Retirement

Inflation can no longer be ignored when it comes to retirement planning -- even high earners are putting off retirement because the traditional 4% plan to cover expenses no longer applies, says a new report.

The Census Bureau cites 5.6 million people not working because of COVID-19, whether they are ill themselves, caring for someone who's sick, or they're concerned about getting or spreading the coronavirus.

67% of Americans say the pandemic had no change on their savings.

The worst-hit region is likely to be Europe, where real salaries — nominal wage growth minus the rate of inflation — are seen being driven down an average 1.5%, according to workforce consultancy ECA International.

All employers should be concerned when public service employees are anxious about their financial security because their jobs are essential and these worries can impact their ability to do their job, says a new report.

Retirement plan sponsors have enough on their plates dealing with the elements under their control, so they should pursue remedies, like fiduciary liability insurance, that relieves the exceptional burden of things they cannot control.

The ripple effect is leading to higher benefits costs for employers, stalled career progress for younger workers, and reduced morale and mental health for team members, according to new research.

IRS also announced the catch-up contribution limit for those 50 and older will rise by $1,000 to $7,500.