Fidelity Smart Money Key takeaways A 401(k) is a retirement savings plan that lets you invest a portion of each paycheck before taxes are deducted depending on the type of contributions made. Because of 401(k) tax advantages, the federal government imposes some restrictions about when you can...
Fidelity Investmentsis the nation's largest administrator of 401(k) plans, overseeing 24,800 plans as of March 2023. In the first quarter of that year, theaverage company match for Fidelity planswas 4.8% of a worker's salary. The most common 401(k) match formula for Fidelity accounts was...
To take out a loan, you'll first need to check if your plan even allows it. If so, you can request a loan from your plan administrator. According to Fidelity, you can borrow as much as 50% of your retirement savings, up to a $50,000 maximum. The specific terms depend on your pl...
My opinion is that you should take advantage of what is offered to you. Vanguard is my employer’s 401K plan administrator and within my plan I have the option of both index and mutual funds. You probably do as well. So, take a real life look at an index fund versus a comparable mut...
Do you assume your 401(k) plan administrator picks good funds? Think again. A study from theCenter for Retirement Research at Boston Collegefound that plan administrators choose mutual funds that lag comparable indexes. Their choices were just marginally better than a monkey throwing darts. ...
Theaverage 401(k) balanceat the end of 2023 was $118,600, according toFidelity Investments, the largest provider of 401(k) plans in the U.S. When can I withdraw from my 401(k)? Similar to other retirement plans, such as the403(b)and theThrift Savings Plan,the IRS allows qualified ...