Thursday, November 9, 2023

Retirement: Employees retirement savings may take a hit when IBM ends 401(k) match

IBM will replace its 401(k) match with a "retirement benefit account." What it means and how it can affect retirement savings for employees and you.

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Retirement

Thu Nov 9 2023
 
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

IBM will replace its 401(k) match with a "retirement benefit account." What it means and how it can affect retirement savings for employees and you.

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Former South Carolina Gov. Nikki Haley and Florida Gov. Ron DeSantis during the Republican National Committee presidential primary debate hosted by NBC News at Adrienne Arsht Center for the Performing Arts of Miami-Dade County.
 

Is Social Security running out? How these 2024 GOP candidates would save it

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Patty Ellison, 55, has been on strike at the Stellantis parts distribution center on Sherwood Avenue in Warren since noon Sept. 22. She was walking the picket line on Monday Oct. 2, 2023. Ellison fears that she won't be able to retire based on the small savings she has in her 401(k) plan.
 

Low-income workers face a stark retirement. Why they aren't saving

The group will need nearly as much money to cover bills in retirement as they do while working and Social Security and savings will only go so far.
Ocean County College hosts a job fair for part-time help.Toms River, NJTuesday, April 5, 2022.
 

The Daily Money: More Americans are taking on multiple gigs

High inflation has led to more Americans working at least two jobs and more seniors saying Social Secuirty check hikes are falling short.
The United States spends more on healthcare than any other developed country - sometimes more than $400,000 per person over a lifetime for the average American. Of course, certain medical conditions can be much more expensive to treat than others, and the costs of treatment for some common ailments are rising. ( Here are the most common ailments in America. ) To identify 25 health conditions with soaring medical costs in America, 24/7 Tempo reviewed the Medical Care Expenditure Index, which measures the growth in cost per case spending using annual data through 2019, from the Health Care Satellite Account - a set of statistics measuring U.S. health care spending produced by the Bureau of Economic Analysis. We used the BEA's Blended Account database, which blends together data from multiple sources, including large claims databases that cover millions of enrollees and billions of claims. This dataset was last updated by the BEA on Dec. 6, 2021. Total dollars spent in 2019 and 2009, as well as total episodes of care for each condition in 2019 also came from the BEA. Click here to see health conditions with soaring medical costs in America. Numerous factors influence which ailments are becoming more expensive. In some cases the high cost of advanced pharmaceutical treatments has driven up the total cost of care. HIV, for example, is increasingly costly to treat in part because there is no cap on drug prices in the U.S., which means price regulation relies on competition - and patents on many newer, more effective HIV drugs prevent other companies from providing lower-cost, generic options. In the case of cystic fibrosis - which represents the single fastest-rising medical cost in America - advances in treatment have led to longer life spans for those born with this autosomal recessive disease. This has led to an increase in the prevalence of cystic fibrosis in the adult population, translating to a higher cost of care over a person's lifetime. Cystic fibrosis also happens to top the list of the most expensive ailments in America .
 

Why Social Security's increase will still leave seniors in the red

Social Security recipients will get a 3.2% COLA raise in 2024. All of it and more will likely be eaten by health care costs, leaving seniors in a hole.
 

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