Advisor Sales Strategies

TIAA Institute's new State of Financial Preparedness report raises questions about whether or not incoming retirees will enjoy financial security, particularly as lifespans continue to lengthen and the economy remains tumultuous.

At TIAA's recent "Securing Retirement in America" event, experts discussed the Lifetime Income for Employees Act, legislation introduced in Congress in 2023, and other solutions to improve lifetime income for workers.

Plan sponsors must evaluate the specific features and services offered across the spectrum of personalized financial solutions, including financial wellnessand managed account programs, then assess the value for their participants.

Health Savings Accounts are increasingly being positioned as part of a holistic retirement savings approach, with nearly half (46%) of organizations using HSA auto-enrollment, according to a PSCA survey.

These personalized, age-based platforms incorporate interactive tools and behavioral nudges, such as alerting plan participants to make catch-up contributions at age 50, as they gently steer participants towards retirement goals.

Retirement plans in the workplace are shifting towards emotional and behavioral engagement as key factors for success, as advisors are realizing the importance of connecting with participants on a deeper level.