Participants contributed an average of 7.8% of pay (up from 7.4% in 2022), and employers contributed 4.9% of pay (up from 4.7%) for a combined savings rate of 12.7%, according to PSCA’s annual survey of 401(k) plans.
A new IRAlogix survey raises concerns over a rapid depletion of retirement savings, and provides guidance to employers to help pre-retirees to make a decumulation plan.
Offering employees one-on-one access to financial professionals as part of their plan can help women employees get retirement guidance that they might not otherwise pursue, according to Corebridge Financial.
It's the perfect time for employers to encourage workers who aren’t participating in the 401(k) to consider easy, actionable financial New Year’s resolutions that can help them reach their retirement goals and avoid regrets, according to Nationwide.
Gen Xers are increasingly turning to experts for financial guidance, with nearly four in 10 currently paying for advisor services, up from 29% just six months ago, according to a Nationwide study.
Access is just the starting point to help employees save for retirement – automated features play a critical role in moving the needle, according to the new Principal Real Life Retirement Journey survey.
Most employers understand the basics of annuities but need help getting conversational about them with employees, similarly to when target-date portfolios were first offered in 1994, according to TIAA’s report.
Since some 401(k) plans now offer the option to invest in crypto assets like bitcoin and the DOL has not required fiduciaries to monitor all crypto options, the Government Accountability investigated in response to a request from the House Committee on Ways and Means.
Gen Z and millennials are particularly susceptible to social media financial advice, which is why employers should host financial literacy workshops, webinars, or provide regular communications that raise awareness about the risks of unverified financial advice.