IRA and 401(k) millionaires are staging a comeback, with the number of seven-figure retirement accounts at Fidelity Investments inching back toward a 2021 high. The tally of such accounts rose by more than 12% in the second quarter to 727,104, according to an analysis released by Fidelity Thursday. That’s the highest since...
The California Public Employees’ Retirement System has turned over thousands of pages of documents in recent months to Congress as the country’s largest pension fund faces Republican scrutiny for its investment practices intended to combat climate change. The $464 billion fund has been handing over the trove of information to...
Employers offering defined-contribution plans to their workers are broadening their focus on financial well-being, according to a poll from J.P. Morgan Asset Management. DC plan sponsors are especially keen to ensure that their employees are well-placed to enjoy adequate retirement income, with 9 out of 10 respondents saying they “strongly...
SageView Advisory Group has announced some leadership changes that see founder Randy Long appointed as chairman of the board and John Longley joining the firm as CEO. The changes are effective from Sept. 1 and reflect a new phase in the RIA firm’s growth which continue its expansion in both...
Jeff Rosenberger is about as close to a “lifer” as one can get in the relatively new financial technology industry. Growing up just north of San Francisco in Marin County, Rosenberger was exposed to financial products at an early age by his father, a executive with FICO, and mother, a...
Social Security benefits are on track to increase by 3% in 2024, a response to cooling inflation that will dial back the annual cost-of-living adjustment from the much higher 8.7% implemented this year. Figures for the consumer price index for urban wage earners and clerical workers, the CPI-W, published Thursday...
A federal judge has rejected a case brought forth by shareholders against JPMorgan Chase CEO Jamie Dimon and the bank’s board. They alleged negligence regarding warning signs associated with the bank’s infamous former client, Jeffrey Epstein. In a ruling Wednesday, U.S. District Judge Jed Rakoff noted that the shareholders, represented...
Nuveen and its parent company TIAA are the latest to bring a target-date series with an annuity component to the market, a pairing that they say can make 401(k)s perform more like traditional pensions. On Tuesday the companies announced that product, a target-date collective investment trust series managed by Nuveen...
Americans are so worried about Social Security running out of money, they are giving up their full retirement benefits. Only 10% of non-retired Americans plan on waiting until they’re 70 years old to receive the maximum payment from the government, according to the 2023 Schroders U.S. Retirement Survey. This includes...
There’s good news and bad news about the state of retirement savings in 2023 according to a new report from Bank of America. While some Americans are feeling optimistic and have boosted their 401(k) balances, others are struggling and been forced to take hardship withdrawals, depleting their retirement provisions. Average balances...