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| Benefits & Administration |
| More companies are adding or considering
financial wellness programs for their participants, according to Bank of
America Merrill Lynch’s Workplace Benefits Report. “Today’s plan sponsor must
look beyond 401(k) enrollment and participation,” says David Tyrie, head of
retirement and personal wealth solutions for Bank of America Merrill Lynch. “As
the survey underscores, there is a growing need for companies to consider their
benefits offering more holistically and provide more comprehensive financial
education and solutions that can address today’s challenges, such as managing
rising health care costs.”Read more > |
| Lack of Investment Understanding Hurts Retirement Outcomes |
| A majority of participants who have heard of
financial terms like target-date funds (TDFs) and vesting do not understand the
terms completely, and more than three-quarters (77%) do not have a formal
financial plan. A study released by The Guardian Insurance & Annuity
Company Inc. reveals a lack of understanding of basic investment terms likely
contributes to lower plan engagement and less successful retirement outcomes.Read more > |
| No matter the generation, less than half of
Americans responding to a recent LIMRA Secure Retirement Institute survey said
they understood how much they should be saving for retirement. Only four in 10
Boomers and Generation X workers reported knowing how much they should be
saving to avoid running out of money in retirement, LIMRA notes, and the figure
is even worse among Millennials, at about three out of 10.Read more > |
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| Products, Deals & People |
| A set of consumer-facing tools and a white paper
from HealthView Services aim to help people incorporate health care costs into
retirement planning. HealthView Services says its new calculators complement
its existing tools used by major companies and advisers to help individuals
plan for, manage and reduce retirement health care costs.Read more > |
