Newport Chief Executive Officer Peter S. Cahall said in the announcement that the firm’s Dallas operations will offer consulting,
financial services, client relationship management, and plan
administration to sponsors of executive benefit plans. Newport expects
to have the service center fully staffed by the close of the second
quarter of this year.
“With the size and strength of our existing operations, we
are well-positioned to expand our executive benefits business and
further increase our presence in the Western half of the United States,” added
Cahall.
Genders Similar When It Comes to Retirement Savings
The Employee Benefit Research
Institute (EBRI) found men and women are equally likely to say they (and/or
their spouse) have saved for retirement or are currently
saving for retirement.
EBRI’s Retirement Confidence Survey found women are statistically as likely as men to report they
are offered (43% vs. 49%) and contribute to (34% vs. 39%) a workplace
retirement savings plan. Men and women are statistically equally likely
to say they (and/or their spouse) have an individual retirement account
(IRA, including a rollover IRA) (47% vs. 44%).
In addition, according to an EBRI Fast Facts report, the
survey found men and women have similar expectations for the age at
which they plan to retire; both men and women have a median expected
retirement age of 65. However, men are more apt to say they will never
retire.
Women (23%) and men (22%) are equally likely to report
that they have changed their expected retirement age in the past 12
months. Among those who have altered their plans, the vast majority of
both men (88%) and women (90%) say they plan to retire later, at an
older age than before.
Men are statistically just as likely as women to expect to work for pay in retirement (77% of men versus 72% of women).
…but, There Are Differences
The
Retirement Confidence Survey did find some differences between men and
women in their retirement confidence and ideas about needs in
retirement.
According to the Fast Facts, more so
than women, men tend to feel very confident that they will have saved
enough money to live comfortably throughout their retirement and are
doing a good job of preparing financially for retirement. Men are also
more apt to be very confident about having enough money to take care of
basic expenses and medical expenses.
Women (40%)
are statistically just as likely as men (45%) to indicate they have
tried to calculate how much they will need to have saved by the time
they retire so that they can live comfortably in retirement. However,
despite the fact that women tend to face higher health care expenses in
retirement due to their greater longevity, women (35%) are more likely
than men (26%) to think they will need to accumulate less than $250,000
for retirement.
Women are also more likely to say
they do not know how much they will need to save (12% vs. 5%). Men more
often say they need to accumulate $1 million or more for retirement.
The Retirement Confidence Survey found, in general, workers are much less confident about retirement than last year (see "Workers More Worried About Retirement").