Retirement

The uncertainties over the past few years have clearly affected workplace savers, who are now less sure about when retirement will come, what it will look like and how they should prepare for it, according to a new survey.

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.

Once employers realize improving the benefits package can help increase morale and reduce turnover, they see it as money well spent, since it makes hiring away employees much more expensive for a competitor.

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.

Likely as a result, 401(k) contributors, whose biggest short-term priority is paying off debt, are often juggling saving for now vs. savings for the future – and nearly half are behind or don't have a retirement goal, says a new TIAA survey.

Despite improvements in employment and income inequality, the U.S. slipped in the Natixis Global Retirement Index, dropping to 20th place, as high inflation and public debt caused overall retirement security to deteriorate.

Benefits such as emergency savings accounts and student loan repayment are each offered in only about 5-10% of companies today, however, the new legislation paves the way for real progress to increase savings for more workers.