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| Benefits & Administration |
| Increased Savings Rates and Auto Escalation Can Boost Retirement Income |
| Americans are on track to replace 64% of their income in retirement, according to a report from Empower. Those who are contributing less than 3% to a retirement plan are on track to replace 59% of their income in retirement, whereas those who contribute 10% or more are on track to replace 128% of their income, Empower found. Thirty-two percent of participants said they would increase contributions to their retirement plan if they paid down the debt they owe.Read more > |
| Access to Planning Information Correlates With Retirement Readiness |
| Nearly one-fifth of all Americans approaching retirement are at the low end of the readiness spectrum (not ready at all), having saved 20% or less of the money they will need for retirement, according to a survey by the Indexed Annuity Leadership Council. More than 40% of those surveyed report they are worried, with 13% very worried, about retirement. Overall, American workers are satisfied with the amount of information their employer provides about retirement options. However, workers at small companies (fewer than 50 employees) are two times more likely than employees at larger companies to feel their employer is not helpful at all with retirement planning.Read more > |
| Individuals Expect More From Social Security Than What Reality Shows |
| Results of a new survey conducted by Harris Poll on behalf of Nationwide show nearly two in three workers admit they are not confident in their knowledge of Social Security. “There is a major disconnect between what consumers think their Social Security benefit will be, and cover, compared to reality,” says Tina Ambrozy, president of sales and distribution at Nationwide.Read more > |
