October 2024
04Oct

U.S. corporate pension fund surpluses grew again in September

U.S. corporate pension funding ratios remained well above 100% at the end of September as investment returns continue to outpace rising liability values, according to two new reports. First, Wilshire Advisors estimated the aggregate funding ratio of U.S. corporate plans reached 101.6% as of Sept. 30, an increase of 0.3 percentage points above the 101.3% funding ratio newly estimated by the firm as of Aug. 31. "September's funded status improved due to continued increases in asset values, with most asset classes...

October 4, 2024
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04Oct

US. Who’s left out of retirement savings system?

The tax-advantaged retirement savings system in the United States is one of the most effective wealth-building programs in the world. Too many working Americans, however, are left out of it. Their access to employer-provided retirement plans is limited, and the incentives in the retirement system fail to encourage lower-income workers to save. Just how many Americans are poorly served by the retirement savings system today? It is a deceptively hard question to answer, in part because there are no comprehensive,...

October 4, 2024
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03Oct

Average amount needed for retirement increases by 60 per cent

The average amount needed for a basic retirement has increased by 60 per cent in the past three years, with savers becoming increasingly worried about their financial future as a result, Shepherds Friendly has found. The survey revealed that 38 per cent of respondents regretted not saving enough into their pension, while 39 per cent regretted not saving into a pension. Meanwhile, 56 per cent expressed regrets over not saving more when they were younger, while other regrets included not investing money...

October 3, 2024
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03Oct

More and more older adults are aging alone. This can increase the risk of dementia

A growing number of people 65 and older are living alone. While aging solo presents challenges, solutions are in the works. Kent Ellsworth is the executive director of the Verde Valley Caregivers Coalition in Sedona. "Out of the 3,000 individuals we've served over the last year or two, about 65% are living alone," Ellsworth said. Ellsworth says they’re also serving 10 individuals who are over the age of 100. "And they're all living alone," Ellsworth said, either by choice or circumstance. Spouses die....

October 3, 2024
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02Oct

US. Private equity firms ploughing billions into fossil fuels, analysis reveals

Private equity firms are using US public sector workers’ retirement savings to fund fossil fuel projects pumping more than a billion tonnes of greenhouse gas emissions into the atmosphere every year, according to an analysis. They have ploughed more than $1tn (£750bn) into the energy sector since 2010, often buying into old and new fossil fuel projects and, thanks to exemptions from many financial disclosures, operating them outside the public eye, the researchers say. In many cases they are mortgaging workers’...

October 2, 2024
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02Oct

US. Most older adults face ageism, and it’s taking a toll on their mental health

Discrimination against older people has become a pervasive part of American culture. Think birthday cards declaring someone "over the hill" and ads for "anti-aging" cosmetics. Most older adults say they experience ageism daily, according to a 2019 survey of more than 2,000 people between 50 and 80 conducted by the University of Michigan. Ageism, which includes stereotyping and discrimination based on age, is one of the most common forms of prejudice. A 2021 report from the World Health Organization found at least...

October 2, 2024
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01Oct

US. Here’s How Gen Xers Are Catching Up on Retirement Savings

Key Takeaways The oldest Gen Xers are already eligible to withdraw from retirement accounts penalty-free. Gen Xers are often underprepared for retirement but can improve by increasing savings and adjusting their budget. Unlike baby boomers with pensions, Gen X relies heavily on 401(k)s. During their highest earning years, Gen Xers can maximize retirement savings. Roth IRAs and 401(k)s can offer tax advantages for Gen Xers in retirement. Sandwiched between the more populous boomer generation and even more populous Millennials, Gen...

October 1, 2024
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September 2024
26Sep

US. 49% of workers think they can meet their retirement goals — 35% say they will need over $1 million to retire comfortably

By some measures, retirement savers, overall, are doing well. As of the second quarter of 2024, 401(k) and individual retirement account balances notched the third-highest averages on record, helped by better savings behaviors and positive market conditions, according to the latest data from Fidelity Investments, the nation’s largest provider of 401(k) savings plans. The number of 401(k) millionaires also hit a new all-time high. The average 401(k) contribution rate, including employer and employee contributions, now stands at 14.2%, just below Fidelity’s suggested savings rate of 15%. Yet there is still...

September 26, 2024
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25Sep

US. 5 Ways a Kamala Harris Presidency Could Impact Retirees

Vice President Kamala Harris wasn’t even a contender for the White House earlier this year, but she is now the Democratic nominee for the presidency and running neck and neck with her Republican opponent, former President Donald Trump. If she wins, she is expected to promote policies that could affect the bottom line of millions of retirees. “There’s been nothing that she’s said that would lead me to believe she’s a negative to retirees,” says Chris Orestis, president of Retirement Genius,...

September 25, 2024
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24Sep

US. DOL vs. IRS rules: Courts asked to decide how 401(k) plans can use forfeiture assets

What started as a small law firm filing a handful of suits against 401(k) plans' use of forfeited funds has metastasized into a broad attack on sponsors that raises questions about reducing participants' expenses. It's a trend of more law firms filing more lawsuits seeking to use Department of Labor regulations regarding fiduciary duty to supersede IRS rules. Although there are differences among the various sponsor-defendants, the general theme is the same: What can sponsors do with company contributions to a...

September 24, 2024
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