Retirement Advisor

More details were announced last week on Pres. Biden's new student loan forgiveness plan, which aims to cancel some or all student debt for specific types of borrowers, like those whose balances exceed what they originally owed.

Only 7% of women believe they have sufficient savings to last their entire retirement, and "it's incumbent on us in the financial industry to do a better job of reaching women as early as possible," according to IRALOGIX.

Pensions, in general, reduce poverty, and importantly, the anti-poverty impact of pensions is greatest for Black and Latino retirees, as well as for retirees without a college degree, says the National Institute on Retirement Security.

Former Maryland Gov. Martin O'Malley, Pres. Biden's choice to head the Social Security Administration, calls the agency's $21 billion overpayment problem an "outrage" at his confirmation hearing last week.

The Biden administration is right to do everything it can to mitigate the burden of student debt, but employers can make sure they're clear about why certain jobs require degrees and, where possible, remove those requirements.

Private pension funds are not as fragile as state and municipal pensions because they have tighter regulatory rules that govern their accounting and contribution rate requirements, according to Equable Institute.

The IRS announced Wednesday it will increase 401(k) contribution limits to $23,000 (from $22,500 in 2023), a smaller increase than last year's record-breaking amount of $2,000, while limits for employees over 50 remains unchanged.

On Wednesday, the Federal Reserve left its benchmark interest rate unchanged – in the 5.25%-5.50% range – for the second meeting in a row.