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Joe Buhrmann - 2 Mike Shamrell - 2 Shamrell - 1 Fidelity's - 1 Buhrmann - 1 you'll - 1 Sharon Carson - 1
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☆ Don't make these common 401(k) mistakes. With one, many 'aren't even aware' they're missing out, expert says
  + stars: | 2023-11-30 | by ( Jessica Dickler | ) www.cnbc.com   time to read: +5 min
Even the majority of those that do contribute say they are not on track with their yearly 401(k) savings to retire comfortably. Here are three common mistakes workers often make when it comes to their 401(k) plans. Most 401(k) plans — 98% — make contributions to workers' retirement savings, according to the Plan Sponsor Council of America. And yet, roughly 22% of plan participants are not getting the full match, according to data from Fidelity, the nation's largest 401(k) plan provider. To that end, couples with two employer savings plans could benefit from prioritizing the more generous employer's 401(k) matching funds.
Persons: Joe Buhrmann, Mike Shamrell, Shamrell, Fidelity's, Buhrmann Organizations: CNBC, of America, Fidelity, Finance, IRS, IRAs, Workers
☆ 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
☆ IRS warns tax refunds may be 'somewhat lower.' With high inflation, that's a 'double whammy' for families, says advisor
  + stars: | 2023-01-26 | by ( Kate Dore | Cfp | ) www.cnbc.com   time to read: +2 min
Bill Oxford | E+ | Getty ImagesIf you're banking on a tax refund, it may be "somewhat lower" than last year's payment, according to the IRS. Meanwhile, many Americans are still struggling financially, with nearly one-third relying on their tax refund to make ends meet, a recent Credit Karma survey found. Joe Buhrmann, a certified financial planner and senior financial planning consultant at eMoney Advisor, said smaller refunds and high inflation may be a "double whammy" for some families. Thanks to the American Rescue Plan of 2021, many families got a boost from the enhanced child tax credit, worth up to $3,600 per child, and child and dependent care tax credit of up to $4,000 per dependent. For 2022, the child tax credit dropped back to a maximum $2,000 per child, and the child and dependent care tax credit reverted to $1,050 per dependent.
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