GAO’s reports and testimonies give Congress, federal agencies, and the public timely, fact-based, non-partisan information that can improve government operations and save taxpayers billions of dollars.
Individual retirement accounts (IRA) help taxpayers save for retirement. Most IRAs invest in assets like stocks and mutual funds, but some IRA owners want to invest in unconventional assets like real estate or virtual currency.
Retirees and workers' pension benefits often depend on the financial well-being of their employers. Corporate restructurings (such as mergers and acquisitions or bankruptcy restructuring) can result in changes to retirement benefit plans.
Usually, the money in a tax-deferred retirement account, like a 401(k) plan, stays there until retirement. However, you may be able to borrow or withdraw money from such accounts to meet pressing needs, such as medical bills.
What happens if you lose track of some of your retirement funds—such as a 401(k) from a prior employer? The companies holding those unclaimed accounts can take the money out and transfer it to states. States hold the money as lost property until the owners claim it.
What GAO Found Plan participants in the United States face challenges after they change jobs, including not receiving communications from their plan sponsor and being vulnerable to unforeseen tax consequences that can result in a loss of retirement savings.
What GAO Found Participation of older workers in the labor market has increased in the last decade, according to GAO analysis. Further, most individuals ages 61 to 66 who were still working maintained a full-time work schedule.
What GAO Found GAO's nongeneralizable survey of 80 401(k) plans ranging in size from fewer than 100 participants to more than 5,000 and its review of industry data found that many plans have policies that affect workers' ability to (1) save in plans (eligibility policies), (2) receive employer contributions,...