Defined Contribution

Health and retirement benefits are more important now than they've ever been as employers compete for top talent, with employees' mental health now taking a more prominent place in a company's benefits package.

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.

Younger workers are notably behind other age groups, with only 17% having saved between $5,000 and $50,000 – and employers have a critical opportunity to address the retirement readiness gap, says a new study.

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.

More than one-third of millennials, who've benefitted from auto-enrollment and auto-escalation, believe they won't get a dime of Social Security when they retire, so they're taking matters into their own hands.

Following record-high sales in 2022, first half 2023 sales of annuities (which now include free withdrawal provisions) jumped 28% to $182.7 billion, the highest ever recorded in the first 6 months of a year, according to LIMRA.

Corporations stepped up caregiving resources during the pandemic by offering child and elder care assistance and critical illness benefits - and managed retirement accounts can also help caregivers make saving adjustments.