Tag Archives: 401ks

A provision in President Biden’s new legislation aims to keep workers from cashing out their 401(k) when they move from one job to another, building on a similar effort launched last year by the private sector. The legislation paves the way for employer retirement plans to provide automatic portability services, so funds can be transferred seamlessly into a new employer plan unless the worker opts out. It also increases the limit for automatic rollovers from $5,000 to $7,000. That follows a… Source link

The stock market’s all-time highs are doing wonders for workers’ 401(k)s, with the largest number of 401(k) and IRA millionaires in history, according to Fidelity data. As a result, many people are dropping out of the workforce to retire earlier than planned, turning their backs on a job seeker’s market. The Federal Reserve is letting the economy run especially hot in an attempt to bring back people into the workforce, Oxford Economics’ senior economist Bob Schwartz wrote in a note to… Source link