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.
Nearly all of those who work with an adviser feel they have prepared themselves well for estimating their monthly income needs in retirement, Voya Financial learned in a survey.
The research finds that individuals most likely to be interested in annuities are younger and still working, which LIMRA SRI says creates an opportunity for future conversations for advisers.
Workers in Germany face a similar savings challenge as U.S. workers, according to Fidelity; while workers in the U.K. have an easier outlook, greater longevity means those in Hong Kong may need to save 20% of salary per year.
Looking at whether retirees will be able to replace 75% of their final-year earnings, the Center for Retirement Research at Boston College found the number of households at risk of facing a shortfall range from 42% to 60%.
The Retirement Analysis Kit now includes a "bucket strategy."
As a result, they may have lost the opportunity to save six years’ worth of income in retirement, according to a Nationwide Retirement Institute survey.
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.
Findings from a Capital One survey about why employees do not participate in their employer-sponsored retirement plan offers opportunities for education, according to Stuart Robertson.