Newsdash Insight on Plan Design & Investment Strategy from PLANSPONSOR
June 20th, 2016
Benefits & Administration
Sixty percent of Millennials have less than $10,000 saved for retirement, and that’s roughly the same amount Baby Boomers have. Fifty-eight percent of Millennials are saving for retirement, and 38% know how much they will need, according to a survey by Ramsey Solutions.Read more >
Thirty-seven percent of U.S. parents say their children’s education is more important than their own retirement savings, according to a survey by HSBC Group. Sixty percent of U.S. parents would go into debt to fund their child’s college education, and 58% say that, while the expense makes it more difficult to keep up with other financial commitments, it is more important.Read more >
Automatic enrollment is not being embraced by a majority of employers. Only 41% of large companies (those with 500 employees or more) offer automatic enrollment, compared with just 28% of small companies (100 through 499 employees) and 18% of micro companies (10 through 99 employees). However, 71% of employees would like to be auto-enrolled into their plan. A new report from the Transamerica Center for Retirement Studies reviews the retirement plan landscape.Read more >