An Eye-Opening Millennial Q&A
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.
Many Workers Report Feeling Satisfied with Employer-Provided Benefits
And more are seeking advice from a third-party professional, especially as open-enrollment season begins.
Employers Face High Health Care Benefit Costs for 2021
Many are already implementing strategies to drive down expenses.
Workers Need Help on Retirement Income
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.
Women’s Retirement Confidence Has Ebbed Since Start of Pandemic
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.
People of Color Report Limited Retirement Investments
They also say they are not making headway on their retirement goals.
Majority of People Prioritize Retirement Saving Over Being Debt-Free
A Voya survey also found that 54% of employed Americans plan to work in retirement as a result of COVID-19.
Employers Offer Broad Range of Jobs to Older Workers—But With Lower Pay
These opportunities also do not tend to offer benefits.
More Employees are Taking Coronavirus-Related Distributions
The move comes even as an American Consumer Credit Counseling (ACCC) report finds more workers are increasingly confident in their employment stability.
Financial Wellness Programs Can Ease COVID-19 Tensions
As the coronavirus pandemic continues to lead to an increase in financial concerns, a Retirement Advisor Council guide suggests key financial well-being strategies.
More Teachers Are Leaving the Workforce
Many are considering early retirement or reducing their retirement savings.
Having Both a 401(k) and an IRA Leads to Higher Retirement Savings
The ratio of the combined 401(k) and IRA balance to the average 401(k) plan balance was 2.48.
GAO Finds Women Anxious About Retirement Security
It reports one of the big issues is that women are overrepresented in low wage professions.
Nearly Two-Thirds of Americans Don’t Have Emergency Savings to Last Six Months
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.
Retirement Investors Saw Record Rebound in Q2
Fidelity reports that the average 401(k) plan balance was up 14% between the start of April and the end of June.
Unemployed Older Workers at Risk of Involuntary Retirement
Retirement Equity Lab says if these exits continue, they will increase old-age poverty and worsen the recession.
Edward Jones and Age Wave Examine New Retirement Concerns
Financial advisers have a large impact on how confident older workers are during retirement.
‘Super Savers’ Remain Confident Despite COVID-19 Market Volatility
But those who fall short on saving are experiencing financial stress.
Employees Need HSA Education, Especially Now
Education is vital for all benefits, and especially now for health insurance coverage, says Fidelity Investments.
EBRI Shows Risk in Taking CRDs and Loans
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.