Insurance Services

Advisory Services

Month: March 2024

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401(k) Early Withdrawals May Cost You More Than You Think

Americans are taking early withdrawals from their 401(k)s at record rates “across different ages and income levels.”¹  According to Capitalize, “Half of Americans have made early withdrawals from retirement savings. […] These withdrawals will cost Americans $6.12 billion in penalties to the IRS in 2023.”² A separate report from Bank of America found “the number… Continue reading 401(k) Early Withdrawals May Cost You More Than You Think

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401(k) Millionaires Soared at the End of 2023

The number of 401(k) millionaires has soared in recent months.   According to a Fidelity Q4 2023 Retirement Analysis report, “This quarter saw a 20% increase in 401(k) millionaires following Q3 2023. […] The number of millionaires in Q4 is also 11.5% higher than Q2 2023.”¹ In other words: 20% of 401(k) investors entered the 7-figure… Continue reading 401(k) Millionaires Soared at the End of 2023

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Over Half of Americans Think There’s a Retirement Crisis

There is a looming retirement crisis.  It’s not a possibility. It’s about to be a reality for many Americans. According to a survey by Clever, “Two-thirds of retired Americans say the U.S. is in a retirement crisis (66%). The average retiree owes $15,393 in non-mortgage debt, and 40% worry they will outlive their retirement savings.”¹… Continue reading Over Half of Americans Think There’s a Retirement Crisis