In the retirement planning industry, a consistent concern among all parties involved – advisers, plan sponsors, recordkeepers and employees – is that individuals don’t save enough. While there are a wide variety of reasons that drive participant savings motivations and behaviors, there is one solution that can overcome a number of common obstacles quickly: technology.
When the retirement world shifted from defined benefit plans to defined contribution plans, the burden of saving and investing moved, too – from the employer to the individual. However, the retirement plan enrollment and contribution processes remain cumbersome, and most individuals don’t have the background to understand them well enough to make successful decisions.
