Research

Most employers understand the basics of annuities but need help getting conversational about them with employees, similarly to when target-date portfolios were first offered in 1994, according to TIAA’s report.

Since some 401(k) plans now offer the option to invest in crypto assets like bitcoin and the DOL has not required fiduciaries to monitor all crypto options, the Government Accountability investigated in response to a request from the House Committee on Ways and Means. 

Gen Z and millennials are particularly susceptible to social media financial advice, which is why employers should host financial literacy workshops, webinars, or provide regular communications that raise awareness about the risks of unverified financial advice.

More than 15,000 retirement plans, representing approximately 5 million participants, have signed up for auto portability – which moves 401(k)s to new retirement plans – in the last year, says the Portability Services Network.

Employees who start saving an additional $7,500 per year until age 67, while earning a modest 7% compounded annually, can add $250,000 to their retirement nest egg, says Ambassador Wealth Management’s Phill Battin.

For the first time in years, Gen X reported slightly worse financial wellness than Gen Z, but the new catch-up contribution rules for next year will give them a boost, according to a new Guardian report.