Hardship Distributions Surge: Strategies for a Troubling TrendMore and more workers are taking hardship distributions from their 401(k) accounts, a recent report shows. Bank of America’s June 2023 Participant Pulse study reveals nearly 16,000 participants withdrew...
The Retirement Savings Glass Is Only Half Full for WomenAccording to recent data from the National Council on Aging and the Women's Institute for a Secure Retirement, nearly half of women ages 25 and older lack access to a tax-advantaged, employer-sponsored retirement...
Employees Want Financial Planning Support — and Aren’t Afraid to Ask for ItFinancial stressors including stubbornly high inflation and historic levels of credit card debt continue to impact workers across a wide range of income brackets. Twenty-eight percent of...
Connection to Future Self Is Key to Retirement ReadinessThe relationship we forge with our future selves can greatly impact financial decision making in the present. Research conducted by social psychologist Hal Hershfield using functional magnetic resonance imaging...
Customized Content Is Good Medicine for Retirement Readiness From recent college grads struggling with student debt to seasoned professionals planning an imminent retirement, participants’ financial needs and goals are as diverse as the workforce they’re part of. In...
Is Your Retirement Plan "Catchy?" By offering — and encouraging — catch-up contributions, plan sponsors can demonstrate a heightened commitment to employee retirement readiness. Over a five-year period ending in 2020, nearly 15% of participants utilized catch-up...
Your Plan Fiduciary Must-Do and Should-Do Lists When you’re a plan fiduciary, you are, of course, prioritizing what ERISA law requires of you. You have a checklist of Must-Dos. But there is also a list of things that you can do proactively that will keep the plan—and...
The Retirement Reshuffle Is Impacting Plan Sponsors Across the nation, more and more workers are expecting to postpone retirement. In fact, a survey by the Nationwide Retirement Institute shows that 40% of older employees plan to retire later than anticipated because...
Offboarding Employees from Your 401(k) Plan A full two-thirds of employees don’t receive guidance on managing their retirement plan benefit while offboarding. Leaving 401(k) or 403(b) balances behind can result in orphaned accounts that sit unmonitored and unmanaged...
Retirement Plan Limits IRS Limits on Retirement Benefits and Compensation *Effective January 1, 2024 202420232022401(k), 403(b), 457 Elective Deferral Limit$23,000$22,500$20,500Catch-Up Contribution Limit (age 50 and older)$7,500$7,500$6,500Annual Compensation...
Hardship Distributions Surge: Strategies for a Troubling TrendMore and more workers are taking hardship distributions from their 401(k) accounts, a recent report shows. Bank of America’s June 2023 Participant Pulse study reveals nearly 16,000 participants withdrew...
You've been diligent—saving, monitoring retirement accounts, consulting your advisor. But are you prepared for life's uncertainties? Your retirement plan relies on assumptions: savings, investment duration, inflation, and returns. Life, however, loves throwing...