Retirement planning

Unlike when they were still working and their employer withheld an amount for their taxes, retirees need to make estimated tax payments to the IRS.

More younger workers are prioritizing saving for their post-work years and contributing as much as they can to their 401(k)s — and making sacrifices to do so.

More younger workers are prioritizing saving for their post-work years and contributing as much as they can to their 401(k)s — and making sacrifices to do so.

Giving employees the right tools and advice can help to address the retirement savings gap, Mercer says.

Advisers need to view themselves as more than just the overseers of plan compliance and administration and step up as the champions of a competitive organization.

A recent trend has seen DB plan sponsors transferring a portion of their plan obligations to insurance companies through the purchase of annuity contracts for the benefit of affected participants.

Giving employees the right tools and advice can help to address the retirement savings gap, Mercer says.

Factors such as increased longevity, income inequality and pension-fund shortfalls have caused Americans to be in a worse position for their post-work years.

Clients should work together with their spouses and plan as a couple to develop a Social Security claiming strategy that will maximize their retirement benefits.

The Kentucky firm wants plan sponsors and participants to better understand their retirement options.