Defined Contribution

Benefits groups support the proposal, which would require retirement plans to use money forfeited by participants when they leave an employer before the end of a vesting schedule, starting in 2024..

Slightly upping default auto-escalation rates - from 1% to 2% - and escalation intervals in defined contribution plans could improve savings without discouraging participation, according to Voya research.

The firm cited a "technical issue" in a letter of acceptance to the Financial Industry Regulatory Authority for overstating projections on customer statements for nearly a year and failing to quickly address customer reports.

While 38% of Gen X and 29% of baby boomer investors expect a prolonged period of severe downturn, 56% of Gen Z and 50% of millennials say they still expect to retire on time, according to the Nationwide Retirement Institute.

The Senate has voted to repeal Biden's student debt relief plan, although the president has said he will veto the legislation if it reaches his desk. If so, the Supreme Court will have the final decision this month.

Millions of households will have to cut back on both luxuries and necessities in order to survive, according to The National Retirement Risk Index, which is based on the concept of income replacement.