The app is a mobile version of MassMutual’s RetireSMART Ready tool, which provides a snapshot of a saver’s retirement readiness at a specific age.
Tag: Retirement Readiness
More Gen Xers say they regret spending and accumulating debt than previous generations, a survey found.
For Millennials, student loan debt, credit cards and health care expenses all measured equally as causes for “extreme” amounts of financial stress, a survey found.
"Our survey results reinforce the importance of setting goals and monitoring plans to balance … emotions,” says Rich Ramassini, CFP, director of strategy for PNC Investments.
Creating open MEPs, encouraging the use of lifetime income products and removing impediments to employers maintaining DB plans are just a few of Mercer’s suggestions.
A report by the Congressional Budget Office notes that different measures produce different results and it offers a framework for further analysis of retirement income.
The top worry for respondents to a Dimensional Fund Advisors survey is not having enough money to live comfortably in retirement.
Forty-four percent of health care organizations consider offering a program where employee contributions to student debt will be matched, according to a survey from Cammack Retirement Group.
Ninety percent of Americans surveyed do not feel confident in their retirement savings situation.
This demographic is more apt to be behind in saving for retirement and worried about making ends meet, they report.
According to the GAO report, the three pillars of the current retirement system in the United States are anticipated to be unable to ensure adequate benefits for a growing number of Americans due, in part, to the financial risks associated with certain federal programs.
TIAA suggests other options for helping retirement plan participants with retirement readiness.
In spite of increased optimism, a new Wells Fargo survey finds a significant portion of workers still say they do not think they will reach their savings targets; many of them cite the challenge of meeting high health care costs while also saving.
Ultimately, a true revolution in financial fitness requires a “triple play”—that is, a combined approach between governments, employers and employees.
After being educated about the option, only 13% of employees said they would likely opt out of an auto-IRA run by their state.
“While Millennials are saving, most are not planning," observes IRI President and CEO Cathy Weatherford.
One of the first indicators investors will see on their new home page is a personalized recommendation for improving retirement readiness.
Data suggests that Millennials will make up 75% of the workforce by the year 2025.
Among Millennials, women are making less income and saving less for retirement, Wells Fargo Asset Management finds.
“People are living longer than at any other time in history,” observes Catherine Collinson of Transamerica. “It’s hardly surprising that many workers envision working past age 65 and some do not plan to retire at all.”