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Here’s how much Americans have in their retirement accounts and what it means for you

Fidelity Investment’s latest analysis of its retirement accounts reveals Americans have, on average, six-figure balances in their IRA and 401(k) retirement accounts. As of the fourth quarter of 2022, the average balances in an IRA, 401(k) and 403(b) were (respectively) $104,000, $103,900 and $92,683.

Despite recent inflation and high prices, Fidelity found that most retirement savers are continuing to contribute to their accounts. In fact, more than one-third of savers increased their contribution rate over the last year. If you’re struggling to save for retirement, CNBC Select has some tips on how you can continue to fund your future even during an uncertain economy.

What the average retirement balances mean for you
Everyone’s journey to retirement looks different and only you (and your financial planner if you have one) can know if you’re on track to enjoying your golden years in comfort. But knowing how much Americans save on average can help motivate you to take the below actions if your own savings fall short of that number.

Pay your future self first by automating your retirement savings
Do yourself a favor and set up an autopay that puts a portion of each paycheck into a retirement fund before it hits your bank account. If your employer pays you with direct deposit, you can likely ask them to do this for you. This prevents you from spending that cash and becoming accustomed to living on an income that doesn’t account for your retirement plans.

Meet your employer’s 401(k) match
If your employer offers a 401(k) match, do your best to contribute enough to meet that match. For example, if your company matches dollar-for-dollar the first 6% of your paycheck, you’d want to contribute at least 6% to get that full match. This would mean both you and the employer each contribute 6% — equating to a total contribution of 12% of your salary. Fidelity’s standard guideline is to save at least 15% of your gross income annually for retirement (including any employer match), so this example — and in general the idea of easily doubling your savings via an employer match — comes pretty close to achieving that.

But what if my employer doesn’t offer a 401(k) option?
Not all employees have access to an employer-sponsored 401(k) plan — let alone a company match. But you can still take advantage of other retirement-saving vehicles such as a traditional or Roth IRA. (And even if you do have a 401(k), adding an IRA as well to the mix can broaden your investment choices and help you save more.)

In fact, according to the same Fidelity retirement analysis, Roth IRAs are the most popular retirement-saving vehicle, with 61.3% of all contributions across generations going into a Roth in the fourth quarter. With a Roth IRA, savers pay taxes upfront by contributing after-tax dollars. That means the withdrawals they take during retirement are tax-free (as long as their account has been open for at least five years). Roth IRAs are a smart choice for those who expect to be in a lower tax bracket today than when they retire.

CNBC Select ranked the best Roth IRAs and below are our top picks:

Best overall: Charles Schwab Roth IRA
Best for beginner investors eager to learn: Fidelity Investments Roth IRA
Best for hands-on beginner investors: Ally Invest Roth IRA
Best for hands-off beginner investors: Wealthfront Roth IRA
Best for access to a financial advisor: Betterment Roth IRA
Start small if you have to — just start
While you want to save as much as you can toward your retirement (without derailing your other financial goals), you can start small. The goal here is just to start; the earlier the better thanks to compound interest, meaning your money is making more money over time.

For those with a 401(k) through their employer, check to see if the plan offers a feature called “automatic escalation,” which means that your contribution amount will automatically increase each year up to a certain limit. For example, your contributions could automatically increase by 1% every year so that you’re slowly building toward the matching amount, and beyond.

Leave your retirement savings alone
401(k) and IRAs are investment accounts, meaning any savings you put there are typically invested in the stock market. Like most other investments, your savings will fluctuate in value along with the overall market. Your best move regardless of what the market does? Leave your retirement funds alone.

In fact, constantly watching the markets is actually what experts deem one of the biggest investing mistakes, since you may feel compelled to make changes based on unpredictable, short-term activity. You should hold investments for as long as you can to maximize your returns, and this is particularly true with retirement accounts, which traditionally have the longest time horizon.

If you want to get more actively involved in the markets using money that isn’t earmarked for retirement, robo-advisors have become a popular choice for both novice and seasoned investors. Betterment and Wealthfront are good options that charge low annual advisory fees and help you create an investment strategy and portfolio based on your individual risk tolerance.

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Nine Restaurant Franchise Goes Global with $120 Million Crypto Crowdfunding Joint Venture, Led by Adnan Ashraf

Adnan Ashraf, a multifaceted entrepreneur with interests spanning pharmaceuticals, technology, and real estate, is embarking on an exciting new venture to expand the renowned Nine restaurant brand into a global franchise. With its reputation for upscale Japanese cuisine and stunning panoramic views, Nine has captured the attention of discerning diners worldwide, and Mr. Ashraf aims to bring this exceptional dining experience to numerous locations across the globe.

To realize his ambitious expansion plans, Mr. Ashraf has engaged in discussions with a pioneering crypto crowdfunding platform, forging a strategic partnership for a joint venture involving 100 stores with an estimated investment of $120 million. Harnessing the power of cryptocurrency, Mr. Ashraf intends to expedite the growth of the Nine franchise and achieve his objectives more efficiently.

The first milestone in this expansion journey involves acquiring a prime waterfront location in Canary Wharf, a prestigious business district in London. Serving as the flagship Nine restaurant, this iconic setting will exemplify the brand’s exquisite cuisine and offer guests unparalleled views. Mr. Ashraf’s vision extends beyond this initial location, as he plans to continue expanding into other prime spots in London and beyond, introducing the Nine dining experience to cosmopolitan cities worldwide.

By partnering with a cryptocurrency crowdfunding platform, Mr. Ashraf aims to tap into the immense potential of this innovative funding mechanism. Cryptocurrency not only streamlines the investment process but also attracts a global community of investors passionate about supporting groundbreaking ventures in the hospitality industry. This collaboration is expected to fuel the rapid expansion of the Nine franchise, ensuring that more diners can savor its exceptional culinary offerings and immerse themselves in the extraordinary ambiance that defines the brand.

Drawing on his extensive entrepreneurial experience, Adnan Ashraf brings a wealth of expertise to this venture. His track record of success across various sectors attests to his ability to navigate complex business landscapes and identify unique opportunities for growth. With his diverse business interests and unwavering commitment to excellence, Mr. Ashraf is poised to spearhead the global expansion of the Nine restaurant brand, establishing a network of exceptional dining establishments worldwide.

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Alliance Rental: Alexey Ivanov Latest Venture in Luxury Transport by Alliance Trucks

Alliance Trucks, the leading Japanese and Korean car dealer in Russia, is proud to announce the launch of its new luxury transport rental aggregator, Alliance Rental. The project is the brainchild of Alexey Ivanov, the CEO and owner of Alliance Trucks, a successful businessman, traveler, and blogger. With over 59 countries visited, Alexey Ivanov has gained valuable experience in the automotive industry, which he has leveraged to create Alliance Trucks, a company that generates a trade revenue of $50 million annually.

Founded in 2014, Alliance Trucks has become the biggest Japanese and Korean car dealer in Russia, with four authorized and certified workshops, warehouses in the capital, and numerous certificates of first dealer with top-rated sales and service quality. The company’s mechanic team has won different national and international competitions of professional skills, including the ISUZU GRAN PRIX, where they were the first Russian and second in the world.

Alexey Ivanov’s awareness and commitment to 10 corporate rules have enabled Alliance Trucks to achieve its current status as a respected and reputable brand in the automotive industry. The rules include prioritizing emotional intelligence, respecting corporate culture and business ethics, seeking opportunities for growth in every crisis, and being socially active and engaged in charitable projects.

Alliance Parts, Alexey Ivanov’s latest venture, is a cars and spare parts distribution business in the United Arab Emirates with a global partnership with different car brands. The company leverages Alexey’s life and professional experience to scale similar projects in different market areas.

Alliance Rental is Alexey Ivanov’s latest project, an aggregator that offers a one-stop-shop for luxury transport rentals. The project’s main idea is to provide all the luxury transport rentals that customers may need for emotional holidays, celebrations, dream realization, business meetings, or just for premium lifestyle in one mobile application.

The application, marketing brand, and all business processes are complete, and legal compliance with local laws, rules, and regulations is under process.

Alliance Rental offers taxi Rolls-Royce, luxury sport cars, yachts, helicopters, and aircraft rentals. Partnerships with operators of luxury services are currently being signed, and the project is ready to launch soon.

Alexey Ivanov’s mission is to make the world a better and cleaner place, live a long, bright, and memorable life, create a family, raise children, create and invent something that deeply touches the feelings of people, be a mentor, teach knowledge, and leave a significant mark in history, society, and culture.

For more information on Alliance Rental and Alexey Ivanov, follow him on Instagram at @a.a.ivanov

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Januthan Logathas: A video and photography professional who seeks to leave his name among the best in this area

JANUTHAN LOGATHAS was born in a small town in Switzerland and is the son of a Tamil couple from Sri Lanka. His father was the one who began to inspire him to become a video and photography professional, which is why he is currently widely recognized as well as having followed in the footsteps of his father who also worked in this profession. With time people started noticing his Instagram modeling shoots and he became very prominent among European Tamils.

His tik tok videos also boosted his image and recognition a lot as they were filled with a subtle humor that was very pleasing to his followers who were part of Januthan reaching a much larger audience.

People celebrated the German/Albanian co-worker combo in a peculiar way.

In addition, he was also the first Tamil photographer to win the renowned award for the best wedding photography from Radisson in Europe, he gained great popularity especially with the collaboration with Usha Jay in her dance video which achieved many views and this made his audience grow exponentially.

He knows that in order to continue growing in what he does, he must continue working very hard as he has done up to now, and all this with the aim of increasing his public and the quality of his work, and for this it is necessary to continue going through this long learning process in the one that advances a little more every day to reach the desired objective that is to position its name among one of the best in the video and photography industry. In his social networks you can find a lot of material about his work in addition to him also seeing content about his future works which are more than promising

To grow in this industry, you must continue to constantly learn, since this industry is very competitive and only those who know how to implement their ideas and creativity very well when creating new jobs stand out.

Unveiling Life Through the Lens: Explore the captivating world of talented photographer @jpresidento on Instagram and TikTok, as he captures unique moments that have earned him accolades at the Wedisson Awards. Discover his visually mesmerizing art at these links!

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