Some behavioral finance tricks can help plan sponsors help employees be retirement ready. (Photo: iStock)

The majority of retirement plans have set participants on the road to ruin, but annual checkups by plan sponsors and the canny use of behavioral finance can change that.

That’s according to a white paper from Voya Financial, which said that 82 percent of plans are not on track to meet their investors’ long-term savings needs. But the use of academic research by the new Voya Behavioral Finance Institute for Innovation, the firm said, can provide the means to better outcomes for participants.

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