Talking Points
Tired of giving the same old presentations? Use these nuggets of information to spruce them up.
Average Annual Cost: The average total plan cost for small and large retirement plans remained flat last year, with small plans—up to 50 participants and $2.5 million in assets—at a 1.44% average annual cost, and large plans—at least 1,000 participants and $50 million in assets—at 1.03%. Source: 401k Averages Book, 15th Edition
Great Expectations: Retirement plan advisers expect fund wholesalers to provide more than just products. An overwhelming majority (85%) look for value-added services and support, and 66% want wholesalers to help participants with their retirement income and expense planning. Source: LIMRA
Paying Off Debts … Saving for School … Saving for a Rainy Day: Saving for retirement is not the main financial priority for 81% of Americans. In fact, 76% of pre-retirees say that life events have waylaid their retirement saving plans. Such demands include: paying off debts (24%), saving for their children’s education (8%), saving for a rainy day (8%) or saving for vacation (6%). Source: HSBC Bank
Stepping Up Their Game: Nearly a third (32%) of participants increased their 401(k) deferral rates in 2014, according to a Market Strategies International study. Further, more than one in four (26%) participants who did not make a change to their contribution level in the last year plan to do so in 2015.
“Optimism is the faith that leads to achievement. Nothing can be done without hope or confidence.” —Helen Keller