Survey: Workers Demand Emergency Savings Accounts Amid Financial Stress; Half of Americans Don't Participate in Retirement-Savings Plans, Putting Them at Risk in Golden Years

A survey finds that amid financial stress, workers are asking for emergency savings accounts as a job benefit. Nearly half of Americans don't participate in retirement-savings plans, putting them at risk in their golden years. Another report reveals that 62% of Americans are still living paycheck to paycheck, making it the main financial lifestyle. The Biden administration plans to propose a rule to close retirement advice loopholes, aiming to protect retirement security and combat junk fees. President Biden acknowledges having bounced checks in the past while discussing efforts to get rid of bank junk fees. The Labor Department will propose a new rule to protect retirement security and combat junk fees. An expert claims that a retirement savings account is at least 17% better than a 401(k). A survey finds that 56% of adults feel behind on retirement savings. The contribution limit for 401(k) and related plans will increase to $23,000 for 2024, from $22,500 this year. The IRS announces changes to 2024 retirement contribution limits.