Three-fifths of non-retirees with self-directed retirement savings accounts have little or no comfort managing their investments, and only one-fifth of adults answered five financial literacy questions correctly, according to the Federal Reserve.
Data & Research
A PwC survey finds employees are struggling with debt and supporting adult children and aging parents, but also are not investing in their retirement plans properly or using health savings accounts (HSAs) to save for retirement health care costs.
Multiemployer pension plan insolvencies will obviously be harmful to the participants and beneficiaries of the plans in question, but the loss of the significant economic momentum provided by retirees spending their pension plan assets could also harm the wider economy.
Only 10% plan to tap their retirement savings to help fund their child’s college education.
Sixteen percent of Americans plan on having gig economy jobs in retirement.
Defining retirement goals by a particular age can be risky, according to LIMRA Secure Retirement Institute research, as it doesn’t account for the actual savings and assets available to support the person in retirement.
The percentage of people who contributed to their Fidelity IRA in Q1 2018 increased 14% over a year ago; among Millennials, IRA contributions increased even more.
Eighty percent of American workers surveyed said they would like to hear congressional candidates discuss retirement security.
That is followed by not saving for an emergency, and taking on too much credit card and too much student loan debt.
A new analysis from Charles Schwab shows those with a written financial plan are much more likely to have a higher overall Modern Wealth Index score, be regular savers, and effectively manage their debt.
Chris Barlow, national director of defined contribution investments for BMO GAM, riffs on the results of a new “DC Conversations” industry assessment; among the top findings is a downward trend in deferral rates across all sectors since 2010.
A mere 29% know that they are vehicles for education savings, Edward Jones found in a survey
Only 19% of the small to mid-size business leaders said they are “very familiar” with their retirement plan fees, while 34% said they are “not at all familiar” with those fees.
For advisers, 78% of respondents to a survey who use advisers indicate their advisers discuss risk tolerance, although only 50% say they discuss guaranteed lifetime income with their advisers, and only 18% have worked with their advisers to estimate retirement health care costs.
But less than half are willing to do the same for better health care benefits, Willis Towers Watson learned in a survey.
Half of Millennials expect to retire with financial stability, although most admit they do not know how to successfully invest, PNC Investments found in a survey.
About one in three Americans have less than $5,000 in retirement savings, and one in five have no individual private retirement savings at all, according to a new Northwestern Mutual study.
When assessing a program, they first look at cost, and then ease of implementation and expertise, Prudential found.
Individuals who have an adviser are more likely to be on track to create adequate retirement income—by a wide margin, a study by Empower found.
A speaker at PSCA’s 71st Annual National Conference suggests reports of Americans retirement savings inadequacy are overblown and offers data to back that up.