Retirement Advisor

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.

Joint research between J.P. Morgan and the Employee Benefit Research Institute uncovers new connections between financial wellness and retirement readiness – and new solutions for plan sponsors.

Veterans Day on Nov. 11 presents an opportunity to recognize the unique qualities veterans bring to the workplace and to reward them with the right mix of benefits tailored to their special health, wellness and financial needs.

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.

Under ERISA regulations, the fiduciary has 4 areas of duty: loyalty to the participants, prudence in running the plan, and the ongoing duties to diversify and minimize risk and to follow plan documents, unless they violate ERISA rules.

More details were announced last week on Pres. Biden's new student loan forgiveness plan, which aims to cancel some or all student debt for specific types of borrowers, like those whose balances exceed what they originally owed.

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.