Articles about 401(k) contribution limits, Social Security, IBM’s “Retirement Benefit Accounts,” retirement regulation/SECURE 2.0, the DOL’s controversial fiduciary rule proposal and “best places to retire” all landed on our list of the “most viewed articles” of 2023.
Here’s a breakdown of 401(k) Specialist’s most-viewed articles of the year by category, along with links to the articles themselves.
401(k) Contribution Limits
Any news, projections or insights about the next year’s 401(k) contribution limits perks up the ears of retirement plan advisors, and that led to three articles on the subject all cracking the top 10, including one in June about Milliman (accurately it turns out) forecasting a $500 increase for 2024 months before it became official at the beginning of November. Another in August that correctly forecast the IRS’ move to raise the 2024 401(k) contribution limit to $23,000 also ranked highly, as did the story covering the official limit being set that came out Nov. 1.
Top-ranking articles:
2024 401(k) Contribution Limit: Milliman Forecasts Modest Increase
Based on current inflation data, Milliman’s latest 2024 IRS limits forecast predicts a $500 increase while official 2024 limits are expected to be announced in October
$500 Boost Projected for 2024 401(k) Contribution Limit
Forecasts from Mercer and Milliman each predict a $23,000 limit in advance of late October official announcement from the IRS
IRS Bumps 2024 401(k) Contribution Limit to $23,000
IRA limit also gets $500 boost while catch-up contribution limit remains the same
All things Social Security remain a hot topic for 401(k) Specialist readers, but like the aforementioned forecasts of the next year’s 401(k) contribution limits, coverage of forecasts of the next year’s Social Security cost of living adjustment seem to resonate in particular.
Some of the top-ranking articles:
New Inflation Data Shows 2024 Social Security COLA Still Headed Below 3%
Latest forecast for next year’s cost of living adjustment stays below 3%, which would be significantly below this year’s 8.7% increase
2024 Social Security COLA Could Drop Below 3%
Looming recession could mean next year’s cost-of-living adjustment will fall well short of this year’s historic 8.7% raise
Bernie Sanders Reintroduces Bill to Increase Social Security Benefits, Extend Solvency
Legislation comes at a time of heightened interest as CBO forecasts spike in spending and debt ceiling debate looms
Debt Limit Standoff: Are Social Security Benefits at Risk?
Treasury Secretary Janet Yellen’s May 1 warning adds new urgency that default could happen by June 1, with plenty of uncertainty surrounding whether or not Social Security payments could be delayed
Final 2024 Social Security COLA Estimate Before the Real Thing: 3.2%
Last forecast increases slightly while the official cost of living adjustment for next year will be announced on Oct. 12
9 States Still Taxing Social Security Benefits in 2024
Missouri and Nebraska are latest states to drop Social Security taxes, bringing the number that still tax benefits down to single digits
Social Security Taxes vs. Benefits: Americans Take Far More Out Than They Pay In
New Urban Institute report shows the average American will receive much more in benefits than they pay into the troubled entitlement program
4 Senators Want Americans to Wait Until 70 to Claim Social Security
Bipartisan legislation introduced this week proposes two key changes that would encourage people not to claim early
IBM Retirement Benefit Accounts
IBM sent shockwaves through the retirement industry when it announced in early November that it was replacing its 401(k) matching contribution with a defined benefit “Retirement Benefit Account.”
Some most-viewed coverage:
IBM Replacing 401(k) Match with 5% ‘Retirement Benefit Account’ Contribution
Tech giant employees can still contribute to their 401(k), but key incentive to do so going away in 2024
IBM 401(k) Replacement Elicits Questions from Retirement Leaders
The company’s move to change its 401(k) match poses the question of a bigger shift to the defined benefit market
Brian McDonnell, Head of the Global Pension Practice at Cambridge Associates, explains what happened and why
DOL Fiduciary Rule
The Department of Labor’s latest fiduciary rule proposal—for which the comment period is set to expire on Jan. 2—is a polarizing topic with many shades of gray. While registered investment advisors and consumer advocates generally favor the rule while most others—and annuity advocates in particular—oppose it and are calling for the DOL to withdraw it.
Some of our most-viewed coverage:
DOL Fiduciary Rule Released; Industry Reaction Pours In
President Biden will speak about the rule from the White House at 3:30; new proposal applies a fiduciary standard to retirement advice on rollovers
Biden: DOL Fiduciary Rule is a Further Crackdown on ‘Junk Fees’
President focused on retirement security during White House remarks Tuesday; Insured Retirement Institute blasts “unnecessary, redundant, and harmful proposal”
House to Vote on Bill Blocking Funding for DOL’s Fiduciary Rule
The spending bill contains three key amendments that would restrict funding to the fiduciary proposal
Best Places to Retire
Now and then it’s nice to take a break from crunching retirement numbers and issues to think about ideal retirement locations—be it cities, states or countries—which might explain why these stories tend to resonate with 401(k) Specialist readers. Here’s three that drew the most eyeballs in 2023.
10 Best and Worst States to Retire 2023: WalletHub
New states claim top and bottom spots on just-released rankings of the best states for retirement
One State Sweeps Top 5 in U.S. News 2024 ‘Best Places to Retire’ Rankings
Pennsylvania locked up the top five spots in the new list unveiled today of the 2024 Best Places to Retire in the United States—and secured seven of the top 10 spots
11 Best Places to Retire in the World in 2023: International Living
We have a new No. 1 and No. 2 in this year’s rankings of the best, most affordable places for Americans to retire abroad
Regulation/SECURE 2.0
Retirement reform legislation efforts in 2023 generally centered around SECURE 2.0 fixes, with a handful of new bills introduced (or reintroduced) on Capitol Hill. One to keep an eye on in 2024 is the “Retirement Savings for Americans Act,” opposed by the American Retirement Association.
Some of our most-viewed articles:
IRS Comes Through with Roth Catch-Up Contribution Deadline Extension
“Administrative transition period” announced Friday afternoon extends until 2026 the new requirement that any catch-up contributions made by higher income participants in 401(k)s must be designated as Roth
Controversial ‘Retirement Savings for Americans Act’ Reintroduced in Congress
The reestablished bill is now backed by large-scale institutions and tech corporations including Goldman Sachs, SHRM, Uber and DoorDash
Glitch-Fixing: How 2024 Catch-Up Contributions Could Be Restored in SECURE 2.0
Two likely (and one unlikely) solutions identified to correct drafting error that jeopardizes all 401(k) catch-up contributions starting in 2024
6 Important SECURE 2.0 Provisions Retirement Advisors Should Know
Vestwell Founder and CEO Aaron Schumm’s take on key changes coming as a result of the new landmark retirement reform legislation
Biden’s Budget Seeks Ban on ‘Mega-Roth’ IRAs
The $6.8 trillion budget released today, deemed “DOA” by House Republicans, includes a variety of tax increases for wealthy
House Financial Services Committee Passes Bill Approving CITs in 403(b)s
In a 35 to 12 vote, the House Financial Services Committee voted to advance an amended version of a bill that would allow 403(b) retirement plans to invest in CITs
Litigation
When it comes to ERISA lawsuits, there were of course plenty of excessive fee, breach of fiduciary duty and suitability lawsuits. Here are a couple of articles that generated the most interest among 401(k) Specialist readers.
American Airlines Pilot Sues Company 401(k) Over ‘Woke’ ESG Investing
Proposed class action claims airline’s retirement plan is filled with investments that pursue “leftist political agendas” through environmental, social, and corporate governance strategies
Tyson Foods Latest Target of Excessive 401(k) Fee Lawsuit
Suit filed in federal court alleges ERISA fiduciary breaches relating to overpaying for recordkeeping fees in $3.2 billion plan with 67,000 participants
DST 401(k) Plan Fiduciaries On Hook for $125 Million in ERISA Settlement
Department of Labor announces “extraordinary” settlement in case where more than 9,000 participants suffered large losses due to plan’s lack of diversified investments
Florida Court Strikes Down DOL Rollover Guidance
Verdict delivered Monday expected to be appealed by the Department of Labor; could take years to resolve
Best of the Rest
Here are three non-categorized articles that also resonated with readers in 2023.
Facts Don’t Back Recent Criticism of Voluntary Retirement Plan Market
Op-ed: ICI Chief Economist Sean Collins fires back at critics of the U.S. retirement system who seek to paint it as average or broken
How to Build a 401(k) Practice by Cold Calling
Advisor Steven Wilkinson aims to prove a seven-figure practice can be built from scratch in 3 years—and he’s sharing everything about how he’s attempting it on LinkedIn
Disney Retirement Community Taking Shape in California
First “Storyliving by Disney” residents scheduled to move in next year; development includes a residential area exclusively for people 55+
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Veteran financial services industry journalist Brian Anderson joined 401(k) Specialist as Managing Editor in January 2019. He has led editorial content for a variety of well-known properties including Insurance Forums, Life Insurance Selling, National Underwriter Life & Health, and Senior Market Advisor. He has always maintained a focus on providing readers with timely, useful information intended to help them build their business.