There will continue to be more and more interest in retirement plan which allow employees to save without stress and anxiety. Most plan participants realize they need help. The rest don’t know they don’t know.
The report said 44% of all workers expect to rely on 401(k) plans, other DC plans or IRAs as their primary source of retirement income. When analyzed by age group, the report said the highest reliance (55%) on these plans was among workers in their 30s, followed by 46% for workers in their 40s.Participation rates were highest (83%) for people in their 30s and those in their 40s, the report said. Median annual deferral rates were highest (10%) among people in their 60s, followed by 8% for people in their 50s.
The reported said 62% of workers either strongly agreed or somewhat agreed that they would want to receive more information and advice from their employers about how to reach retirement goals. The age group most interested in getting additional information (71%) was workers in their 20s.
Employees realize that they cannot rely on the government to fund their retirement years. These same employees will seek out employers who offer the best retirement plan solution. Will your company retireemtn plan attract and retain talented employees?
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- 401(k) Plan Sponsors: Workers Can’t Afford to Retire (money.usnews.com)
- The Takeaway: Future 401(k)s Will Look More Like Old-School Pensions (aarp.org)
- 5 Reasons to Shop Your 401(k) NOW (401kplanadvisors.com)