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Understanding 401(k) contribution limits can be confusing even sometimes overwhelming. They are, however, essential to know. Below is a break down of important contribution limits that help employees determine whether their savings are on track or if there is an opportunity to catch up. The annual contribution limit is a great goal to keep in mind. It also encourages individuals who are able to defer additional funds into retirement savings to take advantage of doing so. 2024 2023 2022 Employee Contribution Limit $23,000 $22,500 $20,500 Employee Catch-Up Contribution (For employees aged 50 and...

Summary of Key retirement and Tax Provisions On December 29, 2022, the Consolidated Appropriations Act of 2023 was signed into law. The Act, referred to as SECURE 2.0, includes important provisions affecting retirement savings plans. These provisions offer many new benefits to employers and employees which are designed to make it more attractive for employers to offer retirement plans and to improve retirement outcomes for employees. Below is a summary of selected provisions with potentially broad effects. Employers may need to consult with appropriate legal counsel and other professionals to...

Study reveals plan participants are on a positive trajectory, aided by auto features Being able to replace working income with income generated from retirement savings is the essential definition of retirement readiness. The percentage of working income that an individual may need in retirement will vary, depending on a number of factors, such as whether or not they will still have a mortgage, the amount of their Social Security benefit, their tax bracket, variable healthcare costs, lifestyle choices and having income from part-time work, among others. When projecting retirement income needs...

Still, one study conducted early in 2020, the 30th Annual Retirement Confidence Survey conducted by the Employee Benefits Research Institute (EBRI) and discussed in their Issue Brief dated June 8, 2020, provides some interesting information. Companies striving to help women achieve a secure retirement may be particularly interested. Women face different challenges in saving While overall retirement confidence was high, women expressed less confidence in their future retirement security than their male counterparts. The problems women face in preparing for retirement tend to be different than...

Nearly one-third of retirement plan recordkeepers expect to increase their cybersecurity staff, according to a recent survey. According to findings in the latest Cerulli Edge U.S. Retirement Edition, the threat of retirement account fraud has increased in recent years — particularly during the remote work environment. As a result, 31% of plan recordkeepers intend to increase staffing capacity to address cybersecurity initiatives. According to the Cerulli report, the Internet Crime Control Complaint Center of the Federal Bureau of Investigation reported 791,790 cybercrime complaints in 2020 — a...