Key Points Fidelity recommends having 10 times your salary saved in time for retirement. A nest egg that large could buy you a pretty comfortable lifestyle. Before you follow that rule, think about your personal needs. The $23,760 Social Security bonus most retirees completely overlook › Saving for retirement is something a lot of people don't manage to do. And there's a reason for that. Life has a way of being expensive. By the time you're done paying the mortgage, stocking the fridge, and putt ...

Core Points - The proposed legislation aims to allow workers to roll over personal Roth IRAs into workplace Roth accounts, such as Roth 401(k)s, 403(b)s, and 457(b)s, simplifying account management and reducing fees [3][4] - The bill is sponsored by U.S. Representatives Darin LaHood and Linda T. Sanchez, emphasizing the benefits of asset consolidation and enhanced retirement savings for families [4] Summary by Sections Proposed Legislation - The legislation seeks to enable the combination of Roth assets into workplace accounts, which could streamline the management of retirement savings [3] - If enacted, it would help eliminate the complexities and fees associated with maintaining multiple investment accounts [4] Benefits of Roth Accounts - Roth IRAs allow for tax-free withdrawals of gains after specific conditions are met, making them attractive for younger workers who may face higher tax brackets in retirement [6][7] - Contributions to Roth accounts are made with after-tax money, ensuring that all subsequent gains can be withdrawn tax-free during retirement [8]

Core Insights - A record number of retirement savers now have $1 million or more in their 401(k)s or IRAs, with the number of 401(k) millionaires increasing by 16% to 595,000 by the end of June [1][4] - The average 401(k) balance rose to $137,800, marking an 8% increase from the previous year and a jump from $127,100 at the end of March [7] - Total average 401(k) savings rates remained steady at a record high of 14.2%, close to Fidelity's suggested savings rate of 15% [5] Retirement Saver Demographics - The average millionaire in 401(k) plans is approximately 59 years old and has been enrolled in their employer's plan for an average of 25 years [4] - These savers maintain an average individual savings rate of about 17.6%, which, when including employer matches, totals 26.2% [4] Market Behavior and Contributions - Despite market fluctuations, the majority of retirement savers did not alter their savings strategies, allowing them to benefit from market rebounds [1][5] - Only 5.5% of retirement savers changed their 401(k) asset allocation from the end of March to the end of June [5] Overall Market Trends - Average balances for 403(b) accounts increased by 9% to $125,400, while individual retirement accounts rose by 8% to $131,366 from the end of March [7] - The data is derived from 25,600 defined-contribution plans covering 24.6 million participants, along with 7.8 million IRA accounts and 10,677 tax-exempt plans covering 9 million participants [8]

Investment Strategy - Index funds consistently outperform active management in the long run [1] - Index funds are a more viable option for retirement saving success [1]