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Want to Improve Retirement Outcomes? Make Sure Employees Understand Social Security Basics New research reveals Americans have a significant knowledge gap regarding Social Security benefits. According to a recent survey 1, more than half of Americans express confidence that they know exactly how to optimize their Social Security benefits. However, only 6% actually understand all the factors that determine the maximum benefit someone can receive. In addition, the report highlighted additional knowledge gaps: A full 39% don’t know at what age they are eligible to receive their full benefits...

For the past five years, Black Rock’s DC Pulse survey has helped identify trends in retirement and highlight the needs and concerns of savers. As we come out of COVID-19, it’s a timely lens into the mindset of savers and what’s needed going forward. A key focus of the 2021 DC Pulse survey was retirement income. Survey results indicate that workers have a strong desire for a retirement savings vehicle that can produce a predictable income stream throughout their retirement years. In fact, 81% of participants said it would be helpful if their employer-provided secure income-generating options in...

A recent survey confirms that there is no single path to retirement. Franklin Templeton’s June 2021 “Voice of the American Worker” survey confirms that retirement today feels “less cookie cutter than it used to be,” according to 82% of those polled. The survey found that individuals can benefit from personalized guidance to achieve their financial goals — an area where a financial advisor can help. The survey also showed that many participants are looking to their employers for more tools and resources. But most of all, the survey found that the way participants think about retirement is...

A recent survey of retirement plan participants shines a light on their positive perspectives — which can help inform plan changes you may be considering. Released in October of 2021, American Century’s 9th Annual Survey of Retirement Plan Participants found that more workers are optimistic about their futures in 2021 than they were in 2020. Not surprisingly, following more than a year of dealing with the pandemic, participants are now more positive about saving, risk and expectations. Because it’s the start of a new year, now may be an opportune time to discuss the findings with your plan...

The list of employee financial concerns includes stressful personal situations that distract employees’ attention from the work at hand. Thirty-nine percent of employers say that’s the item of most concern to employees, followed by increasing health care costs at 34% and the expenses and pressures of caring for family members (24%). Lackluster retirement savings come in sixth on the list, with 18% of employers choosing it as either the number one or number two issue for their employees. Reasons employers offer financial wellness programs To address these employee concerns, many employers — 70%...