Employees are making some positive changes to their retirement planning, but poor money management skills and long-term economic challenges present major obstacles.
Despite efforts to improve defined contribution (DC) plan participation and savings, employers lack confidence in the retirement readiness of their employees.
More than one-third (37%) of adults would like a professional to help them manage retirement accounts but do not think they have sufficient investments.
Participants in 401(k) plans prefer more proactive steps to increase their retirement readiness rather than historical transactions on their account statements, a study found.
Increasing distribution costs and adviser movement in the asset management industry are causing asset managers to look more closely for growth opportunities.
Retirement security remains a concern for many Americans, particularly in terms of maintaining a “reasonable” standard of living for the rest of their lives.
Most workers who are likely to focus on retirement savings have access to an employer-provided retirement plan, according to the Investment Company Institute.
Many Americans choose to retire when the economic markets are peaking, an action that can cause problems for their long-term financial stability, a researcher found.
Setting a higher starting point for retirement plan contributions would make a significant difference in improving workers’ likelihood of a financially viable retirement, research found.
Nearly two-thirds of private-industry workers had access to some form of retirement plan, according to data from the U.S. Bureau of Labor Statistics (BLS).