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401(k) Balance by Age: How Do You Measure Up?

According to Vanguard’s 2024 How America Saves Report, the average 401(k) balance for participants in 2023 was $134,128, with a median balance of $35,286. Vanguard participants’ average account balances increased by 19% since year-end 2022.¹ How does your 401(k) balance compare to others in your age group?   In this post, we break down the latest… Continue reading 401(k) Balance by Age: How Do You Measure Up?

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Is Professional 401(k) Account Management Really Worth It?

401(k) account management is an option for anyone with a 401(k) – no matter how close or far you are from retirement. Even if you have some basic investment knowledge, you might want to consider seeking expert advice. Think of it this way – financial advisors manage 401(k) accounts for a living. It’s their job. … Continue reading Is Professional 401(k) Account Management Really Worth It?

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Your Retirement: Don’t Be Another Statistic

Americans are not saving enough for retirement. In a report entitled Americans Face Alarming Retirement Savings Shortfall, the National Institute for Retirement Security shares, “Most Americans will not have enough money for a financially secure retirement. […] NIRS research found that for Generation X, a generation that is quickly approaching retirement and the first that… Continue reading Your Retirement: Don’t Be Another Statistic

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National Public Data Breach: What You Need to Know

In the ever-evolving landscape of data security, the recent and alarming cyber crisis has left millions of Americans reeling.  This particular data breach included PII (personal identifiable information), including Social Security numbers of almost 3 billion people. In response to this data breach, New York Rep. Ritchie Torres said: “When it comes to cyberspace, there… Continue reading National Public Data Breach: What You Need to Know

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What to Do If You’re Behind on 401(k) Savings

Given the increase in the cost of retirement, it’s no wonder many are worried they are behind on 401(k) savings. According to the Northwestern Mutual 2024 Planning & Progress Study, “American adults say on average they now need $1.46 million to retire. That’s 15% higher than a year earlier and a 50% increase since 2020.”¹… Continue reading What to Do If You’re Behind on 401(k) Savings

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Why Early 401(k) Withdrawals May Derail Your Retirement

Early 401(k) withdrawals are soaring. According to the Vanguard Group, “A record-breaking number of Americans are making emergency withdrawals from their 401(k) retirement plans in order to cover a financial hardship amid the ongoing inflation crisis.”¹ Approximately 3.6% of workers participating in employer-sponsored 401(k) plans made early 401(k) withdrawals in 2023, higher than the 2.8%… Continue reading Why Early 401(k) Withdrawals May Derail Your Retirement