Generally, workers have to wait until they are 59 1/2 ( or 55 in certain cases ) to take 401 (k) distributions penalty-free. So, those who take a hardship withdrawal before 59 1/2 have to pay a 10 ...

When your company closes, managing your 401(k) effectively is crucial. You have several options to consider, each with its ...

The IRS and Treasury Department recently issued proposed regulations addressing the mandatory automatic enrollment provisions under the SECURE 2.0 ...

But the end of the year means the 2024 401(k) contribution deadline arrived. Here is some information to help you take advantage of tax breaks associated with your retirement savings plan ...

Withdrawing your 401(k) early may offer a way out of a tricky financial situation, but early withdrawals generally come with consequences too. If you withdraw money from your 401(k) before you ...

For most people, an employer’s 401(k) plan is the best first place to start saving for retirement. The key is being consistent with your contributions and letting time do most of the heavy lifting.

In 401(k) plans, the Fidelity data highlighted that employers are adding 4.7% of pay to the plan, with employee deferrals of 9.4%, combining for a total average contribution of 14.1%. In 403(b) plans, ...

Even if it’s a small balance and you’re not looking at such a large tax hit, remember that employer plans like 401(k)s get to grow on a tax-deferred basis. So if you cash out your entire ...

Starting in 2025, certain employees in certain retirement plans must be automatically enrolled by their employer into their workplace 401(k) or 403(b) plans and a percentage of their paycheck must ...

A Redditor recently posted in the Fat FIRE subreddit about bridging the gap from now until the couple can tap into their 401(k) plan without incurring penalty fees. One of the spouses is in ...

The 401(k) is such a fixture in working life today that it’s easy to forget that this worker-driven retirement-savings system has only been around since 1978, and not every aspect of its ...