And 40% say they feel they are ill prepared for retirement because of inadequate savings.
Data and Research
Research from Spectrem Group suggests Millennials want to be hands-on investors and, while they are willing to use technology to get advice, one-third want in-person meetings.
Six in 10 workers are not on track to meet their needs in retirement at age 65, according to a recent analysis.
EBRI found that, even at today’s historically low interest rates, the transfer of longevity risk provides a significant increase in retirement readiness for those who live the longest.
However, only 23% of small plans permit participants to contribute immediately to their 401(k).
A big market with needs to match, the small 401(k) plan market is fragmented and lucrative.
“Even without jumbo deals, there are just more plan sponsors looking to convert their pensions to group annuities,” says Michael Ericson at LIMRA.
The public employee retirement system in California says it has created $26 billion in economic activity within the state’s boarders.
Nearly four in ten employers surveyed say fewer than half their workers are financially equipped to meet retirement head-on.
Growth figures this year are in line with a previous Kravitz report that found the number of these plans surged 31% in 2013.
Participants view their 401(k) as an essential workplace benefit.
A survey revealed numerous misconceptions about Social Security.
Balances in HSAs that leverage 401(k)-like investments are six times larger than those without them.
401(k) participants invested in equity mutual funds pay less than half the amount of expenses for a retail investor.
Only about one in five retirement savers have increased their contributions in the past year.
The majority are open to automatic enrollment and escalation.
Even the affluent have concerns when planning for retirement, a LIMRA study finds.
Analyses of the cost effectiveness of DB plans ignore pension debt, according to one researcher.
For 80% of Americans, they will rely on Social Security substantially or somewhat.