Tag: individual retirement account

The bill would encourage retirement plan participation by giving people penalty-free access to funds in the event of an emergency.

The service is designed for small accounts with less than $5,000.

The firms say it can replace what has traditionally been a tedious, manual process.

Retirement industry experts say automatic portability could be the solution to a pervasive problem.

The ratio of the combined 401(k) and IRA balance to the average 401(k) plan balance was 2.48.

Experts see more value for participants to move their money from one 401(k) to another 401(k) than from a 401(k) to an individual retirement account.

GAO says the two agencies do not share enough information on these exemptions, and that sharing more information would lead to greater transparency and consistency.

Forty-two percent don’t even know it is possible to keep assets in a plan once one leaves an employer.

Fidelity analyzed the balances of those who remained invested in their 401(k) in the decade following the Great Recession of 2008 and found that the balances went from $52,600 to $297,700.

Forty-four percent say that focusing on health and wellness is a primary concern, according to a survey by TD Ameritrade.

Among those who make ongoing contributions, 53% were approached by a financial services company or professional to set it up.

Cerulli also sees opportunities for advisers in the 403(b), defined benefit (DB), and financial wellness markets.

And the owners of traditional IRAs rarely withdraw from their accounts, according to ICI data.