Defined Contribution

Surveys show that most workers want more help from their plan in understanding how the choices they make will impact their retirement income, and with more clarity comes greater confidence—and likely better enrollment and contribution rates.

Inflation can no longer be ignored when it comes to retirement planning -- even high earners are putting off retirement because the traditional 4% plan to cover expenses no longer applies, says a new report.

Retirement plan sponsors have enough on their plates dealing with the elements under their control, so they should pursue remedies, like fiduciary liability insurance, that relieves the exceptional burden of things they cannot control.

IRS also announced the catch-up contribution limit for those 50 and older will rise by $1,000 to $7,500.

In-plan retirement income solutions are now on the priority list with at least eight new products, such as target payout funds and in-plan annuities, having been launched by major asset managers and insurers since 2020.

Many are seeking professional advice/guidance for generating retirement income, understanding how long their savings will last and whether their savings are on track or need to be adjusted, says report.