Employers can help employees save by automating and incentivizing emergency savings, but it's key to customize messaging that is unique to a specific employee demographic to increase the likelihood of them taking action.
Women report feeling knowledgeable about day-to-day finances such as paying bills and saving for emergencies, but less confident about building wealth and creating investment portfolios, a New York Life Wealth Watch survey found.
On Tuesday, the Department of Labor finalized its Retirement Security Rule that updates the definition of an investment advice fiduciary, while critics say millions could now lose access to professional financial guidance.
While the DOL continues to try to refine its fiduciary rule, with the latest iteration sent to the Office of Management and Budget for review last month, there are several best practices that protect plan sponsors as well as participants.
Two-thirds of Americans said the pandemic has had an even deeper impact on retirement beyond dollars and cents, with younger generations saving an even higher percentage of their income for retirement, according to Fidelity.
The Insured Retirement Institute released its 2024 Federal Retirement Security Blueprint, urging Congress to enact changes within retirement legislation and the DOL to withdraw its proposed fiduciary rule.
With new provisions in SECURE 2.0 taking effect in 2024, employers have new options they can leverage to engage with employees who want more workplace benefits, such as student loan matching and emergency savings.
In a report that highlights generational differences, baby boomers had the highest SDBA balances, followed by Gen X and millennials, but all need practical education from plan sponsors to provide their individual desired outcomes.
DebugScreen: mobile
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"uri": "/2024/05/01/spending-spikes-student-loan-debt-are-putting-retirement-savings-at-risk/",
"title": "Spending spikes & student loan debt are putting retirement savings at risk",
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"summary": "Employers can help employees save by automating and incentivizing emergency savings, but it's key to customize messaging that is unique to a specific employee demographic to increase the likelihood of them taking action.",
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{
"uri": "/2024/04/29/closing-the-financial-literacy-gender-gap-younger-women-have-more-desire-to-save/",
"title": "Closing the 'financial literacy' gender gap: Younger women have more desire to save",
"byline": "Kristen Beckman",
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"summary": "Women report feeling knowledgeable about day-to-day finances such as paying bills and saving for emergencies, but less confident about building wealth and creating investment portfolios, a New York Life Wealth Watch survey found.",
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},
{
"uri": "/2024/04/24/dols-fiduciary-rule-is-now-final-but-critics-wonder-is-it-in-savers-best-interests/",
"title": "DOL's fiduciary rule is now final, but critics say, 'Is it in savers' best interests?'",
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"summary": "On Tuesday, the Department of Labor finalized its Retirement Security Rule that updates the definition of an investment advice fiduciary, while critics say millions could now lose access to professional financial guidance.",
"body": null
},
{
"uri": "/2024/04/09/401k-plan-best-practices-a-plan-sponsors-2024-fiduciary-checklist/",
"title": "401(k) plan best practices: A plan sponsor's 2024 fiduciary checklist",
"byline": "Kristen Beckman",
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"prettyDate": "April 09, 2024",
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"summary": "While the DOL continues to try to refine its fiduciary rule, with the latest iteration sent to the Office of Management and Budget for review last month, there are several best practices that protect plan sponsors as well as participants.",
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{
"uri": "/2024/04/03/2024-advisor-of-the-year-finalist-chris-wolpert/",
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"summary": "2024 BenefitsPRO Advisor of the Year finalist Chris Wolpert is passionate about using creativity to educate and create change.",
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{
"uri": "/2024/04/03/the-new-retirement-americans-are-living-more-intentionally-post-pandemic/",
"title": "The 'new retirement': Americans are living 'more intentionally,' post-pandemic",
"byline": "Kristen Beckman",
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"summary": "Two-thirds of Americans said the pandemic has had an even deeper impact on retirement beyond dollars and cents, with younger generations saving an even higher percentage of their income for retirement, according to Fidelity.",
"body": null
},
{
"uri": "/2024/04/02/retirement-trade-group-urges-feds-to-withdraw-dol-fiduciary-rule-pass-33-proposals/",
"title": "Retirement trade group urges feds to stop DOL fiduciary rule, pass 33 proposals",
"byline": "Kristen Beckman",
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"summary": "The Insured Retirement Institute released its 2024 Federal Retirement Security Blueprint, urging Congress to enact changes within retirement legislation and the DOL to withdraw its proposed fiduciary rule.",
"body": null
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{
"uri": "/2024/04/01/2024-advisor-of-the-year-finalist-rosario-avila/",
"title": "2024 Advisor of the Year finalist: Rosario Avila",
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"summary": "2024 BenefitsPRO Advisor of the Year finalist Rosario Avila has always focused on helping others navigate the world around them.",
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},
{
"uri": "/2024/03/27/secure-2-0-a-golden-opportunity-for-employers-to-better-employee-benefits/",
"title": "SECURE 2.0: A golden opportunity for employers to offer better 401(k) benefits",
"byline": "Kristen Beckman",
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"prettyDate": "March 27, 2024",
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"summary": "With new provisions in SECURE 2.0 taking effect in 2024, employers have new options they can leverage to engage with employees who want more workplace benefits, such as student loan matching and emergency savings.",
"body": null
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{
"uri": "/2024/03/26/self-directed-401k-participants-take-the-long-view-but-need-direction-on-scale-of-offerings/",
"title": "Self-directed 401(k) participants take the long view, but need direction on scale of offerings",
"byline": "Kristen Beckman",
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