Anew survey has found that 80 percent of Americans believe the Trump administration and Congress should prioritize legislation to help people plan and save for a secure retirement.

The Social Security Administration is reinstating its plan to reclaim 100% of overpayments made to beneficiaries — a ten-fold jump from the current rate, the agency announced Friday.

By asking for 100% of overpayments to be repaid by recipients, the agency could save about $7 billion over the next decade, the Office of the Chief Actuary estimated. The new rate will take effect March 27.

Americans are stashing away more money than ever for retirement, but they remain a ways away from the "magic number" needed to retire comfortably.

The average balance in employer-sponsored retirement contribution plans rose to $134,128 in 2023, a 19% increase from the previous year, according to new data published by Vanguard Group, which tracks about 5 million retirement accounts. The median account balance was $35,286, a 29% increase from 2022.

Sen. Joe Manchin (D-W.Va.) and a group of Republican senators are moving to overturn a retirement investment planning rule that was finalized by the Labor Department last month.

The Labor Department unveiled the new rule last month that would update the definition of an investment advice fiduciary under the Employee Retirement Income Security Act. Manchin and 15 Republican senators joined in co-sponsoring a Congressional Review Act (CRA) resolution that would overturn this new rule.

With Americans living longer and spending more years in retirement, the nation's changing demographics are "putting the U.S. retirement system under immense strain," according to BlackRock CEO Larry Fink in his annual shareholder letter. 

One way to fix it, he suggests, is for Americans to work longer before they head into retirement.

BlackRock Chair Larry Fink said capital markets can help solve a crisis brewing around the ability of Americans to afford retirement as lifespans elongate, and that the government can provide a basic safety net.

BlackRock CEO Larry Fink sent his annual letter to investors on Tuesday in which he cited the "immense strain" on Social Security amid the aging of the U.S. population and the need to reform the retirement system given its looming insolvency.

The 401(k) is doing double duty as both a retirement account and a source of emergency funds for more Americans.

A record share of 401(k) account holders took early withdrawals from their accounts last year for financial emergencies, according to internal data from Vanguard Group. Overall, 3.6% of its plan participants did so last year, up from 2.8% in 2022 and a prepandemic average of about 2%.

Huge numbers of Americans are leaving the workplace in a surprise second wave of the post-COVID retirement boom.

Why it matters: An aging country — combined with a booming stock market and a nudge from return-to-office policies — means more working stiffs are preparing to exit the stage.

What's happening: The U.S. has about 2.7 million more retirees than predicted, Bloomberg reports from a model designed by an economist at the Federal Reserve Bank of St. Louis.