Market Insights

More than one-third of survey respondents said paid leave would have made their recovery easier.

This new plan, introduced under SECURE 2.0, have lower employee contribution limits compared to traditional 401(k)s and allow for reduced recordkeeping requirements, which reduce administration costs.

The number of Gen X managed account holders with at least 3 months of emergency savings more than doubled from their point of enrollment in a managed account, which improves their financial confidence.

Manager engagement fell from 30% to 27%, while individual contributor engagement remained flat at 18%.

While a recent 401(k) fiduciary survey claimed more than 700,000 American companies could be at risk of fines and legal penalties for fiduciary failures in their retirement plans, one retirement expert now claims that most of these ERISA "red flags" are unfounded.

The "magic number" is $200,000 less than the $1.46 million reported last year, however, 25% say they have just one year or less of their current annual income put aside for retirement, according to Northwestern Mutual.