With steep inflation affecting retirement goals, employers can play a pivotal role in reducing employees' financial stress by enhancing their offerings beyond the traditional 401(k) with emergency savings accounts, says a new report.
TIAA Institute's new State of Financial Preparedness report raises questions about whether or not incoming retirees will enjoy financial security, particularly as lifespans continue to lengthen and the economy remains tumultuous.
The Plan Sponsor Council of America looked at 250 nonprofit organizations that sponsor 403(b) plans for their employees, as automatic enrollment took hold in the nonprofit space.
More than one-third of millennials, who've benefitted from auto-enrollment and auto-escalation, believe they won't get a dime of Social Security when they retire, so they're taking matters into their own hands.