Thursday, November 2, 2023

Retirement: Biden plans to fight junk fees in retirement advice. Here's how.

President Joe Biden wants to protect Americans' retirement savings with a new fiduciary rule that would eliminate "junk fees" in retirement advice.

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Retirement

Thu Nov 2 2023

 
Senior citizens walking together

President Joe Biden wants to protect Americans' retirement savings with a new fiduciary rule that would eliminate "junk fees" in retirement advice.

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Elizabeth Harriger, 60, became sidelined with osteoarthritis just as she earned her MBA. Now she faces more than $70,000 in student-loan debt.
 
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More people are making hardship withdrawals from their 401(k) accounts.
 

Hardship withdrawals surge as people raid 401(k) accounts

More people are making hardship withdrawals from retirement accounts to cover emergency medical expenses or to avoid losing a home.

8. Start contributing as early and as much as you can     It is never too early to start building your retirement savings, especially if your company offers a matching contribution. If your company offers a 401(k) plan, start contributing on day one of your employment. The earlier you start, the more your account will grow. For 2022, you can contribute a maximum of $20,500 into your 401(k) if you are under 50. If that is too much, pay   in as much as you can.    ALSO READ: How To Get The Most Out Of 10 Common Investments
 

More Americans are raiding retirement accounts for emergency funds

A rising share of American workers are making hardship withdrawals from their 401(k) accounts to cover emergency expenses.

 

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