Health savings accounts are often described as the 401(k) of health care—so it is only natural that retirement specialist advisers can play an important role in educating the public about these important savings vehicles; survey data shows more education and advice is desperately needed.
Annually, the top tier of retirement plan advisers from across the U.S., including the PLANADVISER Top 100 and the PLANSPONSOR Retirement Plan Advisers of the Year, gather in Orlando, Florida, for three days of discussion and debate; reserve your spot today for the 2018 event.
More than half of this generation currently does not have an adviser.
Cerulli Associates says this is advisers’ biggest challenge.
However, advice seeking increases with age, account balance and annual contribution level.
The firm is offering tips, tools, studies and articles on Facebook, Twitter and LinkedIn.
The impact is greater for younger investors, as they have a long time horizon for saving, MassMutual finds.
Upon review, the correlations between financial education and improved financial behaviors is often better explained by other individual difference factors that were not measured in a given study, such as familiarity with numerical concepts, financial confidence, and willingness to take risks.
A number of key terms commonly present difficulty for nonprofit plan sponsors of all sizes—in particular the terminology surrounding “revenue sharing,” “fee levelization,” “fee policy statements,” and “3(21) vs. 3(38) advisers.”
The Center for Retirement Research projects that 40% of those born between 1976 and 1985 will be unable to replace 75% of the income they received between the ages of 55 and 54 when they reach age 70.
With Americans expecting to live to age 90 and many finding retirement savings a challenge, work, at least part-time, could become a retirement expectation for many.
Another 40% say they reduced their debt during the year.
Eighty percent of single women keep a portion of their savings in cash, with 35% keeping 50% or more in liquid savings.