And demand for financial advice has increased, T. Rowe Price found in a survey.
Tag: 401(k) plan
But 55% decided to take no action.
"As we take a moment to celebrate the strong foundation and accomplishments of the system, let’s also recognize the opportunities we have to help even more employers and workers take advantage of important 401(k) benefits,” said Charlie Nelson, CEO of Retirement and Employee Benefits at Voya Financial, at an event marking the milestone.
Workers under age 35 are realizing they need to start saving now, according to Ascensus.
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.
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.
They can also prompt participants to make other important improvements to their savings strategies, Voya Financial learned.
Retirement Plan Manager is aimed at helping advisers serve plans with less than $5 million in assets.
Nearly half of workers feel confident about their retirement prospects, an AllianceBernstein survey found.
Monthly expenses are their second concern, The Standard found in a survey.
Not only does the solution help prevent 401(k) loan defaults when a participant experiences an involuntary job loss, it now covers voluntary job changes.
However, only 33% are confident about their retirement readiness.
Twenty-one percent of workers expect that working in retirement will provide them with a major source of income, but this is only true for 9% of retirees.
Sponsors expect their advisers to be proactive and to push their plans to the next level.
If combined with the Automatic Retirement Plan Act of 2017, the retirement savings shortfall would be reduced by $932 billion, or 22.6%, according to EBRI.
Many respondents to a Prudential Financial survey are misjudging how well-off they are.
Over half have nothing set aside in any type of employer retirement plan.
Above-average-rated plans are more apt to be found at companies with 20% to 80% higher profitability than are average-rated plans, says T. Rowe Price.
The site takes on myths about the U.S. retirement system and offers tips on saving.