Witnesses at a retirement security hearing held Thursday by the Senate HELP Committee all spoke about the central importance of closing the defined contribution plan coverage gap.
Fresh data shared this week by Principal and Fidelity shows defined contribution retirement plan balances have—yet again—reached record highs, but the data underscores the need to improve access for more workers.
In some ways, the gig economy was flourishing prior to the pandemic. Studies suggest the growth is likely to continue, based on a variety of related factors.
Consumers spent a collective 1.6 trillion hours on mobile devices during the first half of 2020, with a 220% increase in time spent on business apps.
Vanguard says that meeting these income needs, along with encouraging strong savings rates and diversification, are the primary drivers in creating successful retirement outcomes.
A new analysis published by EBRI in collaboration with J.P. Morgan suggests a person’s spending habits, rather than their salary, seem to have the biggest influence on whether they are a low saver or an average saver.
The term “glide path” resonated with only 4% of participants surveyed by Invesco, despite being the most common term used by advisers, providers and plan sponsors when talking about target-date funds; survey data shows numerous other areas where industry jargon holds back participant understanding.
Even as large employers embrace cutting edge features in their retirement plans, LIMRA data shows small businesses continue to struggle when it comes to offering even basic retirement benefits.
Industry pros know there are big differences between financial services providers in termsof business models and their willingness to embrace fiduciary best practices—but many non-investors see a monolithic industry sharing a set of common reputation problems.
By talking about the power of compounding and emphasizing the importance of investing at the same time one is paying down debt, advisers can inspire younger clients to save more and save earlier.
Great retirement plans can be found in all industries and geographies, says Mel Hooker at Wells Fargo; what unites them is a sense of purpose and an ability for the employer to see the strategic importance of quality benefits.
Employees are changing jobs more frequently than ever before, says Mark Koeppen at FPS Trust; when they go missing, this can lead to wasted time and money spent on administration of their orphaned savings.