Tag: Retirement Income
Both retirement plan sponsors and employees can learn lessons from the experiences recounted by retirees surveyed by the Transamerica Center for Retirement Studies.
Continued net flows out of the DC system, driven by Baby Boomer retirements, could cause more provider consolidation and redoubling of efforts by recordkeepers to keep assets in DC plans.
Survey data demonstrates asset managers, recordkeepers, consultants and plan sponsors talk past each other regarding retirement income solutions, Cerulli says.
The new online resource is specifically designed to help those older than age 50 with key issues to consider as they near retirement.
Nearly all of those who work with an adviser feel they have prepared themselves well for estimating their monthly income needs in retirement, Voya Financial learned in a survey.
Forty-two percent of consumers in a LIMRA SRI study said they were open to the idea of annuities, and 61% say having enough money to last through retirement years is their single most important objective for their assets in retirement.
Wells Fargo uncovered four specific participant characteristics that correlate with a significantly better financial life.
Looking at the various sources of households' estimated retirement income, the Center for Retirement Research at Boston College found that even the one it felt was most reliable shows roughly half of households are likely to fall short of a target replacement rate of 75%.
Fifty-two percent of pre-retirees surveyed by the Nationwide Retirement Institute wish they better understood how their income in retirement will be taxed.
The challenge of learning to think strategically impacts plans of all sizes, says Mel Hooker at Wells Fargo; even large employers with ample resources can have trouble setting goals and knowing how to pursue them.
Sharing findings of a recent Capital One survey, Stuart Robertson says there is opportunity to educate employees about the tax-deferred status of retirement plan contributions and retirement plan investment fees.
Asked how to prepare for a longer life span, 68% said reduce expenses to save more, while 53% said save more for retirement.
They are rising 2.8%, in keeping with a rise in the DOL’s Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W).
But the reality is, only 33% of retirees have worked at any given time, according to EBRI.
As a result of seeing their estimated income, almost half of all workers (48%) increased their retirement savings, LIMRA SRI finds.
The legislation would strengthen consumer protections, improve access to retirement savings plans for part-time workers, help increase women’s financial literacy, and give specific support to low-income women and survivors of domestic abuse.
Industry observers fear that 10 years following the collapse of Lehman Brothers, many investors, including retirement plan investors, may have forgotten lessons that should have been learned.