Retirement Advisor

The cuts in savings mirror a larger financial challenge, with 30% of Americans finding it difficult to make ends meet and 39% lacking nonretirement savings sufficient to cover one month of living expenses, says a new study.

The confidence both workers and retirees have in their ability to finance their retirements dropped significantly in 2023, as inflation erodes the confidence that Americans had going into the pandemic, says a new survey.

For employers who wish to offer employees earning more than $145,000 a catch-up contribution option, they must first contact their plan recordkeeper to request the changes, which can sometimes take months to be implemented.

In a BenefitsPRO Broker Expo breakout presentation, the head of broker partnerships at an employee financial wellness platform discusses the best strategies for brokers to bring this must-have benefit to employers.

"It would be like banning email," says one expert. "These are tools that are going to become part of the way people work."

With a thoughtful approach and focused plan design, such as a default option, plan sponsors can make the difference in empowering more women to get on track to reach retirement goals.

Retirees this year received a record-high 8.7% cost-of-living adjustment in their benefits – the largest increase in four decades – however, next year may be less than half that percentage due to inflation, according to a new estimate.

This is a significant rise from a year ago, as employees struggle with personal finances and mental health, according to a John Hancock Retirement report.