Kevin Boyles at Millennium Trust says companies have been responding to the pandemic with exceptional agility—driven in no small part by the expectations of their Millennial workers.
And more are seeking advice from a third-party professional, especially as open-enrollment season begins.
Many are already implementing strategies to drive down expenses.
They expect 44% of their retirement income will come from their 401(k), according to Charles Schwab, and half said they would benefit from financial advice.
A mere 17% of women say they are very confident they will be able to retire comfortably, according to the Transamerica Center for Retirement Studies.
They also say they are not making headway on their retirement goals.
A Voya survey also found that 54% of employed Americans plan to work in retirement as a result of COVID-19.
These opportunities also do not tend to offer benefits.
The move comes even as an American Consumer Credit Counseling (ACCC) report finds more workers are increasingly confident in their employment stability.
As the coronavirus pandemic continues to lead to an increase in financial concerns, a Retirement Advisor Council guide suggests key financial well-being strategies.
Many are considering early retirement or reducing their retirement savings.
The ratio of the combined 401(k) and IRA balance to the average 401(k) plan balance was 2.48.
It reports one of the big issues is that women are overrepresented in low wage professions.
More than half of Americans are earning half or less than half of their pre-pandemic income, and 31% have lost their entire income, a FlexJobs and Prudential survey has revealed.
Fidelity reports that the average 401(k) plan balance was up 14% between the start of April and the end of June.
Retirement Equity Lab says if these exits continue, they will increase old-age poverty and worsen the recession.
Financial advisers have a large impact on how confident older workers are during retirement.
But those who fall short on saving are experiencing financial stress.
Education is vital for all benefits, and especially now for health insurance coverage, says Fidelity Investments.
One scenario in the study predicts a 54% reduction in retirement account balances if a participant were to fail to repay a coronavirus-related distribution.