Financial Planning Newsletter – December 2023

December 5, 2023

In a world where pension plans are becoming less common, Americans are increasingly relying on employer-sponsored, defined contribution plans like 401(k)s and 403(b)s to cover their retirement needs. According to the Investment Company Institute, Americans held $7.2 trillion in 401(k) accounts as of September 2023. That is roughly one-fifth of the total U.S. retirement market, and a big jump from 2011, when 401(k) assets added up to just $3.1 trillion. Recent changes to federal regulation mean most workers are automatically enrolled in their workplace’s 401(k) plan, and while this is a good step to get more people saving for retirement, it also means that employers may find themselves enrolled in something they do not understand. The latest Hanover Financial Planning Newsletter covers a few of the pitfalls that 401(k) participants can fall into and tips to help get the most out of your 401(k).

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