401(k) plans

How Much Income Will Your 401(k) Provide?

Posted on 05/13/2013 by | Money and Work | Comments

Bulletin Today | Money & Savings | WorkYou may be throwing money into your employer-sponsored retirement plan — let’s hope you are — but do you know how much estimated monthly income your plan will provide over your lifetime? Employers are required by law to provide an outline of what workers can expect to get in estimated monthly retirement income from their traditional pension plans. But that’s not the case for 401(k) and 403(b) plans. [Find out if you're saving enough with AARP's calculator]. Maybe your 401(k) …

Changing Jobs? Beware of Bad Information About 401(k) Options

Posted on 04/8/2013 by | Money and Work | Comments

Bulletin Today | Money & Savings | WorkAbout to change jobs? If you have a 401(k) account, you’re at risk of getting bad information when you ask the company managing your retirement plan about your options. Turns out that, in some cases, the people who give advice over the phone push departing workers toward rolling over their 401(k)s into a privately owned individual retirement account (IRA) that the investment company sells. What these plan providers also don’t disclose to workers are the fees associated with that move or other …

Gen X and Y Saving More, Earlier Than Boomer Parents

Posted on 08/29/2012 by | Brooklyn, NY | Comments

Money & Savings | News RoundupsCall it generational rebellion at its finest: It seems all the gloomy retirement forecasting for boomers has been inspiring their kids to save more. Workers in Gen X and Gen Y are both starting retirement savings earlier and more likely to make automatic contributions than members of the boomer generation, according to a new survey.

The Takeaway: Americans Borrowing–and Not Repaying–Billions from 401(k)s

Posted on 07/17/2012 by | Brooklyn, NY | Comments

News RoundupsWhat’s a worse financial plan than taking a loan from your retirement savings? Taking a loan from your retirement savings and not paying it back. Yet a growing number of Americans are doing just that, according to a new study from financial services firm Navigant Economics. Defaults on 401(k) loans totaled $37 billion in recent years.

Employers Offer Little Help To Workers Sorting Out 401(k) Options

Posted on 06/13/2012 by | Money and Work | Comments

Bulletin Today | Money & Savings | WorkIf you give a worker (a cookie and) solid financial benefits, the worker has a much better chance of living comfortably in retirement. And if the worker understands and appreciate those benefits, the happier he or she will be.  And the happier the worker is, the more productive he or she will be. And that will boost the employer’s bottom line. But there was also a darker tale told by the new Bank of America Merrill Lynch report, which examined the views of …

The Takeaway: Future 401(k)s Will Look More Like Old-School Pensions

Posted on 05/16/2012 by | Brooklyn, NY | Comments

News RoundupsMore 401(k) plan sponsors are offering to pay benefits in a form that guarantees a set level of monthly income, regardless of how long you live. And more employers are beginning to offer these plans, Time’s Dan Kadlec reports. “Before long your 401(k) may look a lot more like your dad’s pension,” writes Kadlec. That’s a good thing. Traditional pensions that pay a set monthly income to retirees, based on their wages and length of service, were once the foundation of retirement. Along with …

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