The American Retirement Association estimates that 19 million additional workers will gain access to a workplace retirement plan through SECURE 2.0's Starter 401(k) provision alone.

Most of the new retirement legislation's 92 provisions will kick in for plan sponsors in 2024 and beyond – meaning many companies relying on Excel and similar legacy software are at a crossroads.

Only 7% of women believe they have sufficient savings to last their entire retirement, and "it's incumbent on us in the financial industry to do a better job of reaching women as early as possible," according to IRALOGIX.

For employers who wish to offer employees earning more than $145,000 a catch-up contribution option, they must first contact their plan recordkeeper to request the changes, which can sometimes take months to be implemented.