social Security to Resume Paper Statements
Tweet Share on Facebook January 25, 2012 Comment (4)The Social Security Administration says it will resume mailing benefit statements to workers age 60 and older in February. Annual mailings to workers were suspended beginning in April 2011 to save money.
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How to Get the Saver’s Credit
Tweet Share on Facebook December 20, 2011 Comment (3)Low income workers who save for retirement using a 401(k) or IRA can earn a tax credit worth up to $1,000 for individuals and $2,000 for couples in 2011 and future years.
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Patty Duke Signs Up for Social Security
Tweet Share on Facebook December 16, 2011 Comment (7)Actress Patty Duke signed up for Social Security and Medicare benefits on December 14, her 65th birthday. In a new online video, Duke, clad in red plaid pajamas, and her husband, Mike Pearce, sit at home with their laptop as they navigate the sign up process online.
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Important Retirement Tax Deadlines for 2011
Tweet Share on Facebook December 13, 2011 CommentRetirement savers who want to get a 2011 tax deduction for their 401(k) and IRA contributions should pay attention to several deadlines. Retirees need to take required withdrawals by specific dates to avoid tax penalties. Keep these important dates in mind when making decisions about your retirement accounts.
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Workers Double 2012 Retirement Savings Goals
Tweet Share on Facebook December 9, 2011 CommentAmong those considering a financial new year’s resolution for 2012, nearly half (46 percent) say saving more money is their top priority. The median target savings amount has doubled from $1,200 in 2011 to $2,400 in 2012, according to an ORC International survey of 1,011 adults commissioned by Fidelity Investments.
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Sizing Up Your Employer’s 401(k) Plan
Tweet Share on Facebook December 6, 2011 Comment401(k) balances have been declining for the past two quarters, even as workers continue to save in these retirement accounts. The average Fidelity 401(k) account balance was $64,300 in the third quarter of 2011, down from $72,700 at the end of the second quarter and $74,900 in the first quarter, according to a new analysis of 20,606 Fidelity 401(k) plans with 11.7 million participants.
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How Much You Get if Your Pension Fails
Tweet Share on Facebook December 2, 2011 Comment (1)The maximum private sector traditional pension amount insured by the federal government will increase to $55,840.92 in 2012 for 65-year-old retirees, up from $54,000 in 2011. This is the first increase in pension insurance provided by the Pension Benefit Guaranty Corporation since 2009.
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More Baby Boomers Launch Encore Careers
Tweet Share on Facebook November 29, 2011 Comment (3)A growing number of people approaching retirement are pursuing encore careers, or late-career jobs that pay the bills while providing personal meaning or having a social impact. A new MetLife Foundation and Civic Ventures report estimates that 9 million older workers, or about 9 percent of all people ages 44 to 70, are already in encore careers, up from 8.4 million in 2008.
