The Saving for the Future Act would require employers to contribute 50 cents to a savings account for each worker for every hour worked, or more than $1,000 a year.
Tag: retirement savings
Defined contribution plan participants and non-participants surveyed by Natixis shared incentives that would encourage them to save or save more for retirement.
A Vanguard study focusing on non-highly compensated employee (NHCE) behavior finds higher match thresholds are typically associated with lower plan participation and lower employee contribution rates.
Individuals polled by First National Bank of Omaha also shared reasons they do not have as much savings as they'd like.
The Employee Benefit Research Institute (EBRI) and the American Savings Education Council (ASEC) offer an online digital toolkit.
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.
Fifty-two percent of late Boomers say college debt is a major impediment to meeting their financial goals, while 38% of early Millennials and 32% of later Millennials say the same.
They have more than $260,000 saved, compared with $82,000 for those without an adviser.
The researchers say their results imply that it may be useful to facilitate decision making, particularly among the less-educated, as well as to facilitate people committing to and carrying out long-term financial decisions.
In addition to decreasing savings to retirement plans, one-third of employees say they have used up all or most of their savings or have increased their credit card debt due to health care costs, a survey finds.
A detailed analysis prepared by Aon suggests the typical worker would have to start saving at age 25 and put away 16% of pay annually—including the employer retirement plan match—to achieve a stable retirement outlook by age 67.
Willis Towers Watson suggests portals integrated with financial planning tools can help employees make strategic decisions about where to best save their money based on their unique financial situation.
Only 31% of those between the ages of 22 and 35 are saving for retirement.
A majority of Americans say they have not fully recovered financially from the Great Recession of 2008.
A survey revealed that 46% of Millennials think you need at least $1,000 to start investing, and 17% think you need $10,000.
They deferred 90% or more of the maximum that could be invested in a defined contribution (DC) plan in 2017.
A Bankrate.com study says about twice as many Americans are saving more now, compared to responses from the survey's 2011 debut.
The average Millennial spends over $30 on coffee per month, but will also, on average, save $480 for retirement in the same time frame.