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February 27th, 2018 |
Workers Say Benefits Give Them a Sense of Financial SecurityFifty-eight percent of middle-income workers, those with household incomes of between $35,000 and $150,000, say they feel more financially secure because of workplace benefits, according to the MassMutual Workplace Benefits Study, based on a survey of 1,010 working Americans conducted by Greenwald & Associates. Among those in households with incomes between $70,000 and $150,000, 65% say they feel more secure because of workplace benefits, but this is only true for 42% of those with incomes of less than $45,000. MassMutual says this may indicate a need for more financial education in the workplace.Read more > |
Sponsors Making Great Strides on Their Retirement PlansWith concerns growing that their employees are not saving enough for retirement, U.S. employers are making significant enhancements to their defined contribution (DC) plans, Willis Towers Watson learned in a survey. Most notably, they are adding automatic features, offering Roth accounts, boosting their matches, streamlining investment choices and improving fee transparency.Read more > |
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Distributions When Switching Jobs Within Same Denomination“I was recently hired as an administrator after working in the same position for another church of the same denomination. I thought I could withdraw my retirement plan assets from the plan at my prior church, but the person in charge of that plan said I could not, since I still work for the denomination.”Read more > |
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RBC Offers Guide to Retirement Health Cost PlanningBecause most Americans are unprepared for health care costs in retirement, RBC Wealth Management—U.S. has issued a guide to help them, titled, Taking Control of Health Care in Retirement. From a survey that Ipsos conducted for RBC, the firm learned that 80% of respondents are concerned about funding the cost of health care in retirement. However, only 56% have factored health care into their retirement planning, and of this group, 50% said they think they probably underestimated the true cost of health care in retirement.Read more > |
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