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.
Tag: Retirement Income
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.
Workers with generous employer health care benefits that may not be offered in retirement and those at higher risk of chronic conditions because of their family history or current health status should target higher savings rates.
“There is a lot of value in having conversations about retirement income that are not just product driven,” said Josh Cohen, head of institutional defined contribution for PGIM.
Comments to the ERISA Advisory Council mention lack of utilization among plan participants and other ways DC plan participants can create sustainable 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.