With a volatile stock market commonplace and retirement plan participants confused about investments, the role of advisor and investment committee is key. We keep advisors informed about ETFs, TDFs, REITS, HSAs, and more.
Target date funds are becoming a crowded space in the marketplace and managers are looking for ways to differentiate their products through personalization and retirement income, says a Mercer report.
As ideas on how best to help employees save money for retirement continue to advance, employers and plan sponsors will need to stay abreast of the changing regulatory requirements and evolving participant needs.
With just 24% of workers feeling confident that they'll be able to retire comfortably, a new report identifies key focus areas where employers can make a difference, such as employees with student loans and low-income workers.
"Employment extenders" - a growing segment of employees working beyond the traditional age of retirement - have unique needs that may influence how they use existing benefits but simultaneously be looking for new offerings.
Some of the new retirement regulations are mandatory, such as increases in mandatory distributions, while some are optional, like the student loan matching contributions, but the changes are significant for every generation.
These personalized, age-based platforms incorporate interactive tools and behavioral nudges, such as alerting plan participants to make catch-up contributions at age 50, as they gently steer participants towards retirement goals.
Younger workers are notably behind other age groups, with only 17% having saved between $5,000 and $50,000 – and employers have a critical opportunity to address the retirement readiness gap, says a new study.
Only 7% of women believe they have sufficient savings to last their entire retirement, and "it's incumbent on us in the financial industry to do a better job of reaching women as early as possible," according to IRALOGIX.
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