When considering short-term funding options, participants are often advised to avoid tapping into their 401(k) accounts through loans or hardship withdrawals, as early withdrawals can impede long-term retirement savings.
December 10, 2024
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Americans believe they need nearly $1.5 million to retire comfortably, a number that has soared by more than 50% since 2020, according to Northwestern Mutual’s 2024 Planning & Progress Study.
December 5, 2024
Find out more Although much of the focus is on workers, the principles also have relevance for plan sponsors. As AI tools increasingly become more integral to retirement planning and financial education, it’s important to ensure these technologies are used transparently and responsibly to empower participants while mitigating risks associated with AI.
December 2, 2024
Find out more The Federal Reserve’s recent 50 basis point interest rate cut, with more reductions expected by year’s end, may leave employees wondering what it means for their retirement savings — and their overall financial picture.
November 14, 2024
Find out more Many plan sponsors focus on external cybersecurity threats, such as hackers attempting to breach their systems, but disgruntled employees can also pose a risk.
November 14, 2024
Find out more By the second quarter of this year, the number of “401(k) millionaires” rose 2.5% from Q1, marking a record high according to Fidelity.
November 14, 2024
Find out more Stay informed with Alera Group’s 2025 IRS Retirement Contribution Limits Guide. This insight offers a clear overview of the updated limits for 401(k), IRA, and other essential retirement plans, helping individuals and employers make informed decisions and optimize retirement contributions for the year ahead.
November 5, 2024
Find out more Thirty percent of adults in the U.S. report having received a student loan to further their education. According to the Federal Reserve, the median student loan debt for those with outstanding balances in 2023 ranged between $20,000 and $25,000. To help ease this financial burden, employers are increasingly offering a match toward student loan repayments as an employee benefit to help alleviate the financial strain. This trend also highlights the increasing focus on addressing student debt within the framework of overall financial wellness initiatives.
October 14, 2024
Find out more Housing? Check. Life insurance? Check. Dining out? Check. For most retirees, these types of line items are fairly predictable and factored into their monthly budget. But when it comes to healthcare, the situation can change dramatically. These expenses are often unpredictable and underestimated — and this wild card can disrupt an otherwise carefully planned retirement, leaving many seniors vulnerable.
October 8, 2024
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