Retirement

Gen Zers and millennials, who spend significant time on social media, were not turning to those channels for financial guidance, but were more likely than other generations to turn to a financial advisor for help, says a new study.

"Maxing out your 401(k)" is hard when employees are struggling to make ends meet and their paycheck barely covers expenses. That's why employers need to go beyond the obvious to give employees practical information they need.

After a lot of pushback from employers and retirement industry organizations on a key SECURE 2.0 catch-up contribution change for higher-income employees, the IRS announced an "administrative transition period."

From emergency savings accounts to annual funding notices, the Department of Labor is welcoming input from plan sponsors on changes or revisions to retirement plan administration included in the sweeping new legislation.

Since most (75%) employees worry about the impact of inflation on their ability to save enough for retirement, 71% are more likely to stay with their current employer if offered a retirement savings plan, new Voya research revealed.

Since It's the first law that links employees' payment of student debt with the statutes governing defined contribution retirement plans, Congress is hoping the result is greater retirement savings in America – but only time will tell.