Tag: retirement savings
Lincoln's inaugural Consumer Retirement Index found only 25% of Americans are very confident about retirement, but there are steps that sponsors and advisers can take to improve this outlook, Jamie Ohl, president of the retirement business at Lincoln Financial Group, tells PLANSPONSOR.
The Saving for the Future Act would require employers to contribute 50 cents to a savings account for each worker for every hour worked, or more than $1,000 a year, with the goal of helping workers prepare for emergencies and retirement.
A company match contribution or bigger company match, more education and access to financial advice are among incentives for savings identified in a Natixis survey.
Individuals who scored higher on a financial literacy quiz were more likely to save for retirement and more likely to have savings outside of a retirement plan.
Starting early and managing spending and debt are key to be able to save more.
With EvoShare, employees can spend as usual at over 10,000 participating businesses and receive up to 20% cash back toward a 401(k) or 403(b) plan, student loan, and/or 529 plan.
A survey found more Americans are prioritizing building an emergency savings fund over retirement savings.
An online digital toolkit includes sample content for blogs, emails, newsletters, and more.
Recommendations included conducting a comprehensive review of the American retirement system, educating small employers about plan options, allowing for open multiple employer plans (MEPs), changing certain defined contribution (DC) plan rules to facilitate greater savings, and increasing financial and retirement education, especially for women.
Not only are three-fourths of Millennial college graduates carrying student loan debt, but a Guardian report notes that, “Baby Boomer parents, in trying to fulfill their children’s dreams of a college education, have too often tapped their retirement savings.”
“Both financial literacy and short-run impatience play important roles in determining retirement saving, even after controlling for education and income,” researchers say in a study report.
Of the nearly half of survey respondents who report they have experienced health care cost increases in the past year, 24% state they have decreased their contributions to retirement plans, and 17% have taken a loan or withdrawal from a retirement plan.
Many contributing employees only save enough of their pay in defined contribution retirement plans to receive all available matching contributions—giving the employer significant influence over savings behaviors.
Even financially adept employees have trouble deciding where to save and how to spend.
Thirty-six percent of young adults who are both paying off debt and saving for retirement but who have made paying off debt their No. 1 priority feel “very good” about their financial health, whereas this is only true for 23% of those who have made saving for retirement their No. 1 priority.
The account stays with an individual from job to job and in between.
According to E*TRADE, the tool aims to help participants understand how proper utilization of proceeds can meet financial goals, among other things.
Seventy-nine percent of Americans say they don’t fully understand what happened during or what caused the financial crisis.