Retirement

The retirement landscape is evolving so rapidly that many of the underlying assumptions and expectations about retirement planning differ across generations currently in the workforce, according to a new Transamerica survey.

In 2024, 93% of auto-enrollment plans had participation rates of 80% or higher, compared with 49% of voluntary enrollment plans, according to Vanguard’s annual<i> How America Saves </i>report.

Student loan debt is taking a toll on employee’s 401(k)s, particularly as the Department of Education begins wage garnishment of those in default of loans, but employers could step up efforts by offering matching contributions or personalized financial counseling services, says MissionSquare.

Gen Zers, in particular, are more likely to accumulate multiple small 401(k) accounts that are prime targets for automatic transfers to low-yielding Safe Harbor IRAs, which were never meant to be&nbsp;long-term investing vehicles, according to PensionBee.

As financial volatility persists, Gen Z is engaging with their finances at a younger age than millennials and leveraging technology, according to a new Betterment survey.

The<i> Helping Young Americans Save for Retirement Act, </i>which was introduced in the Senate in May, would give younger workers access to employer-sponsored retirement plans.