Retirement Trends

With steep inflation affecting retirement goals, employers can play a pivotal role in reducing employees' financial stress by enhancing their offerings beyond the traditional 401(k) with emergency savings accounts, says a new report.

The Starter 401(k) gives those employers not already offering a retirement plan an alternative option, automating the process to make traditional 401(k) plans more accessible, especially to smaller companies.

The Department of Education emailed student loan borrowers enrolled in the Saving on a Valuable Education (SAVE) plan (for those who borrowed less than $12,000) on Wednesday that all or a portion of their loan has been forgiven.

As ideas on how best to help employees save money for retirement continue to advance, employers and plan sponsors will need to stay abreast of the changing regulatory requirements and evolving participant needs.

By embracing innovative benefit solutions and leveraging technology, companies can support the financial wellness of their employees, leading to a more productive, engaged, and loyal workforce.

With just 24% of workers feeling confident that they'll be able to retire comfortably, a new report identifies key focus areas where employers can make a difference, such as employees with student loans and low-income workers.

Under the new proposal, which was expanded to include more borrowers, eligibility must meet certain criteria, such as those who have been in repayment for a long time or those whose loans exceed what they originally owed.

If employees do not save towards retirement, they might be stuck indoors at home because they cannot afford to go anywhere, which is why employers need to shine light into that dark corner of the calendar again.