Available to all customers, the tool analyzes an individual’s real-time account information, along with their responses to a handful of simple lifestyle and financial questions, allowing for projections and interactive analysis of retirement income strategies.
This year, the IRI has also issued a state advocacy blueprint calling on states to focus on educating individuals about the importance of retirement planning and encourage federal policymakers to enact proposals expanding access to private-sector retirement plans.
The optional living benefit rider is available within Lincoln variable annuities and is designed to help maximize income on qualified money.
Hearing witnesses discussed conducting a comprehensive review of the American retirement system, allowing for open multiple employer plans (MEPs), and changing certain defined contribution (DC) plan rules to facilitate greater savings, among other things.
The increasing prevalence of automatic enrollment and solutions making 401(k) plan assets more easily portable are two reasons why DC plan outcomes can compete with DB plan results.
A panel of expert witnesses from across the financial services domain discussed shortcomings and opportunities for improvement in the U.S. retirement savings system; they urged House members to embrace bipartisanship and commonsense solutions.
Notably, more than 60% of employers want to keep retirees in their plan, and they are looking to change their targeted communications to inspire action, Alight Solutions found.
The most common retirement income solutions defined contribution (DC) plan sponsors reported providing participants were access to a defined benefit (DB) plan and offering a managed account service.
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.
New EBRI data shows both defined contribution and defined benefit plan participants favor cashing out their accrued benefits over purchasing annuities, potentially jeopardizing retirement security.
This year, the Practice Development column in PLANADVISER print explored various ways retirement plan advisers can expand their practices beyond 401(k)s, with the goals of adding new revenue streams, better serving participants and solidifying client relationships.
LIMRA Secure Retirement Institute data shows single retirees feel less confident than married retirees; many say they want more professional financial advice.
In addition, two-thirds of those surveyed by the Transamerica Center for Retirement Studies say their most recent employers did “nothing” to help pre-retirees transition into retirement.
DC plans are well positioned to significantly add to American’s financial security by adopting retirement income solutions that are currently available in the market today.
According to Cerulli research, the various parties involved in the implementation of an in-plan retirement income solution are often not on the same page about basic terminology and definitions.
However, retirees spend 32% less than non-retirees.
The documents are FINRA reviewed and focus on the topics of maximizing Social Security and tapping into common sources of sustainable retirement income.
To help improve participant planning, the Retirement Income Planning Center provides resources to help create a retirement budget and income plan, which Wells Fargo says are two essentials for determining whether one is on track for retirement.