While the topic of financial wellness has been an important focal point for several years now in the retirement plan advisory space, the coronavirus pandemic has cast an entirely new light on the concept of financial wellness. Simply put, the virus has exposed financial fractures and weak points impacting individuals across the income spectrum, putting the onus on advisers to help people create a sense of stability and confidence about their short-term finances.
Each U.S. household in the bottom half of the wealth distribution has only $20,000 of net worth, on average, a figure that represents less than 0.1% of those at the very top. Helping more people to own homes and to invest even modestly in the stock market are seen as critical steps to closing that gap.
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The way in which companies structure their remotely distributed workforces will depend on the financial consequences of the pandemic, the impact on corporate culture and other factors, such as the prevalence of gig work.
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Counting hours, implementing cashouts and finding missing participants are some of the processes plan sponsors need to review for the SECURE Act’s new requirement.
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Retirement industry practitioners support the provision of mandatory lifetime income disclosures to plan participants, but they also emphasize the importance of broader income conversations and education.
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