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Retirement planning often directs attention toward mid-career 401(k) participants and those nearing retirement, but what about the youngest members of the workforce — the 18- to 20-year-olds, or those even younger? How can proposed Legislation aim to help young workers put time on their side in retirement planning?
A recent Vanguard report finds that individuals in the lowest income bracket spend a staggering 96% of their pre-retirement income on daily needs, compared to the highest bracket spending only 43% on average. This income spend-down disparity leaves lower and middle class individuals with a substantial shortfall in retirement readiness. Plan sponsors can take proactive steps to help participants better prepare for a secure retirement with these simple tips.
More and more workers are taking hardship distributions from their 401(k) accounts, as individual household debt skyrockets. In this challenging environment, how can plan sponsors support participants who may be struggling with high debt and help them avoid raiding their retirement savings to stay afloat?
According to recent data from the National Council on Aging and the Women's Institute for a Secure Retirement, nearly half of women ages 25 and older lack access to a tax-advantaged, employer-sponsored retirement plan.
When conducting three- to five-year live-bids, it can be tempting to hyper-focus on fees. But a thorough review of qualitative measures can be key to getting more of your organizational needs met. Here are some considerations to keep in mind when assembling — and evaluating — your next RFP.
The relationship we forge with our future selves can greatly impact financial decision making in the present. Research reveals that subjects with a stronger connection to their future selves are more likely to delay gratification and make more prudent financial choices. But how can plan sponsors help employees make the connection?