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week ending August 28th, 2020
Many employees are worried about whether or how much Social Security will be there for their retirement, and they often incorrectly estimate what their benefit will be. According to the Social Security Administration’s website, Social Security will replace about 40% of an employee’s pre-retirement income after retirement. It is important for employees to know this and to know how to maximize their benefit. In this edition of PLANSPONSOR Weekend, you will find information to help educate employees about including Social Security in retirement planning. Wishing everyone a safe and happy weekend!
Editor's Choice
Data and Research
Employees Not Sure What Social Security Will Offer
While many say they will depend on Social Security for retirement income, at least one study finds retirees are not getting as much as they expected.
Benefits
Social Security Projections in Long-Term Financial Report Similar to Last Year
While the estimates are current, they do not reflect the potential effects of COVID-19, the Social Security Board of Trustees notes.
Benefits
Employees Need Review of Social Security Strategies During Financial Crises
Research shows older employees may turn to Social Security for income following a financial crisis, but that can throw retirement planning off course.
Administration
Social Security Education a Must-Have for Retirement Plan Participants
General education is helpful, but getting personal will help employees establish a plan for income in retirement.
Events
Plan Progress Webinar: The Importance of Social Security Education for Participants
Join PLANSPONSOR and retirement industry experts during a webinar on October 29 as they discuss what plan sponsors need to know about Social Security; how plan sponsors can offer Social Security education to employees; and the importance of personalized Social Security planning for employees.
Popular Reads
Compliance
DOL Releases Its First Cybersecurity Guidance
The guidance includes best practices and tips for protecting retirement benefits. 
2020 Recordkeeping Survey
2021 Plan Sponsor of the Year
PLANSPONSOR is pleased to announce the 2021 Plan Sponsor of the Year finalists.
Administration
Questions Sponsors Need to Ask When Hiring a 3(38) Fiduciary
DC plan sponsors should examine a potential investment manager’s approach to governance as well as investing, and they should review past performance results.
Administration
Simplifying the Retirement Planning Message
Employees need to be taught how to manage finances and save for the future before being advised on how to create an income stream in retirement.
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