Although the Pension Protection Act has officially ushered in a wave of automation to retirement plans, education is still a vital part of a successful 401(k) and advisers can help plan sponsors measure the effects of their education campaigns.
“We’d like to pat ourselves on the back saying we’ve helped people but the evidence is not in our favor,″ said Steve Ulian, Senior Vice President with Fidelity Institutional Retirement Services Company.
Financial services forget that people planning for retirement income need to balance the risk of living long with the possibility that they won’t, according to Robert Del Col, President of FundQuest.
Many Americans may be leaving their retirement savings program on auto pilot, but a majority responding to a recent survey was certain of one thing: they wanted to make basic savings decisions without the government doing it for them.
More than 13.6 million employees in small, micro-businesses lack an employer-sponsored 401(k) plan today, a Fidelity news release said — a result that may well be the result of reluctance on the part of the owners of those businesses to embrace the concept.