Retirement Trends

Employers need to be aware of the increased limit on catch-up contributions on older participants, as well as DOL’s new policy on transferring benefit payments on missing participants and uncashed checks of $1,000 or less.

Eighty percent of Americans consider retirement insecurity to be a crisis, up from 67% just a few years ago, the survey found.

There’s been a shift in retirement planning, as plan sponsors are embracing proactive plan design strategies that cater to the diverse needs of a multi-generational workforce, including leveraging automatic features and investment defaults, according to JP Morgan's plan sponsor survey.

Employers can help with these financial concerns with more education and financial wellbeing programs, as Black Americans are more likely to look to their employers for help in their retirement planning, according to an Employee Benefit Research Institute survey.

The most effective ways plan sponsors can boost retirement readiness are by getting as many employees as possible investing in the plan and getting them to contribute as much as possible, according to the JP Morgan Asset Management survey.

The projected cost of health-related expenses during retirement has more than doubled since 2002.