Although only 56% of independent workers are actively saving for retirement, they are just as likely as traditional workers to feel they are financially prepared for retirement, a T. Rowe Price survey found.
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Many do not know if their adviser is technically a broker/dealer or an adviser, Personal Capital learned in a survey.
Account values fell sharply from the previous quarter and were 6.3% lower than the previous year, according to Charles Schwab’s SDBA Indicators Report.
Employees must contribute 2% of their salaries to the retirement plan, which then allows them to direct up to 4% of their employer match to pay down their student debt.
Among those who make ongoing contributions, 53% were approached by a financial services company or professional to set it up.
They also believe that pensions do a better job than 401(k)s in terms of ensuring retirement security.
However, they expect their adviser to be technologically savvy.
They may be grappling with debt for decades to come, according to Nationwide Advisory Solutions.
Respondents to BlackRock’s 2019 Global Investor Pulse survey cited other financial concerns and intimidation about investing as reasons for not saving for the long term.
Fifty-two percent of late Boomers say college debt is a major impediment to meeting their financial goals, while 38% of early Millennials and 32% of later Millennials say the same.
With participants not panicking in Q4 2018 and the longer term trends resulting from automatic plan features, Fidelity Investments finds an overall improvement in average participant savings and account balances.
Studies from Empower Institute found many commonly used industry terms don’t make sense to their intended audience, and employees perceive retirement plan communications as wordy and long, complex and confusing, generic, overwhelming and wasteful.
The term “glide path” resonated with only 4% of participants surveyed by Invesco, despite being the most common term used by advisers, providers and plan sponsors when talking about target-date funds; survey data shows numerous other areas where industry jargon holds back participant understanding.