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Some upbeat economic news for millennials

New research casts doubt on the widespread belief that the generation of Americans will be worse off than their parents.
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More Americans are dipping into retirement funds for emergencies

Nov 21, 2023
“Hardship withdrawals” are rising, Fidelity Investments reports, most commonly to avoid eviction or foreclosure or pay medical bills.
The most common reasons for "hardship withdrawals," Fidelity reported, were avoiding eviction or foreclosure and paying medical expenses.
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The latest push for a national retirement savings system

A new bill follows up on recent bipartisan legislation to expand access to retirement savings.
A new bill in Congress, the Retirement Savings for Americans Act, would boost retirement security for low- and moderate-income workers.
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401(k) balances are rising, but most savers still won't have enough for retirement

Aug 18, 2023
The average 401(k) balance is a tenth of what a middle-class person would need to maintain their lifestyle, one expert says.
Marketplace's senior economics contributor details findings from a new report that ranks global retirement systems.
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Pay off student loans, or save for retirement? Both.

A new law set to go into effect next year would allow you to double your money when you pay student loans.
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What’s the deal with catch-up provisions and retirement?

The details on this savings tactic and how it’s changing in 2024.
According to a study by Vanguard, only 16% of people near retirement took advantage of the catch-up provision.
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For public good, not for profit.

Could companies be persuaded to bring back pensions?

Why defined pension plans could make a comeback in a tight labor market.
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Retirement accounts fell more than 20% in 2022

Feb 27, 2023
Fidelity Investments reports that average 401(k) and IRA balances fell to around $104,000 in 2022, as financial markets stumbled.
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Coming soon: new tax incentives for low-income people to save for retirement

Dec 30, 2022
People who meet certain income requirements will soon be able to get a 50% match from the federal government on up to $2,000 they save in a retirement account.
A 2019 paper found many white Americans don't fully understand the true size of the racial wealth gap.
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