In recent years, more employers have been incorporating 401(k) loans as a feature in their retirement plans. This article delves into the reasons behind this growing trend and explores the benefits it brings to both businesses and their employees. Why Offer 401(k) Loans? Enhancing Employee Benefits: Employers...
American workers are struggling to save for retirement. In fact, only 43% of non-retired adults expect to be financially comfortable in retirement, according to a 2023 survey by Gallup. That same survey reveals that nearly half (48%) of workers expect that a workplace retirement plan such...
The IRS has announced that the amount individuals can contribute to their 401(k) plans in 2023 has increased to $22,500, up from $20,500 for 2022. This also applies to 403(b), most 457 plans, and the federal government's Thrift Savings Plan. Also increasing is the catch-up contribution limit...