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☆ 401(k) balances are down, and 'last resort' hardship withdrawals are up
  + stars: | 2023-11-28 | by ( Jessica Dickler | ) www.cnbc.com   time to read: +1 min
watch now'Last resort' 401(k) hardship withdrawals riseIn extreme circumstances, savers can take a hardship distribution without incurring a 10% early withdrawal fee if there is evidence the money is being used to cover a qualified hardship, such as medical expenses, loss due to natural disasters or to buy a primary residence or prevent eviction or foreclosure. The share of participants who tap such hardship withdrawals is on the rise, according to reports by Fidelity Investments and Bank of America — largely to avoid a foreclosure or eviction or to cover medical expenses, Fidelity found. Bank of America's recent participant pulse report showed that the number of 401(k) plan participants taking hardship withdrawals was up 13% from the second quarter and 27% compared to the first quarter of the year — with the average withdrawal amount just over $5,000. Still, hardship withdrawals should be "your choice of last resort," cautioned Joe Buhrmann, senior financial planning consultant at eMoney Advisor. "'Leakage' from plan accounts through 401(k) loans and withdrawals can have outsized effects on retirement readiness," said Sharon Carson, retirement strategist at J.P. Morgan Asset Management.
Persons: Mike Shamrell, Joe Buhrmann, you'll, Sharon Carson Organizations: Fidelity Investments, Bank of America, Fidelity, Bank of, Morgan Asset Management
☆ Wait until age 70 to claim Social Security: 'The return on being patient is huge,' says economist
  + stars: | 2023-02-01 | by ( Lorie Konish | ) www.cnbc.com   time to read: +4 min
"The return on being patient is huge with Social Security," Kotlikoff said. Why it pays to wait to claim Social SecurityEligibility for Social Security retirement benefits starts at age 62 for workers who have earned 40 credits, or 10 years of qualifying work. Those contributions count toward the Social Security retirement benefits workers may claim later in life. For each year delayed past full retirement age, 8% is added to Social Security benefits. The return for waiting to claim Social Security benefits may also beat stock market returns, which are highly risky, Kotlikoff noted.
☆ 75% of retirees fall short of a key retirement income goal. These steps can help
  + stars: | 2023-01-21 | by ( Lorie Konish | ) www.cnbc.com   time to read: +6 min
But many retirees fall short of that retirement income goal, according to research from Goldman Sachs Asset Management. The gap isn't surprising, considering that more than 40% who are still working say they are behind schedule on their retirement savings. "You have all these competing priorities that can crowd out retirement savings," said Mike Moran, senior pension strategist at Goldman Sachs. What to know about Social Security's 8.7% cost-of living adjustmentWhy applying for Social Security benefits with long Covid is tricky1. Delay claiming Social Security benefitsThe longer you wait to claim Social Security retirement benefits up to age 70, the bigger your monthly checks will be.
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