A bipartisan bill introduced in the Senate on Wednesday removes barriers that have discouraged companies from offering employer-sponsored retirement plans to Americans under 21 by lowering the participation age to 18.

After 18 financial groups asked for a 60-day extension for the DOL's proposed new fiduciary rule last week, the department told them it is not warranted, reiterating that comments are still due Jan. 2.

Nearly 6 in 10 Gen Z women believe they'll be financially prepared for retirement – a significant higher proportion than women in other generations, according to a recent Northwestern Mutual study.

A coalition of nearly 20 financial industry trade groups, including the Financial Services Institute and the Insured Retirement Institute, says a 60-day comment period is not enough time to comment on the 500-page proposal.

Only 7% of women believe they have sufficient savings to last their entire retirement, and "it's incumbent on us in the financial industry to do a better job of reaching women as early as possible," according to IRALOGIX.

Private pension funds are not as fragile as state and municipal pensions because they have tighter regulatory rules that govern their accounting and contribution rate requirements, according to Equable Institute.

The IRS announced Wednesday it will increase 401(k) contribution limits to $23,000 (from $22,500 in 2023), a smaller increase than last year's record-breaking amount of $2,000, while limits for employees over 50 remains unchanged.

Over half (54%) of employees approaching age 65 will likely seek guidance about Medicare from their employer, and one of the most common questions employers are likely to encounter from employees is: "When can I enroll?"