hand placing puzzle piece labeled 401k (Photo: Shutterstock)

The objective of defined contribution plans is simple: Help participants reach their retirement goals. More than half of the people in the John Hancock State of the Participant 2022 report reached this benchmark.

“In March 2022, we surpassed the halfway mark, with 52.7 percent of participants positioned to replace at least 70 percent of their income in retirement years,” the report said. “That was up nearly 5 percentage points from our previous measurement in September 2020.”

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