Retirement Advisor

Defined contribution plans are poised for a major shift, as participants take a more active role in retirement planning with personalized TDFs, advisor managed accounts and lifetime income solutions, according to a Wilshire report.

The IRS announcements include a number of dollar amounts employers will need to know in order to administer their benefit plans for 2024, including the key dollar amounts for retirement plans, FSAs, HSAs and HDHPs.

Health and retirement benefits are more important now than they've ever been as employers compete for top talent, with employees' mental health now taking a more prominent place in a company's benefits package.

Health Savings Accounts are increasingly being positioned as part of a holistic retirement savings approach, with nearly half (46%) of organizations using HSA auto-enrollment, according to a PSCA survey.

These personalized, age-based platforms incorporate interactive tools and behavioral nudges, such as alerting plan participants to make catch-up contributions at age 50, as they gently steer participants towards retirement goals.

Younger workers are notably behind other age groups, with only 17% having saved between $5,000 and $50,000 – and employers have a critical opportunity to address the retirement readiness gap, says a new study.

A caregiver-friendly environment – group discussions that can provide emotional support and offer best practices and training classes, either in person or online - can help educate employees who might be new to the caregiver role.

Retirement plans in the workplace are shifting towards emotional and behavioral engagement as key factors for success, as advisors are realizing the importance of connecting with participants on a deeper level.