EBRI says that if the Automatic Retirement Plan Act of 2017 was combined with auto-portability, the retirement savings shortfall of $4.13 trillion would be reduced by $932 billion, or 22.6%.
Tag: Retirement Readiness
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.
The median retirement account balance among all U.S. workers is "zilch"
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.
The right allocation could boost returns over a person's career by as much as 34%, the consulting firm says.
A survey finds many small employers do not offer employees a retirement plan, and few employers that offer retirement plans extend eligibility to part-time workers.
TIAA supports offering lifetime income options and makes other plan administrative and design suggestions to alleviate plan sponsors’ concerns about their employees’ retirement outlook.
A report warns about the “troubling lack of knowledge about debt” among all age groups in the U.S., but especially among young adults.
Most retirement plan participants would like savings and investing guidance, a survey finds.
A study finds employees with access to employer-sponsored plans are most likely to indicate retirement readiness, and the IALC suggests plan sponsors increase education.
While most women surveyed want to grow their investments in retirement, they worry more than men about the risk involved and think they’ll need to adopt a conservative investing style.
A report from Bank of America Merrill Lynch shows employees who do not feel financially well are most concerned about shorter-term financial goals, whereas employees who do feel financially well are most concerned about long-term goals.
Discussing the launch of a new UBS equity compensation support program, Michael Barry spoke about the importance of linking equity compensation awards to employees’ broader financial picture.
Reviewing a participant’s financial health involves more than just deploying the latest retirement readiness tools.
Results outweigh the retirement plan sponsor costs.
The trust and expectation that employees place in their employers to help them prepare effectively for retirement is stronger than ever, and this is both a burden and an opportunity for DC plan sponsors.
The Center for Retirement Research finds that the net worth of non-divorced households is 30% higher than for divorced households.
An analysis by the Employee Benefit Research Institute finds 57.4% of U.S. households are on track to be able to cover 100% of expenses in retirement, but if long-term care costs are removed from the equation, the percentage jumps to 75.5%.
A research report says "financial education delivered to employees around the age of 40 will optimally enhance savings at retirement close to 10%. By contrast, programs that provide one-time education can generate short-term but few long-term effects.”