Among all age groups, 76% think people in their generation will have a harder time achieving financial security in retirement than their parents, the Transamerica Center for Retirement Studies found.
Data & Research
Fewer than one in ten “mega plans,” those with assets greater than $1 billion, had a fully bundled structure as of the end of 2018, according to new data provided by Callan.
In order to boost Americans’ retirement outlook, there are a number of practical things that retirement plan advisers and sponsors can do, Jamie Ohl, president of the retirement business at Lincoln Financial Group, tells PLANADVISER.
“More robust programs—which go beyond just education—tend to cost more for plan sponsors. But, they include features such as on-site support, account aggregation, budget tracking and goal setting,” says Claire Daly, Corporate Insight.
A large number of Boomers lack any kind of planning for retirement, and most have not set a retirement goal, IRI research found.
Approximately half of the participants surveyed by MassMutual had calculated how much savings they need to retire, with about one-third actually creating a formal plan. However, there were outliers.
Eighty-nine percent of small employers surveyed said they have a high level of trust in retirement plan providers, compared to 53% for state governments.
A large majority of those who answer questions on a financial quiz correctly are more likely to save for retirement.
While Fidelity’s estimate is for a couple retiring in 2019, the firm says it’s also a call-to-action to younger generations.
One of the ironies of surveys of U.S. workers’ retirement confidence is that improved economic conditions allow people to look towards the future, which can in itself cause greater financial anxiety.
Only 33% think they are saving enough for retirement, according to a Primerica survey.
Nearly one-third fear they will outlive their assets, according to LIMRA-SRI.
While the UK's requirement to automatically enroll all workers into a retirement plan showed a potential for a big boost in participation if the U.S. were to adopt a similar policy, finding about re-enrollment did not show a big boost.
Asked what benefits support their well-being, 74% said retirement plans, 56% said life insurance, 35% said tuition reimbursement/student loan repayment programs, and 29% said financial education.
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.
Pension plans’ funding rose a mere 70 basis points last year, according to Goldman Sachs Asset Management.
PLANSPONSOR’s 2018 Defined Contribution Survey found many start-up plans have not yet adopted plan design best practices and many are unsure about fees, but fortunately, nearly two-thirds employ the services of a retirement plan adviser or institutional investment consultant.
Actions taken by defined benefit (DB) plan sponsors helped them reduce Pension Benefit Guaranty Corporation (PBGC) premiums, according to a J.P. Morgan analysis.
Employers are offering this assistance in a variety of ways, including managed accounts, target-date funds and investment advice, according to PSCA.
Participants who were age 60 or older when they retired were more likely to keep assets in the plan if it permitted installment payments, according to Alight Solutions.