Knowledge is power, as the saying goes. As Americans observe another Financial Literacy Month in April, members of the retirement services industry have an opportunity to contemplate how they can help empower more people to achieve a financially secure retirement.
Plan sponsors and recordkeepers, in particular, have an opportunity to educate more participants through financial wellness programs with tips and insights to improve their retirement outcomes. One of the best tactics for saving more for retirement is to avoid prematurely cashing out 401(k) accounts after changing jobs. But unfortunately, too many working Americans view cashing out to be the least expensive and time-consuming option. This is because of the historic lack of seamless plan-to-plan asset portability infrastructure in the U.S. retirement system.
