There's a major shift underway in the financial services industry – the convergence of workers' retirement and wealth needs, which have been placed in separate domains, much to the dismay of the average investor, says T. Rowe Price.
When managing retirement plan options, employers should prioritize generative AI, fraud/cyber concerns, inflation and a convergence of retirement planning and wealth management, according to a new Marsh McLennan report.
Employers are not "responsible for providing for my retirement," say employees, and only 1 in 4 is comfortable leaving money in former employer plans, however, they are more open to employer involvement, says a new report.
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.
Corporate pensions are in better shape than they have been in years, according to Russell's 2023 Prudent Pension Funding Report that analyzed 500 U.S. pension plans.
Employers can support lower-income employees by extending eligibility to part-timers, collaborating with their plan providers on educational campaigns, and raising awareness of the Saver's Credit, says a Transamerica report.
Plan sponsors must evaluate the specific features and services offered across the spectrum of personalized financial solutions, including financial wellnessand managed account programs, then assess the value for their participants.
As the caregiving generation skews younger, it offers an opportunity for financial planning professionals and plan sponsors to help them get a head start on building a strong, long-term financial strategy, says a new survey.
More and more public sector workers are relying on DC plans for their retirement savings, however, half of them in their 60s had less than $40,000 in their account balances, according to new research from EBRI.
Likely as a result, 401(k) contributors, whose biggest short-term priority is paying off debt, are often juggling saving for now vs. savings for the future – and nearly half are behind or don't have a retirement goal, says a new TIAA survey.
DebugScreen: mobile
{
"author": {
"name": "Tom Gresham",
"webUrl": "/author/profile/tom-gresham/",
"description": "",
"imageLarge": "https://secure.gravatar.com/avatar/f16d6fc2845f417ea0e93a3f2b6cd37d?s=136&d=mm&r=g",
"estimate": 56,
"social": [],
"articles": [
{
"uri": "/2024/03/27/times-are-changing-for-retirement-plans-employees-need-a-wealth-plan-too/",
"title": "Times are changing for retirement plans: Employees need a wealth plan too",
"byline": "Tom Gresham",
"kicker": "Research",
"prettyDate": "March 27, 2024",
"timeToRead": "5 minute",
"image": {
"uri": "https://images.benefitspro.com/contrib/content/uploads/sites/412/2024/03/dollars-Article-202403251508.jpg",
"width": "620",
"height": "372"
},
"authors": [
{
"webUrl": "/author/profile/tom-gresham/",
"name": "Tom Gresham"
}
],
"kickerNode": [
{
"uri": "/research/",
"sectionName": "Research"
}
],
"summary": "There's a major shift underway in the financial services industry – the convergence of workers' retirement and wealth needs, which have been placed in separate domains, much to the dismay of the average investor, says T. Rowe Price.",
"body": null
},
{
"uri": "/2024/03/20/reshaping-retirement-planning-4-pivotal-elements-of-the-2024-financial-landscape/",
"title": "Reshaping retirement planning: 4 pivotal elements in the 2024 financial landscape",
"byline": "Tom Gresham",
"kicker": "Research",
"prettyDate": "March 20, 2024",
"timeToRead": "5 minute",
"image": {
"uri": "https://images.benefitspro.com/contrib/content/uploads/sites/412/2024/03/financialRisk-Confusion-Article-202306161202.jpg",
"width": "620",
"height": "372"
},
"authors": [
{
"webUrl": "/author/profile/tom-gresham/",
"name": "Tom Gresham"
}
],
"kickerNode": [
{
"uri": "/research/",
"sectionName": "Research"
}
],
"summary": "When managing retirement plan options, employers should prioritize generative AI, fraud/cyber concerns, inflation and a convergence of retirement planning and wealth management, according to a new Marsh McLennan report.",
"body": null
},
{
"uri": "/2024/03/11/employees-have-a-new-attitude-about-investing-7-key-retirement-trends-for-2024/",
"title": "Employees have a new attitude about investing: 7 key retirement trends for 2024",
"byline": "Tom Gresham",
"kicker": "Research",
"prettyDate": "March 11, 2024",
"timeToRead": "5 minute",
"image": {
"uri": "https://images.benefitspro.com/contrib/content/uploads/sites/412/2024/03/investcoins-finance-Article-202403110922.jpg",
"width": "620",
"height": "372"
},
"authors": [
{
"webUrl": "/author/profile/tom-gresham/",
"name": "Tom Gresham"
}
],
"kickerNode": [
{
"uri": "/research/",
"sectionName": "Research"
}
],
"summary": "Employers are not \"responsible for providing for my retirement,\" say employees, and only 1 in 4 is comfortable leaving money in former employer plans, however, they are more open to employer involvement, says a new report.",
"body": null
},
{
"uri": "/2024/02/20/moving-the-retirement-readiness-needle-a-5-part-action-plan-for-employers/",
"title": "IN-DEPTH: Moving the retirement readiness needle - A 5-part action plan for employers",
"byline": "Tom Gresham",
"kicker": "Research",
"prettyDate": "February 20, 2024",
"timeToRead": "1 minute",
"image": {
"uri": "https://images.benefitspro.com/contrib/content/uploads/sites/412/2024/02/retirement-readiness-needle-MI.jpg",
"width": "620",
"height": "372"
},
"authors": [
{
"webUrl": "/author/profile/tom-gresham/",
"name": "Tom Gresham"
}
],
"kickerNode": [
{
"uri": "/research/",
"sectionName": "Research"
}
],
"summary": "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.",
"body": null
},
{
"uri": "/2024/02/07/fully-funded-97-of-corporate-pensions-will-reach-healthy-status-within-10-years/",
"title": "Fully funded? 97% of corporate pensions will reach 'healthy' status within 10 years",
"byline": "Tom Gresham",
"kicker": "Research",
"prettyDate": "February 07, 2024",
"timeToRead": "4 minute",
"image": {
"uri": "https://images.benefitspro.com/contrib/content/uploads/sites/412/2024/02/moneyBusiness-Rain-Article-202402061331.jpg",
"width": "620",
"height": "372"
},
"authors": [
{
"webUrl": "/author/profile/tom-gresham/",
"name": "Tom Gresham"
}
],
"kickerNode": [
{
"uri": "/research/",
"sectionName": "Research"
}
],
"summary": "Corporate pensions are in better shape than they have been in years, according to Russell's 2023 Prudent Pension Funding Report that analyzed 500 U.S. pension plans.",
"body": null
},
{
"uri": "/2024/01/26/ready-for-retirement-plan-sponsors-must-address-stark-demographic-influences/",
"title": "Ready for retirement? Plan sponsors must address stark 'demographic influences'",
"byline": "Tom Gresham",
"kicker": "Best Practices",
"prettyDate": "January 26, 2024",
"timeToRead": "4 minute",
"image": {
"uri": "https://images.benefitspro.com/contrib/content/uploads/sites/412/2024/01/officer-workers-connecting-puzzle-pieces.-Concord-Article-202401241451.jpg",
"width": "620",
"height": "372"
},
"authors": [
{
"webUrl": "/author/profile/tom-gresham/",
"name": "Tom Gresham"
}
],
"kickerNode": [
{
"uri": "/best-practices/",
"sectionName": "Best Practices"
}
],
"summary": "Employers can support lower-income employees by extending eligibility to part-timers, collaborating with their plan providers on educational campaigns, and raising awareness of the Saver's Credit, says a Transamerica report.",
"body": null
},
{
"uri": "/2024/01/08/personalization-is-the-key-to-retirement-readiness-3-solutions-for-401k-plan-sponsors/",
"title": "Personalization is the key to retirement readiness: 3 solutions for 401(k) plan sponsors",
"byline": "Tom Gresham",
"kicker": "Whitepaper",
"prettyDate": "January 08, 2024",
"timeToRead": "5 minute",
"image": {
"uri": "https://images.benefitspro.com/contrib/content/uploads/sites/412/2024/01/financialadvisorVirtual-Dealmaking-Article-202401080915.jpg",
"width": "621",
"height": "372"
},
"authors": [
{
"webUrl": "/author/profile/tom-gresham/",
"name": "Tom Gresham"
}
],
"kickerNode": [
{
"uri": "/whitepaper/",
"sectionName": "Whitepaper"
}
],
"summary": "Plan sponsors must evaluate the specific features and services offered across the spectrum of personalized financial solutions, including financial wellnessand managed account programs, then assess the value for their participants.",
"body": null
},
{
"uri": "/2023/12/13/demos-of-sandwich-generation-shift-though-long-term-financial-challenges-remain/",
"title": "Demos of sandwich generation shift, though (long-term) financial challenges remain",
"byline": "Tom Gresham",
"kicker": "Research",
"prettyDate": "December 13, 2023",
"timeToRead": "4 minute",
"image": {
"uri": "https://images.benefitspro.com/contrib/content/uploads/sites/412/2023/12/Family-Law-Article-202312131140.jpg",
"width": "620",
"height": "372"
},
"authors": [
{
"webUrl": "/author/profile/tom-gresham/",
"name": "Tom Gresham"
}
],
"kickerNode": [
{
"uri": "/research/",
"sectionName": "Research"
}
],
"summary": "As the caregiving generation skews younger, it offers an opportunity for financial planning professionals and plan sponsors to help them get a head start on building a strong, long-term financial strategy, says a new survey.",
"body": null
},
{
"uri": "/2023/11/30/dc-retirement-plans-for-public-sector-workers-its-a-new-normal-but-its-complicated/",
"title": "DC retirement plans for public sector workers? It's a new normal, but it's complicated",
"byline": "Tom Gresham",
"kicker": "Research",
"prettyDate": "November 30, 2023",
"timeToRead": "4 minute",
"image": {
"uri": "https://images.benefitspro.com/contrib/content/uploads/sites/412/2018/10/07-unchanging-contribution-rate-retirement-1-e1699501662810.jpg",
"width": "620",
"height": "372"
},
"authors": [
{
"webUrl": "/author/profile/tom-gresham/",
"name": "Tom Gresham"
}
],
"kickerNode": [
{
"uri": "/research/",
"sectionName": "Research"
}
],
"summary": "More and more public sector workers are relying on DC plans for their retirement savings, however, half of them in their 60s had less than $40,000 in their account balances, according to new research from EBRI.",
"body": null
},
{
"uri": "/2023/11/14/inflation-yes-its-the-biggest-problem-facing-america-say-401k-plan-participants/",
"title": "Inflation: Yes, it's the biggest problem facing America, say 401(k) plan participants",
"byline": "Tom Gresham",
"kicker": "Research",
"prettyDate": "November 14, 2023",
"timeToRead": "4 minute",
"image": {
"uri": "https://images.benefitspro.com/contrib/content/uploads/sites/412/2023/11/Economic-recession-Article-202311141225.jpg",
"width": "620",
"height": "372"
},
"authors": [
{
"webUrl": "/author/profile/tom-gresham/",
"name": "Tom Gresham"
}
],
"kickerNode": [
{
"uri": "/research/",
"sectionName": "Research"
}
],
"summary": "Likely as a result, 401(k) contributors, whose biggest short-term priority is paying off debt, are often juggling saving for now vs. savings for the future – and nearly half are behind or don't have a retirement goal, says a new TIAA survey.",
"body": null
}
]
}
}
