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Retirement Income
An analysis of financial wellness assessments completed found that employees with higher financial wellness scores also had higher contribution rates to an employer-sponsored retirement plan.The analysis, conducted by Financial Finesse of financial wellness assessments completed in 2015, found that...
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Retirement planning involves making a number of assumptions about spending after retirement – but how much — and on what — do retirees actually spend their resources?According to the Bureau of Labor Statistics (BLS), housing is the greatest expense in dollar amount and as a share of total...
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A new analysis claims that nationwide, most retirees are living on about 60% of their pre-retirement income. But there’s a bit of creativity in the math that derived those results.Normally, of course, one would expect to divide your pre-retirement income by your post-retirement income to determine...
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The impact of the Department of Labor’s May 18 rule revising the federal overtime rules may not be confined to HR and payroll — retirement plan administrators and service providers may be affected as well.The new overtime rules will increase the exempt salary threshold level to $913 per week or $47...
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In order to provide practitioners and researchers with a “standard, reliable, and broadly available way to measure individual financial well-being,” a government agency has launched a new “financial well-being scale.”The government agency is the Consumer Financial Protection Bureau, (CFPB). The...
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A recent study argues that converting public sector defined benefit plans to defined contribution plans may not be without consequences.In “Economic Volatility: Hidden Societal Cost of Prevailing Approaches to Pension Reforms,” the National Conference on Public Employee Retirement Systems (NCPERS)...
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During my recent vacation, I had the chance to check in with some “real” people about their retirement accounts.As I’m sure is the case for many of you, when it comes to my family, I am the de facto retirement “go to” person (and worth every penny they pay for the counsel). It turned out to be an...
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A new report suggests that defined contribution participants are feeling better about their financial situations – and that the confidence of Millennials is highest.Defined contribution plan participants are feeling confident about the present state of their financial situations and are even more...
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The tax incentives currently extended to workplace retirement plans are a potential casualty of a tax reform proposal that was the subject of a Senate Finance Committee hearing that included testimony from American Retirement Association Director of Retirement Policy Judy Miller.Under the unlikely...
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That’s the claim of a blog post titled, “How a 1% Fee Could Cost Millennials $590,000 in Retirement Savings.” It notes that for Millennials, “time is on their side in almost every way related to building wealth.”But “almost” is a key caveat — because the report by personal finance site NerdWallet...
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America faces “a huge undersaving problem that will catch up with us,” warned participants at a recent panel discussion of financial literacy and retirement readiness.The May 6 session at LIMRA’s 2016 Retirement Industry Conference included Angela Dicastri, Director, Retirement Market, at...
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How can we best address the challenges we face concerning retirement security? Speakers at the Employee Benefit Research Institute-Education Research Fund policy forum held May 12 in Washington, D.C. offered ideas from several perspectives.“It’s a crisis for you if you’re not prepared,” said G....
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More companies are turning to annuity purchases as a way to accomplish pension risk transfer, according to a recent report by Prudential.Prudential discovered the trend in its sixth annual survey that it conducted with CFO Research concerning what finance executives plan to do regarding the...
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A new Gallup poll not only finds that Americans are worried about having enough money for retirement — that concern continues to top the list of financial concerns.Nearly two-thirds of Americans were worried about having enough money for retirement, with 33% saying they were “very worried.” Overall...
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How financially ready are most Americans for retirement? What threatens pre-retirees’ financial stability during the accumulation phase? A May 5 session at LIMRA’s 2016 Retirement Industry Conference offered some hard data on perceptions of — and risks to — retirement readiness.Andrew Peterson,...
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In a much-anticipated ruling, the Treasury Department has rejected the Central States pension fund’s controversial petition seeking to cut participant and retiree benefits.The Central States application for consideration stated that, without a suspension in benefits, the plan was projected to...
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Rep. Joseph Crowley (D-N.Y.), Vice Chair of the Democratic Caucus, is leading a call for President Obama to issue an executive order to require government contractors to auto-enroll employees in retirement plans.In a May 5 letter signed by more than 65 Democratic lawmakers, Crowley urges the...
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A new report finds that Americans’ satisfaction with retirement is slipping, a finding that transcends economics, gender and even health.The report, by the nonpartisan Employee Benefit Research Institute (EBRI), looks at trends in reported retirement satisfaction in the United States over a period...
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In honor of Ed Burrows’ contribution to the advancement of the general understanding of pension knowledge, an annual honorary payment of $2,000 is awarded for the best paper submitted on a topic selected by the Ed Burrows Award Committee. The winning submission will be the paper that in the...
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Every so often someone puts out a list of what are said to be the “best” 401(k) plans, based on varied benefits and plan design structure criteria. But for my money, here’s what the best plans do.Make it easy to start — right.No matter how well done the materials, the time allotted to education...
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