retirementcontributions
How do you envision your golden years? For many, it means traveling or just relaxing on sun-kissed beaches, free of the daily grind. Financial security, however, is crucial to a truly idyllic retirement. The golden ticket to that blissful state used to be a final salary pension, but unfortunately, it no longer exists. Today, the pension landscape has radically changed. In place of final salary plans, defined contribution plans like 401(k)s have become more common. As of November 2023, 22% of non-retirees have defined benefit pensions. In order to make the most of a final salary pension, it is ...
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Is yourretirement savings in need of a boost? If so, you’re in luck. Roth IRA contribution limits will finally increase in 2023. What exactly does that mean? Basically, you can increase your retirement nest egg even further. But, let’s pump the brakes a little. You may be wondering, what are Roth IRAs? This is similar to a regular IRA but with some awesome tax benefits. With Roth IRAs, you can contribute after-tax money. As a result,your retirement income will be tax-free when you retire. Another key difference? The withdrawal of Roth IRA contributions is penalty-free, but the withdrawal of Tr...
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Retirement is no longer a sure thing for many people as defined-benefit pension plans are steadily declining. As of March 2022, 12% of private industry workers and 34 % of state and local government workers had access to both defined benefits and defined contribution plans. Conversely, only 3% of private industry workers have access to defined benefit plans, while 53 % of state and local government workers do. Meanwhile, 54 % of private industry workers had only defined contribution plans, and 5 % of state and local government workers had only defined contribution plans. This is why it’s so im...
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