Trina Paul

Investopedia / Photo Illustration by Alice Morgan / Getty Images

Key Takeaways Forty-two percent of respondents in a recent survey said rolling over their 401(k) took them two or more months to complete. A majority of workers surveyed said they had to make a phone call or fill out paperwork to complete a rollover of their 401(k).

Some provisions related to the Secure 2.0, a federal retirement law, will go into effect in 2025. Workers ages 60, 61, 62, or 63 will be able to make catch-up contributions of up to $11,250 in 2025. Workplace retirement plans such as 401(k) and 403(b) plans must automatically enroll participants at a savings rate of 3% to 10%. And some beneficiaries of inherited IRAs will start incurring penalties for not taking distributions from their retirement accounts.

Gerika Espinosa, a certified financial therapist, discusses how people can establish boundaries with family members and prepare for spending big on Black Friday.

Key Takeaways Bank of America reported a 10% increase in the average 401(k) balance for Q3 2024, with balances rising as the stock market rose. Among 400,000 surveyed participants, 59% reported living paycheck to paycheck, with millennials at the top of the list. Fewer 401(k) participants took loans from their retirement funds in Q3. Hardship distributions, though, ticked higher.

In this Q&A with Vanguard economist Kevin Khang, he discusses why housing is important to retirement wealth and how people can think about relocating in the current housing market.

Key Takeaways An Employee Benefit Research Institute survey found that more than two-thirds of retirees had outstanding credit card debt in 2024, up from 40% in 2022. Even though inflation has cooled, high prices weigh on retirees. Almost a third of retirees said they spent more than they could afford in 2024. Most retirees said they retired earlier than they planned, and half said they didn't have enough saved when they ultimately did retire.

Wealthy investors are betting on gold this year as they hedge against uncertainties in the stock markets and the economy, and its working for them too.

The Department of Labor (DOL) is developing a ‘Retirement Savings Lost and Found’ database to help workers locate missing workplace retirement plans, such as 401(k)s.

Get an 18-month 0% introductory period on purchases and balance transfers from the Chase Slate Edge, but don’t expect much beyond that.