Retirement Trends

Lawmakers are already thinking through new ways to further increase access to retirement savings and coverage with another retirement bill, while there’s a high probability that President-elect Trump will extend the 2017 Tax Cuts and Jobs Act, benefiting retirement savings. 

Gen Z and millennials are particularly susceptible to social media financial advice, which is why employers should host financial literacy workshops, webinars, or provide regular communications that raise awareness about the risks of unverified financial advice.

More than 15,000 retirement plans, representing approximately 5 million participants, have signed up for auto portability – which moves 401(k)s to new retirement plans – in the last year, says the Portability Services Network.

Given the significant impact of financial stress on both personal wellbeing and organizational productivity, it is imperative for employers to rethink and redesign financial wellness programs to be more personalized, engaging, and effective.

Most (82%) participants in National Association of Government Defined Contribution Administrators  member plans have access to defined benefit and defined contribution plans, according to a new NAGDCA guide.

Improving retirement security in America has been one of the things that has had wide bipartisan support recently, and now Republican control of the Presidency, House, and Senate could make passing retirement legislation easier, says retirement industry insider David Blanchett.