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USA Today
3 days ago
- Business
- USA Today
Wildfire smoke, shark pardons and lost 401(k) accounts: Your week in review
Wildfire smoke, shark pardons and lost 401(k) accounts: Your week in review Show Caption Hide Caption Smoke drifting into US from Canada wildfires could impact health Smoke from wildfires in Canada has drifted into Montana, the Dakotas, Minnesota, Midwestern and East Coast states, and as far south as Florida. Canadian wildfire smoke hangs over U.S. Skies were looking milky across much of the United States for days as smoke from wildfires raging in Canada drifted into northern and Midwestern states and dipped even as far south as Florida. The Dakotas, Iowa and most of Minnesota and Wisconsin were under air quality alerts, and the haze hung over major cities including New York, Washington, Philadelphia and Boston. More than 200 wildfires were burning in Canada as of June 3, and more than half were classified as "out of control," Canadian forest fire authorities said. More news about our planet: Sign up for USA TODAY's Climate Point newsletter. Trump pardons Florida divers who freed sharks Presidential pardons have often sparked controversy, but Donald Trump's latest gesture had some teeth to it. Trump granted full clemency to two Florida divers, John Moore Jr. and Tanner Mansell, who were convicted of theft for cutting 19 sharks free from a fisherman's longline in 2020. They had assumed the gear was illegal; it turns out it belonged to a vessel permitted by the federal government to harvest sandbar sharks for research. "Whether people believe in his politics or not, he chose to pardon me ... and only ever wanted to help," Mansell said in a text. "I can't help but feel extremely grateful." A fortune sits in 'lost' 401(k) accounts You might think it would be hard to forget almost $60,000. But at least $1.7 trillion is wasting away in forgotten 401(k) accounts, the financial firm Capitalize found, and the average lost balance is $56,616. How does that happen? People who leave a job "usually have a bunch of things going on,' said David John of the AARP Public Policy Institute, and simply lose track. (More than 47 million Americans quit their jobs in the Great Resignation of 2021.) And someone who leaves a job after only a year or two might be especially prone to overlook a modest balance − which, thanks to the magic of tax-free investment growth, eventually turns into a big balance. Loretta Swit, 'M*A*S*H's beloved 'Hot Lips,' dies Fans, friends and co-stars were remembering Loretta Swit, who starred as Major Margaret "Hot Lips" Houlihan through all 11 seasons of TV's hugely popular Korean War dramedy "M*A*S*H" and gave depth and strength to a character who began as an oversexed blond stereotype. Swit, 87, died May 30. "More than acting her part, she created it," star Alan Alda, 89, posted on X. Jamie Farr, 90, who played Corporal Maxwell Q. Klinger, told USA TODAY she was his "adopted sister … as close as family can get." The cast was a tight-knit group through the years, Swit once said: "We might as well be joined at the hip." Close isn't good enough for the New York Knicks Some teams just want to win NOW. Maybe that's why the New York Knicks fired coach Tom Thibodeau, stunning much of the basketball world, just days after the franchise flirted with the NBA Finals for the first time in 25 years before falling to the Indiana Pacers. Not bad for a team that had won just 21 games in the 2019-20 season before Thibodeau took over. The Knicks might be forgiven for being a little impatient after their magical run, however: They have not won a title since 1973. (The NBA Finals, with the Pacers facing the Oklahoma City Thunder, tipped off June 5). − Compiled by Robert Abitbol, USA TODAY copy chief
USA Today
03-06-2025
- Business
- USA Today
$1.7 trillion sits in lost and forgotten 401(k) accounts. Is one of them yours?
$1.7 trillion sits in lost and forgotten 401(k) accounts. Is one of them yours? Show Caption Hide Caption How are tariffs and your 401(k) retirement savings intertwined? Experts say a rise in tariffs can lead to several factors that impact your retirement savings. At least $1.7 trillion languishes in lost or forgotten 401(k) accounts, with an average unclaimed balance of $56,616. Those 29 million idle accounts represent one quarter of all assets held in 401(k) retirement plans. And those figures come from a 2023 report from Capitalize, a financial services firm. The numbers could be higher now. 'That's a heck of a lot of money,' said James Royal, an investing analyst at Bankrate. 'You could really have tens of thousands of dollars out there.' It's hard to fathom how anyone could lose track of $56,000, until you stop to consider the circumstances behind the typical lost 401(k) account. 'People who are leaving a job, and especially if they're moving to another one, usually have a bunch of things going on,' said David John, a senior strategic policy adviser at the AARP Public Policy Institute. The average American born between 1957 and 1964 has changed jobs about a dozen times, AARP reports. A record 47 million Americans quit their jobs in 2021 alone, amid the Great Resignation. A worker who leaves a job after a year or two might have only a few thousand dollars saved in a retirement account. In the stress of a job change, it's easy to lose track of those funds. Workers might struggle with how to 'roll over' the savings into a new account. The balance might not seem to justify the effort. Wait a decade or two, however, and the balance in a forgotten account can balloon into a tidy sum. The reason: Most 401(k) funds tend to be invested in stocks, and the market has made enormous gains in recent decades. 'Even 10 or 15 years ago, if you put in $5-, $6-, $7,000, that could be worth three, four or five times as much today,' Royal said. Tracking down lost 401(k) accounts has never been easier, according to Royal and other retirement-plan experts. A curious consumer with an hour to spare can go a long way toward rooting out lost savings. Here are some tips, starting with the easy stuff. Finding a lost 401(k): The low-hanging fruit First, visit the National Registry of Unclaimed Retirement Benefits. As the name suggests, it's a national database of unclaimed retirement accounts. Enter your Social Security Number, run a quick search and see if any idle accounts come back. Next, proceed to the Retirement Savings Lost and Found Database. This is a new site, launched by the Department of Labor to help workers locate unclaimed benefits. The lost and found site is 'still trying to reach scale with a lot of providers' and not yet comprehensive, said Rita Assaf, vice president of retirement savings at Fidelity. But it's another convenient, one-stop destination for finding retirement funds in your name. Third, visit Missing Money, a clearinghouse of unclaimed property held by U.S. states and Canadian provinces. Another one-stop site, Missing Money can direct users to all sorts of unclaimed property, including retirement accounts. 'It's been around for a few years, but it's not as widely known as it should be,' said John of AARP. Finding a lost 401(k): Some effort required The steps above should provide a good sense of potential unclaimed retirement funds in your name. The next moves might take a bit more time. Search your employment records. Look for old retirement plan statements, in electronic or paper form. Alternately, seek out old pay stubs and W-2 forms, and look for contributions to retirement plans. Contact old employers, if you can find them. Start with the human resources department. Someone there might know if you participated in a 401(k) or, at a minimum, which company administered the plan. If you think you know which plan administrator held your account, contact that company directly. 'There are not that many 401(k) plan administrators out there,' said Kate Ashford, a retirement expert at NerdWallet. 'You could take an afternoon and call them all.' Ask to speak to the 401(k) department. A representative will typically ask for your Social Security Number and other identifying information, which can help the administrator find any old retirement accounts under your name. If a lost retirement plan is 'from many years ago,' Assaf said, 'that plan may not still be available at Fidelity. It could be somewhere else.' For retirement accounts with a balance under $1,000, a plan administrator may have liquidated the account and cut a check, which might have gone 'to your last-known address,' Ashford said. For balances in the low thousands, the administrator may have rolled the account into an IRA at another financial institution. Finding a lost 401(k): Other resources Several other sites can help consumers search for clues about abandoned retirement accounts. The Department of Labor's abandoned plan database can help an ex-worker locate a terminated plan. The same agency allows users to search a database of Form 5500, which is filed annually for 401(k) plans and can help users identify and contact both former employers and plan administrators. But records only go back to 2010. Don't want to search for lost 401(k) funds yourself? At least two private companies, Capitalize and Beagle, operate concierge services that can do it for you. Can I have that 401(k) to go? Fewer 401(k)s will go missing in future, experts say, thanks to the evolving concept of "auto-portability" in retirement plans. A new initiative in the retirement-savings industry encourages workers to roll over a 401(k) account into an IRA when they leave a job, whereupon the money can automatically transfer to a retirement plan at a new employer. The auto-portability program applies to accounts valued at $7,000 or less. Research shows low-value accounts are more likely to be cashed out or forgotten, potentially losing thousands of dollars of compounded interest over time. In 2022, a consortium of private retirement-plan providers announced a collaboration to boost the portability of small retirement accounts. When someone leaves a job, the network of providers will make sure that any retirement funds 'move seamlessly from one job to another,' said John of AARP.
Yahoo
28-05-2025
- Business
- Yahoo
What's retirement age for full Social Security benefits? It's not the same for everyone.
Turning 65 and thinking about retiring and claiming Social Security? Depending on your budget and means, you might want to hold off. That's because your monthly Social Security benefit may be higher for you – and, eventually, your spouse – if you wait even a few months to apply. For decades, you could apply for Social Security at age 62, but you didn't get full benefits unless you signed up at age 65. But that "full retirement age," has gradually increased over the years – and it's recently increased again. For those born in 1960 or later, the full retirement age is 67. The changes in full retirement age come from legislation, which aimed to shore up the program, passed in 1983 and signed by President Ronald Reagan, according to AARP. Nearly 74 million Americans get Social Security benefits. Retirement: The amount of money Americans think they need to retire comfortably hits record high: study The changes aren't new, but are "more connected to when your birth is and therefore when your full retirement age is," Joel Eskovitz, senior director for Social Security and savings at the AARP Public Policy Institute, told USA TODAY in December 2024. "You get lower benefits if you claim before that retirement age. Every month early you claim, you get a reduction." The age of 65 remains an important year for those planning retirement because it's the age when people become eligible for Medicare, a fact that "is in many ways more important than the full retirement age," Gal Wettstein, a senior research economist at the Center for Retirement Research at Boston College, previously told USA TODAY. When to retire and apply for Social Security is a personal decision based on many factors. But you can apply for the program at age 62. However, the longer you delay taking Social Security, the bigger your monthly check. By taking Social Security before your full retirement age, your monthly payment "will be permanently reduced, by as much as 30%," according to AARP. For instance, if you retired and filed for Social Security this year at "full retirement age," your maximum benefit would be $4,018, according to the Social Security Administration website. But let's say you retire this year at age 62 and file, your maximum benefit would be $2,831. Wait beyond your full retirement age and you get a bonus beyond the full retirement age benefit. For instance, if you are age 70 and filed for Social Security this year, your maximum benefit would be $5,108. "Any year that you delay claiming after 62 until you reach 70, increases the monthly benefit that you get," Wettstein said. Social Security: Here's the best age to take the benefit, based on the one variable that really matters To collect what's considered full Social Security benefits, you wait until at least your "full retirement age." Here's the full retirement age for those born from 1943 and on: 1943-1954: 66 years old 1955: 66 years and two months 1956: 66 years and four months 1957: 66 years and six months 1958: 66 years and eight months 1959: 66 years and 10 months 1960 and later: 67 years of age This story has been updated with a headline change. Mike Snider is a reporter on USA TODAY's Trending team. You can follow him on Threads, Bluesky, X and email him at mikegsnider & @ & @mikesnider & msnider@ What's everyone talking about? Sign up for our trending newsletter to get the latest news of the day This article originally appeared on USA TODAY: Social Security retirement age for full benefits has risen Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
USA Today
16-05-2025
- Business
- USA Today
What's retirement age for full Social Security benefits? It's not the same for everyone.
What's retirement age for full Social Security benefits? It's not the same for everyone. Show Caption Hide Caption Retirement worries grow as seniors face Trump tariffs, stock selloff Retired educator and part-time yoga instructor Vicki Knight says she feels stretched thin. "I'm semi-retired." The Marietta, Georgia, resident says her Social Security income is not enough to live on and that a recent stock market selloff fueled by tariff uncertainty has complicated her plans. Turning 65 and thinking about retiring and claiming Social Security? Depending on your budget and means, you might want to hold off. That's because your monthly Social Security benefit may be higher for you – and, eventually, your spouse – if you wait even a few months to apply. For decades, you could apply for Social Security at age 62, but you didn't get full benefits unless you signed up at age 65. But that "full retirement age," has gradually increased over the years – and it's recently increased again. For those born in 1960 or later, the full retirement age is 67. The changes in full retirement age come from legislation, which aimed to shore up the program, passed in 1983 and signed by President Ronald Reagan, according to AARP. Nearly 74 million Americans get Social Security benefits. Retirement: The amount of money Americans think they need to retire comfortably hits record high: study The changes aren't new, but are "more connected to when your birth is and therefore when your full retirement age is," Joel Eskovitz, senior director for Social Security and savings at the AARP Public Policy Institute, told USA TODAY in December 2024. "You get lower benefits if you claim before that retirement age. Every month early you claim, you get a reduction." The age of 65 remains an important year for those planning retirement because it's the age when people become eligible for Medicare, a fact that "is in many ways more important than the full retirement age," Gal Wettstein, a senior research economist at the Center for Retirement Research at Boston College, previously told USA TODAY. When is the best time to retire to get Social Security? When to retire and apply for Social Security is a personal decision based on many factors. But you can apply for the program at age 62. However, the longer you delay taking Social Security, the bigger your monthly check. By taking Social Security before your full retirement age, your monthly payment "will be permanently reduced, by as much as 30%," according to AARP. For instance, if you retired and filed for Social Security this year at "full retirement age," your maximum benefit would be $4,018, according to the Social Security Administration website. But let's say you retire this year at age 62 and file, your maximum benefit would be $2,831. Wait beyond your full retirement age and you get a bonus beyond the full retirement age benefit. For instance, if you are age 70 and filed for Social Security this year, your maximum benefit would be $5,108. "Any year that you delay claiming after 62 until you reach 70, increases the monthly benefit that you get," Wettstein said. Social Security: Here's the best age to take the benefit, based on the one variable that really matters How can I get the most Social Security benefits? To collect what's considered full Social Security benefits, you wait until at least your "full retirement age." Here's the full retirement age for those born from 1943 and on: 1943-1954: 66 years old 1955: 66 years and two months 1956: 66 years and four months 1957: 66 years and six months 1958: 66 years and eight months 1959: 66 years and 10 months 1960 and later: 67 years of age This story has been updated with a headline change. Mike Snider is a reporter on USA TODAY's Trending team. You can follow him on Threads, Bluesky, X and email him at mikegsnider & @ & @mikesnider & msnider@ What's everyone talking about? Sign up for our trending newsletter to get the latest news of the day
Yahoo
15-05-2025
- Business
- Yahoo
What's retirement age for full Social Security benefits? It's not the same for everyone.
Turning 65 and thinking about retiring and claiming Social Security? Depending on your budget and means, you might want to hold off. That's because your monthly Social Security benefit may be higher for you – and, eventually, your spouse – if you wait even a few months to apply. For decades, you could apply for Social Security at age 62, but you didn't get full benefits unless you signed up at age 65. But that "full retirement age," has gradually increased over the years – and it's recently increased again. For those born in 1960 or later, the full retirement age is 67. The changes in full retirement age come from legislation, which aimed to shore up the program, passed in 1983 and signed by President Ronald Reagan, according to AARP. Nearly 74 million Americans get Social Security benefits. Retirement: The amount of money Americans think they need to retire comfortably hits record high: study The changes aren't new, but are "more connected to when your birth is and therefore when your full retirement age is," Joel Eskovitz, senior director for Social Security and savings at the AARP Public Policy Institute, told USA TODAY in December 2024. "You get lower benefits if you claim before that retirement age. Every month early you claim, you get a reduction." The age of 65 remains an important year for those planning retirement because it's the age when people become eligible for Medicare, a fact that "is in many ways more important than the full retirement age," Gal Wettstein, a senior research economist at the Center for Retirement Research at Boston College, previously told USA TODAY. When to retire and apply for Social Security is a personal decision based on many factors. But you can apply for the program at age 62. However, the longer you delay taking Social Security, the bigger your monthly check. By taking Social Security before your full retirement age, your monthly payment "will be permanently reduced, by as much as 30%," according to AARP. For instance, if you retired and filed for Social Security this year at "full retirement age," your maximum benefit would be $4,018, according to the Social Security Administration website. But let's say you retire this year at age 62 and file, your maximum benefit would be $2,831. Wait beyond your full retirement age and you get a bonus beyond the full retirement age benefit. For instance, if you are age 70 and filed for Social Security this year, your maximum benefit would be $5,108. "Any year that you delay claiming after 62 until you reach 70, increases the monthly benefit that you get," Wettstein said. Social Security: Here's the best age to take the benefit, based on the one variable that really matters To collect what's considered full Social Security benefits, you wait until at least your "full retirement age." Here's the full retirement age for those born from 1943 and on: 1943-1954: 66 years old 1955: 66 years and two months 1956: 66 years and four months 1957: 66 years and six months 1958: 66 years and eight months 1959: 66 years and 10 months 1960 and later: 67 years of age This story has been updated with a headline change. Mike Snider is a reporter on USA TODAY's Trending team. You can follow him on Threads, Bluesky, X and email him at mikegsnider & @ & @mikesnider & msnider@ What's everyone talking about? Sign up for our trending newsletter to get the latest news of the day This article originally appeared on USA TODAY: Social Security retirement age for full benefits has risen Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
