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Average retirement account balances for those aged 55-64 averaged about $208,000 at the end of 2022 in plans administered by Vanguard, according to the asset management giant.
This pre-tax option is what makes 401(k) plans attractive to employees, and many employers offer this option to their (full-time) workers. 401(k) payable is a general ledger account that contains the amount of 401(k) plan pension payments that an employer has an obligation to remit to a pension plan administrator.
Required minimum distributions (RMDs) are minimum amounts that U.S. tax law requires one to withdraw annually from traditional IRAs and employer-sponsored retirement plans and pay income tax on that withdrawal. In the Internal Revenue Code itself, the precise term is "minimum required distribution". [1]
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Local plans are 78.2% funded in 2022, compared to 77.8% for statewide plans. However, the historical funding trends of municipally-managed plans are similar, if not identical to statewide plans. Locally-managed public pension plans account for approximately 12% of all unfunded liabilities of non-federal retirement systems.
None appear in another GOBankingRates study as a state where $1 million is the minimum amount needed to retire comfortably. So which are the top states to make Gen Z’s list of best places to retire?
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