Employers have a dual concern about losing skilled workers and increasing benefit costs from employees who retire too late.
Tag: Retirement Readiness
A new EBRI analysis shows purchases of a deferred income annuity at age 65 (deferring 20 years with no death benefits) result in an overall improvement in retirement readiness when purchasers annuitize 5%, 10%, 15%, and 20% of their 401(k) balance.
A new cut of survey data from the LIMRA Secure Retirement Institute (SRI) shows four in ten single retirees believe their savings won’t last if they live to age 90, while just over one-third of married or partnered retirees feel the same way.
Both retirement plan sponsors and employees can learn lessons from the experiences recounted by retirees surveyed by the Transamerica Center for Retirement Studies.
The Financial & Retirement Services practice is designed to alleviate the weight of student loan debt; planning for on-time retirement; and more.
Among Asians, Blacks, caregivers, Latinos, LGBTQ Americans and women, Prudential Financial found some groups are better prepared for retirement, and some groups focus more on helping others than themselves.
Most organizations appear to underestimate the financial challenges facing older workers, and thus the likely timing of retirements, Willis Towers Watson says.
The Plan Sponsor Council of America’s 61st Annual Survey of Profit Sharing and 401(k) Plans finds the most used benchmarks for retirement plan success remain participation and deferral rates.
However, a survey finds retirees with a guaranteed income stream from a pension or annuity are able to spend more.
Of the 1,544 employees surveyed by Corporate Insight, a mere 221 (or 14%) indicated that their employer offers programs or resources to help improve financial well-being.
In addition, state-backed retirement savings plans can assist with providing quality savings opportunities to working Latinos who are not covered by an employer-sponsored retirement plan.
Workers facing debt payments must also prioritize long-term savings, as difficult as this may seem.
Sixty-two percent of Americans polled are confident they will be able to maintain their savings as they transition into retirement, but only 45% think their savings will last throughout their retirement.
When workers are continuously engaged in a financial wellness program, they increase their retirement contribution rates by 38%, and the average age at which workers could retire and replace 80% of their income moves from 68.5 to 66.96, according to Financial Finesse.
MassMutual urges pre-retirees to calculate their projected income and expenses in retirement because although retirement plan balances are healthier than they were five years ago, they may not necessarily be sufficient to support the income needed for so many early retirements.
Wells Fargo uncovered four specific participant characteristics that correlate with a significantly better financial life.
The new guidelines offer a practical framework to help global and regional employers better understand how much money different workers need to save for a stable retirement.
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%.
GoBankingRates finds that needing to pay off credit card and other debt is a major roadblock to retirement saving.