Comments to the ERISA Advisory Council mention lack of utilization among plan participants and other ways DC plan participants can create sustainable retirement income.
Tag: Retirement Income
TIAA supports offering lifetime income options and makes other plan administrative and design suggestions to alleviate plan sponsors’ concerns about their employees’ retirement outlook.
If the hourly wage gap between college and high school graduates continues to grow at its current pace, the impact would reverberate into retirement, research from the Urban Institute suggests.
Researchers’ analysis of data from the current Consumer Bankruptcy Project suggests that financial struggles, namely a decline in income, was a leading reason for older Americans’ bankruptcies.
Bank of America Merrill Lynch’s 2018 Workplace Benefits Report also finds men and women show different levels of financial stress.
Yet, a significant number are not saving for retirement at all.
In a broad statement marking the first anniversary of the OregonSaves program, State Treasurer Tobias Read suggests the pace of signups is advancing, with an average of more than a thousand people now being registered a week to start contributing.
In the U.S., pre-retirees think they will need 74% of their income to live comfortably in retirement, but retirees actually receive 58%, a survey finds.
A new Cerulli Associates survey suggests that at least half of 401(k) plan participants have no idea what to do with the savings they have diligently set aside for retirement.
On top of this, more than three in four worry Social Security could be extinct by the time they retire.
More than one-third of Gen Xers say they have no money at all saved for retirement, and 29% expect Social Security to be their primary source of retirement income.
The company is facing lawsuits by a retirement plan participant whose assets were transferred to MetLife as well as by Massachusetts Secretary of the Commonwealth William Galvin.
Half of retirees say they spend less in retirement than they did in their working years.
"Having a plan in place to manage their finances can help retirees feel confident about spending their assets and address the fears that may be holding them back,” says Marcy Keckler, vice president of financial advice strategy at Ameriprise Financial.
Together, they supply 40% of retirees’ income.
Retirement plan sponsors have a fiduciary duty to help plan participants who terminate or retire and provide them the tools they need to best protect their assets.
Its objective is to educate Americans about the importance of protected lifetime income solutions.
EBRI’s Lori Lucas tells PLANSPONSOR National Conference attendees that retirees actually spend less than the industry suggests employees save for retirement, and there are different reasons for that.
In the DC retirement plan industry, it is simply taken for granted that everyone should be saving more and that everyone should save as much as they possibly can; commentator Andrew Biggs offers some important caveats to the seemingly sensible recommendation.
Prudential Financial experts anticipate Social Security’s funding shortfall will likely result in program changes over time, such as reducing cost-of-living adjustments, raising the full retirement age beyond 67 or cutting benefits.