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The incorporation of guaranteed minimum withdrawal benefits (into defined contribution plans may reduce the level of assets required for plan participants to achieve the same level of retirement income.
The Department of Labors Employee Benefits Security Administration has extended the deadline for 401(k) plans to disclose fees and expenses to participants to 120 days after the Jan. 1, 2012 deadline. Originally, the deadline was 60 days after the effective date. As a result, plans now have until April 30, 2012 to provide the information.
More workers are delaying retirement, according to The Conference Board.
Despite the widely held belief that younger investors have become tremendously risk-averse due to the economic crisis, Vanguard is finding that younger investors have increased their equity exposure considerably.
Since most participants accept the deferral rates that are automatically set in 401(k) plans, sponsors should increase those rates to at least 6% or higher, The Principal says.
Senators Herb Kohl (D-WI) and Mike Enzi (R-WY) have proposed the Savings Enhancement by Alleviating Leakage in 401(k) Savings Act (SEAL), which would limit the number of loans that participants can take from their 401(k) to no more than three at a time.
Many investors are unaware of the options available for their 401(k) account left with a previous employer, Fidelity Investments found. Nearly one-third (30%) who made a job transition are unsure of what to do with their workplace retirement savings.
Investors stuck with their retirement savings plans in 2010, the Investment Company Institute said Tuesday, basing its findings on data from more than 23 million defined contribution accounts.
Despite the recent improvements in the economy, Americans continue to grow more pessimistic about long-term retirement prospects, according to a Country Financial survey of 3,000 adults.
Four in 10 working Americans say they will never be able to afford to retire, a Harris Interactive survey of 1,005 adults for the American Institute of Certified Public Accountants found.
Thirty-three percent of baby boomers are worried they wont have enough money saved for retirement, 34% do not know the age at which they will retire, and 57% plan to continue working, according to a recent survey by the Insured Retirement Institute.
Generations X and Y are warming up to investing more than any other age group, according to a survey by MFS Investments. But they remain largely reticent investors.
Even though 68% of workers are saving for retirement, nearly half (46%) have less than $10,000 saved for retirement, and 50% are not confident they will have enough money to live comfortably in retirement, a survey by the Employee Benefits Research Institute found.
A majority of Americans find retirement planning confusing and want additional help, a study by the ING Retirement Research Institute conducted by the Boston Consulting Group found.
While health care costs are inevitably going to rise in the future, a 65-year-old couple retiring in 2011 will likely spend $230,000 on health care throughout their retirement, Fidelity estimates.
Assets in 529 college savings plans have grown 56% in the past 24 months, beating industry estimates by 30%, according research by Financial Research Corp.
Thirty-four percent of the 3,171 adults that The Harris Poll surveyed in February expect the economy to improve in the coming year, 42% expect it to stay the same and 25% think it could get worse.
Fidelity Investments reported Wednesday that the average 401(k) account balance held with it hit a 10-year high of $71,500 at the end of 2010.
Contributions to 401(k) plans increased in the last year, Principal Financial found in a survey last fall of 1,159 employees and 529 retirees.
Ninety-four percent of Americans wish they did a better job of managing their money, and 89% of respondents in other parts of the world shared that sentiment, according to the ING Retirement Institute Research Institute.