"On average, Social Security retirement benefits will increase by more than $50 per month starting in January.... [T]he maximum amount of earnings subject to the Social Security tax (taxable maximum) will increase to $168,600 from $160,200."  MORE >>

"[1] Remind employees on a regular basis to make beneficiary designations for ALL applicable accounts and to update them in the event of any life events.... [2] If beneficiary designations are not collected online, consider reviewing them as they are submitted for basic accuracy.... [3] Consider your plan language on default distribution provisions upon death.... [4] Also, consider plan language around divorce.... [5] Remember state law."  MORE >>

"[SECURE 2.0] permits employers to make matching contributions to the 401(k) plan on account of dollars that the employee pays outside the plan on their student loans. This provision is effective in 2024. Even though there are some fairly significant unanswered questions (starting with how employees will verify that they have in fact made student loan repayments), employers should be hearing from their 401(k) providers about how to adopt and implement this provision, if desired."  MORE >>

"[A]ccording to a new study, one in four couples do not prioritize the more generous employer's 401(k) matching funds. This lack of coordination may have a cost: the average couple who leaves match money on the table could give up nearly $700 in a year. That may not sound like a lot but the researchers estimate it is 13 percent of the average annual contributions. And if a couple does not reallocate their contributions, years of foregone matches, along with the potential loss of investment income, could add up."  MORE >>

"87% of investors with a formal written retirement plan and 70% of investors with an informal retirement plan report feeling confident in their ability to live the retirement lifestyle they want. However, LIMRA finds that just 1 in 5 retirees and non-retired workers have developed a formal written retirement plan."  MORE >>

"Retirement savers benefit from a holistic approach to retirement income that focuses on three principles of decumulation ... [1] Maximize spending ability. [2] Maximize spending certainty. [3] Address longevity risk. Adding guaranteed income and delaying retirement (and delaying Social Security claiming age) can boost total annual spending in retirement and reduce downside risk[.]"  MORE >>

"Financial wellness programs ... are vital frameworks designed to encompass every facet of an employee's financial existence, often weaving in holistic planning that aligns with the unique financial milestones encountered throughout life.... [T]he journey to financial wellness involves recognizing employee-specific age points that could either act as risks or open doors to opportunities. These milestones are not mere numbers, but vital markers that guide one's financial path."  MORE >>

"Enduring years of market turbulence and significant events such as the Great Recession and the COVID-19 pandemic has intensified anxiety about the future in younger, still-working generations. Sixty-four percent of Millennials and 54% of Generation X have greater concerns about their retirement security than their parents and grandparents. This generational apprehension is not unwarranted."  MORE >>