New research from Finhabits, a retirement plan robo-advisory platform, suggests small businesses in Hispanic-majority metro areas struggle to offer retirement plans, but there are opportunities for significantly improving coverage in these areas and elsewhere.
Forty-six percent say they would “save less” or “stop saving” in their 401(k) if the tax deferred status of their plan was taken away, according to the Wells Fargo/Gallup Investor and Retirement Optimism Index.
Almost any bill floated by a Democrat is going to be a long shot in the current political environment, but proposals submitted by Representative Richard Neal, ranking member of the House Ways and Means Committee, enjoy broad support among the investment business and lobbying community.
One clear way to help prevent retirement plan leakage is to help families cope with financial shocks and income volatility in the short term; one way to do this is to encourage use of “sidecar accounts.”
A longitudinal analysis of 401(k) plan participants drawn from the EBRI/ICI 401(k)
database found the average account balance for consistent participants increased at a
compound annual average growth rate of 13.9% from 2010 to 2015.
During a press lunch in New York, Wells Fargo’s CEO of asset management issued a direct call to action for retirement plan advisers, sponsors and providers to do more to help Millennial women save and invest effectively for retirement.
The motivation for creating the Outcome Optimizer was born
out of the understanding that plan sponsors and business owners are competitive
by nature and, for the most part, they want to offer top quality benefits that
reward hardworking employees.