Retirement Trends

The confidence both workers and retirees have in their ability to finance their retirements dropped significantly in 2023, as inflation erodes the confidence that Americans had going into the pandemic, says a new survey.

For employers who wish to offer employees earning more than $145,000 a catch-up contribution option, they must first contact their plan recordkeeper to request the changes, which can sometimes take months to be implemented.

In a BenefitsPRO Broker Expo breakout presentation, the head of broker partnerships at an employee financial wellness platform discusses the best strategies for brokers to bring this must-have benefit to employers.

With a thoughtful approach and focused plan design, such as a default option, plan sponsors can make the difference in empowering more women to get on track to reach retirement goals.

Retirees this year received a record-high 8.7% cost-of-living adjustment in their benefits – the largest increase in four decades – however, next year may be less than half that percentage due to inflation, according to a new estimate.

This is a significant rise from a year ago, as employees struggle with personal finances and mental health, according to a John Hancock Retirement report.

Many small business employers may be unaware that there are several retirement solutions available to them and that the new federal law covers 100% of the startup administrative costs for employers with up to 50 employees.

The new legislation is a significant step toward making retirement plans accessible to 57 million more people, similarly to the launch of automatic enrollment In the UK a decade ago, says Smart's global retirement report.