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Tag: Retirement Readiness
In the decade following the Great Recession of 2008, for participants who remained invested in their 401(k)s, overall, average balances soared 466%.
While retirement confidence ticked up for workers in the 2019 Retirement Confidence Survey, many are still concerned about debt and health care expenses and are not financially prepared.
A multi-year study found employees who regularly engaged with their employer’s financial wellness program more than doubled their feeling of retirement preparedness.
Because people are living longer, healthier lives, the Wells Fargo Investment Institute has suggested different ways that Millennials, Generation X and Baby Boomers can successfully save for retirement.
However, those who have a health savings account are more certain about how they will cover future health care costs.
Only 33% of women and 49% of men said they are “extremely” or “very likely” to have enough money to cover their needs throughout retirement.
However, among all age groups, the most frequently cited retirement fear is outliving savings.
A survey from AIG Life & Retirement found many people want to live to 100, but are concerned about their assets lasting that long; Robert Scheinerman, with AIG Retirement Services, offers suggestions for helping them prepare.
The Insured Retirement Institute also found that financial advisers and individuals are not considering the effects of health care costs and long-term care in planning for retirement.
A BlackRock survey shows four in 10 DC plan sponsors say they have changed or added TDFs in the past 12 months.
Seventy-seven percent of Americans think Congress should do more to expand access to retirement plans, while 83% favor making it easier to save for retirement, and 69% think policymakers should support solutions that convert savings into an income stream.
The majority of independent workers say they are much more or somewhat more involved in their finances as a result of working independently, a T. Rowe Price survey found.
A report from Aegon discusses retirement planning habits of workers in physically demanding jobs and how plan sponsors can help them be retirement ready.
Experts discuss how plan sponsors can get participants out of retirement savings "ruts" and get them to engage more with their retirement plans.
The majority of retirement plan participants surveyed said they have knowledge about their retirement plan and fees, but while the majority also said they know they need to save at least 10% of their salary, many are not doing so.
Those married or partnered are more likely to place a high priority on saving for retirement than single individuals (64% vs. 52%) whose financial priorities are more likely focused on being able to afford everyday bills (74% vs. 67%).
The Society of Actuaries says financial wellness programs need to be designed so individuals of different fragility levels can connect to what is useful and important to their situation.
The strain of supporting other family members financially is taking a toll, PNC learned in a survey.
The new National Tax-Deferred Savings Association education program is delivered via certified retirement education specialists and is vendor-neutral.