Retirement Trends

There's a major shift underway in the financial services industry – the convergence of workers' retirement and wealth needs, which have been placed in separate domains, much to the dismay of the average investor, says T. Rowe Price.

With new provisions in SECURE 2.0 taking effect in 2024, employers have new options they can leverage to engage with employees who want more workplace benefits, such as student loan matching and emergency savings.

In a report that highlights generational differences, baby boomers had the highest SDBA balances, followed by Gen X and millennials, but all need practical education from plan sponsors to provide their individual desired outcomes.

Small changes can make a big difference, both for workers seeking additional help and coverage for their financial future, and for employers seeking new ways to support their employees, particularly during Women's History Month.

Among employees still in the workforce, gradually decreasing hours is the most desired way of retiring (52%) and is the most preferred method for millennials (56%) and Gen X (67%), according to a recent Principal report.

The relief for 78,000 Americans is made possible through regulatory changes at the Education Department that make it easier for borrowers to qualify for forgiveness, bringing the president's student loan forgiveness total to $144 billion.