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week ending August 7th, 2020
COVID-19 and its impacts have raised questions over what retirement income will look like in the future. An American Century Investments survey reported 40% of participants are concerned about running out of money in retirement, while other reports found that despite maxing out on their 401(k), some participants are remaining optimistic. Additionally, many employees are still unsure of what Social Security will offer during retirement, especially younger workers. Experts argue a U.S. sovereign wealth fund could benefit retirement income, and others say the U.S. can learn from countries who push retirement savings preservation.
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Investing
Volatility Brings Focus on Sustainable Retirement Income
Participants are looking to their employers to offer a retirement income solution, while interest in ESG investing among retirement plan participants continues to increase.
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Data and Research
Participants Maxing Out Their 401(k) Remain Confident
But those who fall short on saving are experiencing financial stress.
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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.
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Benefits
Social Security Burdens Fall on Younger Workers
As unemployment rises and employees retire sooner, experts say Social Security will be exhausted faster than predicted.
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Data and Research
Different Views About Retirement Plans Shaped COVID-19 Responses Globally
The U.S. can learn from other countries about instilling the mindset of preserving retirement savings and creating different pools of assets to be dipped into in case of emergency.
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Compliance
Providers to DB Plans Face Lawsuit Over Investment Strategy
Because downside protection promised for certain funds wasn’t provided and it wasn’t warned, the committee for defined benefit plans of the Blue Cross and Blue Shield Association says the plans suffered ‘staggering’ losses earlier this year.
Data and Research
Workers Unsure How to Create Retirement Income From Savings
Retirement savers want help with figuring out tax expenses, knowing when is the best age at which to retire, creating a retirement income stream and knowing how to invest their 401(k) balance.
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