However, only 24% of women say they are comfortable with their knowledge on investing, Fidelity Investments found.
Data & Research
But 55% decided to take no action.
Yet, 23% are waiting three to five years before retirement to start working with an adviser, according to a survey.
For a company with 50,000 employees, this could lead to a savings of $65 million to $97 million a year, Financial Finesse found.
However, only 56% of people have calculated how much income they need to retire, MassMutual learned in a survey.
Workers in Germany face a similar savings challenge as U.S. workers, according to Fidelity; while workers in the U.K. have an easier outlook, greater longevity means those in Hong Kong may need to save 20% of salary per year.
Executives overseeing the survey report agreed that the U.S. is just beginning to see the real impact of decades of public policy decisions and private employer efforts to fundamentally reshape the retirement landscape.
Among family caregivers, 60% said they had no idea how demanding it would be, and that an insurance product to help with long-term care could have alleviated some of this pressure, according to Lincoln Financial Group.
The research found 25% greater participation in plans with 15 or more investment providers compared to plans with only one provider, and account balances are, on average, 73% higher among plans with 15 or more providers compared to single provider arrangements.
Looking at whether retirees will be able to replace 75% of their final-year earnings, the Center for Retirement Research at Boston College found the number of households at risk of facing a shortfall range from 42% to 60%.
Investment menu designs have also gotten better, according to a Morningstar analysis.
They also say they will not need the money for day-to-day living expenses, Allianz Life found in a survey.
A white paper published by a group of researchers and actuaries examines the pros and cons of creating a government-back low-interest loan program to support stressed multiemployer pensions.
Fifty-five percent of Baby Boomers say they would save more for retirement if they could pay off their debt, GOBankingRates found in a survey.
Workers under age 35 are realizing they need to start saving now, according to Ascensus.
EBRI and ICI point out that 401(k) account balance growth reflects contributions of employers and workers, in addition to investment returns, and varies with participants’ asset allocation, withdrawals and loan activity.
Among those who know how their 401(k) assets are allocated, they had 51% of their assets in equities, Legg Mason learned in a survey.
Ten percent more employers than in 2016 that offer retirement programs are measuring the financial readiness of employees to retire, a survey found.
Nearly half of adults surveyed by Charles Schwab think that robo advice is the technology that will have the biggest impact on financial services.
In the past 10 years, the average 401(k) balance has grown 87%, from $56,900 in the third quarter of 2008, Fidelity Investments reports.