Retirement Trends

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.

Last week, the Biden administration launched a fresh student debt relief effort, opening applications for a new income-driven repayment plan, however, some employers are mentioning student debt repayment in job ads.

From savings and early withdrawal habits to financial strategies and backup plans, each generation of workers faces unique challenges.

Gen Zers and millennials, who spend significant time on social media, were not turning to those channels for financial guidance, but were more likely than other generations to turn to a financial advisor for help, says a new study.

"Maxing out your 401(k)" is hard when employees are struggling to make ends meet and their paycheck barely covers expenses. That's why employers need to go beyond the obvious to give employees practical information they need.

From emergency savings accounts to annual funding notices, the Department of Labor is welcoming input from plan sponsors on changes or revisions to retirement plan administration included in the sweeping new legislation.