Retirement

As Congress pushes the debt ceiling debate farther down the road, Americans’ personal finances are worse than ever. According to a new survey by the Personal Finance Employee Education Foundation, only 24% of respondents say they have “little financial stress.” That leaves 76% who would likely benefit from a financial education plan at work. According to PFEEF, a workplace financial fitness program can not only improve productivity, but also boost morale and company loyalty.

A new survey suggests workers under the age of 25 are significantly more confident than others that they are on track for a comfortable retirement. Is it youthful arrogance, or has the younger generation absorbed some of the financial lessons we need them to learn?

According to HelloWallet, more than $70 billion a year is withdrawn from 401(k)-style retirement plans, most of it used to cover basic financial needs and money management.

George Castineiras, senior vice president of total retirement solutions at Prudential, says with 10,000 baby boomers turning 65 for every day for the next 16 years, it’s an exciting time to watch the “money in motion.”

“The consumer demand for income annuities has grown steadily during the past two years as consumers seek to generate a guaranteed stream of retirement income,” says Cathy Weatherford, IRI president and CEO.

The Employee Benefit Research Institute and the Investment Company Institute say more and more 401(k) plans are offering target date funds, and more participants are using them — but the adoption rate has moved at a slower pace.

Auto-enrollment and –increase features continue to see success in defined contribution plans, reports Bank of America Merrill Lynch, which serves 2.5 million plan participants.

After reading research from the Investment Company Institute concluding that defined contribution plans don't "reduce retirement preparedness," EBN Editor Kelley Butler channeled a "Saturday Night Live" skit to offer her perspective.

Looking at the Department of Labor’s 408b2 rules six months later.

Research from Fidelity shows defined contribution balances are growing yet EBRI data reveal retirement confidence is at an all-time low.