With 19 states now offering state programs after three states passed legislation this year, these retirement programs are bridging the gap for many small businesses struggling to afford the administrative burdens.
The amount 401(k) participants say they need to retire comfortably inched up this year, while confidence in their ability to attain retirement goals dropped amid economic pressures.
Twenty-three percent of Americans are terrified by the prospect of the end of regular paychecks when they retire, but most aren't willing to wait to increase their Social Security payments.
Plan sponsors offer strategies for helping participants who have fallen behind on saving for retirement but warn there is a fine line between helping and intruding.
Most employees expect to work longer, indicating they plan to retire at age 65 (up from 64 in 2022), and need to save more than they did a year ago, according to Northwestern Mutual.
In light of the toll the pandemic has had on physical, mental and financial health of employees, employers are considering offering more wellbeing initiatives, as well as funding HRA and HSA accounts, says a new survey.
While health care costs are unchanged year over year, employers need to help pre-retirees save for health care expenses by considering options like a tax-advantaged health savings account, recommends Fidelity.