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10 April

3 Did You Knows - Spring 2024

April 10, 2024 By Nick Stucko Education  

We are back with another edition of "Did You Know" for Spring 2024!

  1. A record number, approximately 4.1 million Americans, will reach 65 years old in 2024, reaching a surge that will continue through 2027, according to an analysis by Jason Fichtner, executive director of the Retirement Income Institute and chief economist at the Bipartisan Policy Center. That is about 11,200 a day, compared with the 10,000 daily average from the previous decade. Source: Wall Street Journal 2/6/24.
     
  2. Nearly 20% of Americans 65 and older were employed in 2023, which is nearly double the share of those who were working 35 years ago, according to a recent report from the Pew Research Center. Close to two-thirds of 65 and older employees are working full time, compared with nearly half in 1987. Source: Wall Street Journal 2/6/24.
     

  1. According to the most recent annual Form 5500 data, there are an estimated 635,000 defined contribution plans in the United States, covering an estimated 86.6 million participants with account balances totaling $9.3 trillion in assets.
    Source: US Department of Labor 1/18/24

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ERISA Workplace Retirement Plan Limits

The federal government annually publishes updated qualified retirement plan limits, which impact the contributions, benefit accruals, and compliance of ERISA covered qualified retirement plans. The below tables summarize the most significant changes in recent history.

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