Retirement Trends

To celebrate 401(k) Day on Sept. 8, here's how employers can take steps to raise awareness for the importance of financial literacy and how employers can help their employees build retirement security.

More than 8 in 10 workers received an employer 401(k) contribution in the first quarter, and 78% of workers contributed to their 401(k) at a level that allowed them to earn the full matching contribution offering, says Fidelity.

With an increasing number of employers now offering self-directed brokerage accounts (SDBAs) as part of their 401(k) plans, employees are enjoying more flexibility and control in their investment choices.

While the official announcement will come in October, the IRS contribution limit for retirement accounts will likely be a modest $500 increase for 2024, according to a new Milliman report.

In a class action lawsuit, the former employee alleges that 37% of his retirement savings were invested in BlackRock's Target Date 2045 fund, which uses ESG considerations.

The average American's personal debt is $21,800, which is why employers need to provide employees with the the right financial tools, such as budgeting worksheets, money management apps and individualized financial counseling.