7 sources·Business

Increased Retirement Contributions Amid Growing Concerns Over Social Security

New IRS rules boost retirement contributions, but Americans worry about future Social Security benefits as concerns over financial stability rise.

100%

The distribution of story sources: left-leaning (blue), center (light gray), and right-leaning (red).

Reliable

The underlying sources consistently report facts with minimal bias, demonstrating high-quality journalism and accuracy.

Balanced

The underlying sources are either a balanced mix of left and right or primarily centrist.

Subscribe to unlock this story

We really don't like cutting you off, but you've reached your monthly limit. At just $3/month or $30/year, subscriptions are how we keep this project going. Start your free 7-day trial today!

Get Started

No highlights available for this story.

Updated: Nov 21st, 2024, 10:43 PM ET

Summary

A summary of the key points of this story verified across multiple sources.

Recent surveys show increasing unease among Americans over retirement savings and Social Security, with 53% relying on Social Security amid fears of its depletion by 2033. Upcoming IRS regulations will allow workers aged 60-63 to contribute more to 401(k) plans, potentially increasing annual contributions to $34,750. However, only 14% of retirees maxed out contributions in 2023. Experts urge early and consistent savings, especially as rising costs strain older Americans. Social Security facing a funding shortfall could significantly impact future retirees' financial security.

Perspectives

Compare opinions on this story from liberal (Left), conservative (Right) or center-leaning news organizations.

This story is either non-partisan or does not have the required sources to create partisan perspectives.

History

A summary of how this story has evolved over the last 24 hours.