401k

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Oldsters Refusing to Step Aside to Free Up Jobs

Reliance on volatile 401(k)s breeds reluctance to retire

(Newser) - Their retirement savings devastated by the financial crisis, older workers are increasingly postponing retirement, the New York Times reports, creating even more competition for scarce jobs. A recent survey found that four in 10 workers over 62 have remained at their jobs longer than they planned thanks to the recession....

IRS May Cut 401(k) Contribution Limit

(Newser) - Low inflation could force the IRS to decrease the amount workers can contribute to their 401(k) plans to $16,000, USA Today reports. It would mark the first time the government has ever lowered contribution limits. Though a spokesperson says it’s too early for speculation, the IRS may not...

401(k) Matches Fall Victim to Downturn

Cost-cutting efforts increasingly extend to pricey employee benefit

(Newser) - Shrinking 401(k) accounts may soon seem like a bit of a luxury as more and more companies eliminate matching contributions to the retirement accounts, reports BusinessWeek. Some 2% of firms in a recent survey said they had already cut out the match, and another 4% said they’ll drop it...

Sinking 401(k)s Raise Debate on How to Save

Accounts tumble by up to 11%, but backers still love them

(Newser) - Tumbling stock markets have cracked open the piggy bank that many Americans use to store retirement savings—401(k) accounts—sparking fresh debate about how best to save money, the Washington Post reports. Supporters argue that 401(k)s offer bigger rewards than traditional pensions, which are less exposed to market turbulence. But...

Crisis Drains $2T From Retirement Savings

Tumbling values may mean more workers have to stay on jobs longer, retire later

(Newser) - The financial crisis has drained $2 trillion from Americans' retirement savings over the  past 15 months, reports the Washington Post, a 20% drop in the value of pensions and 401(k) plans that may force many to retire later and could spread to the general economy as workers tighten belts further....

As Stocks Sink, New Cash Cows Emerge

Alpacas, coins, comic books; a stampede to alternative investments

(Newser) - With stocks tanking, 401(k)s plummeting, and the market’s usual safe haven—real estate—at the heart of the current crisis, investors are seeking refuge in unusual investments—everything from parking spaces to comic books to alpacas, the Wall Street Journal reports. A growing number of retirees are taking individual...

Quick-Fix Cash Schemes Find More Takers

Reverse mortgages, insurance buyouts among risky moves

(Newser) - Big banks aren’t the only ones struggling to find the cash to keep going. Americans are feeling the pinch, and grabbing cash anywhere they can find it, the Wall Street Journal reports. Credit-card debts remains high, but more are turning to options that bring a quick infusion of cash...

Advice Amid Market Turmoil: Don't Panic!

Ride out the storm and hang on to your 401k, experts say

(Newser) - If you’re watching today’s economic news with trepidation, financial experts want you to take a deep breath. “This is not the beginning of the end,” said one analyst. “If you’re going to invest in stocks, this kind of volatility comes with the territory.”...

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