contribution

How much should you contribute to your 401(k)?

401(k) contribution matches could be scrapped in a recession

In past recessions, many companies seeking to cut costs and potentially avoid having to lay off workers have suspended 401(k) matches. During the last recession, Ascensus, a pension plan administrator, said 21% of employers using its 401(k) services suspended their contributions from March to September 2020, the Wall Street Journal reported. Vanguard reported a much …

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Do you want to boost your retirement savings in 2023?  Here are 3 tips to get there.

Do you want to boost your retirement savings in 2023? Here are 3 tips to get there.

(Maurie Backmann) If you want to enjoy a comfortable retirement without financial worries, you will need income outside Social Security. And this is where your personal savings come into play. Of course, building a nest egg is no small feat – especially not these days, when inflation forces so many people to spend more on …

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To automatically increase or not to automatically increase your 401(k) contribution rate

To automatically increase or not to automatically increase your 401(k) contribution rate

Over the past 30 years, there has been a significant revolution in the administration of 401(k) plans. Often referred to as auto-increase or auto-escalation, here’s how it works: if you’re automatically enrolled in a plan and don’t opt ​​out of the auto-increase feature, your rollover rate will increase over time, until the plan as much …

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401(k) contribution limits will increase in 2023 - but should you max out yours?

401(k) contribution limits will increase in 2023 – but should you max out yours?

(Maurie Backmann) There’s a simple reason why people are advised to accumulate savings for retirement. Once you quit your full-time job, you’ll need more than your Social Security checks to cover your living expenses. If you’ve had an average income during your career, you can expect your Social Security benefits to replace about 40% of …

401(k) contribution limits will increase in 2023 – but should you max out yours? Read More »