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.
Target date funds are becoming a crowded space in the marketplace and managers are looking for ways to differentiate their products through personalization and retirement income, says a Mercer report.
Under a SECURE 2.0 provision that just went into effect in January, qualified student loan repayments may now count as elective deferrals for 401(k) matching contributions from employers.
Student loan borrowers making payments have significantly lower 401(k) contribution rates, however, some of the impact of the payments was lessened by auto-enrollment or employer contribution match, says a new report.