Studies show auto IRAs are making retirement savings easier. Is Pennsylvania next? State-backed retirement plans, particularly auto-IRA programs, are showing positive impacts on savings, with workers 20% more likely to contribute and saving 18% more on average if they live in states offering the programs, according to a study by payroll services company Gusto. Seventeen states have adopted such programs, which automatically enroll employees in state-run IRAs if their employers don't offer retirement benefits, though employees can opt-out. Despite years of debate, Pennsylvania has yet to enact a similar program. Supporters argue auto IRAs would help boost retirement savings and reduce reliance on state assistance, while critics worry it could penalize employers and compete with private plans Check out local news and biznewsPA’s subscription offering here: https://lnkd.in/enCGfhXE
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Glad to see the new Retirement Ready NJ program is off to a strong start! According to our 2024 Survey of Older Adults, only 38% of older residents feel they saved enough for retirement, less than half receive a pension and only 35% have a 401k or equivalent. Trends show that access to pensions will decline, highlighting the need and benefits of early planning for retirement. https://lnkd.in/e5Uu2mXr
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🚨 Retirement for American workers is a hot topic in both financial media and Congress. Recent legislation has brought significant changes to retirement plans, including the increased inclusion of target-date funds (TDFs). ⬇️ Read here to learn more. https://ow.ly/MInO50TvxUe
Customization Is Coming to the 403(b) Space
https://planpilot.com
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"Half of workers don't have access to a retirement plan through their employer. [The state-run auto-IRAs] are meant to close that access gap," said Tyler Bond. https://lnkd.in/eeabGgxc #retirement
State-Run Auto-IRAs Could Solve the Retirement Savings Crisis
investopedia.com
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What workers anticipate in terms of retirement income sources may differ considerably from what retirees actually experience. For many people, retirement income may come from a variety of sources. Here's a quick review of the main income...
Where Will Your Retirement Money Come From?
forteriswealth.com
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🚨 Retirement for American workers is a hot topic in financial media and Congress. Recent legislation has brought significant changes to retirement plans, including the increased inclusion of target-date funds (TDFs). ⬇️ Read here to learn more. https://ow.ly/uNHJ50SqOtJ
Customization Is Coming to the 403(b) Space
https://planpilot.com
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There was a lot of regulatory news yesterday! Another ICYMI: The U.S. Department of Labor finalized a retirement security rule that updates the definition of an investment advice fiduciary under the Employee Retirement Income Security Act and Internal Revenue Code, according to a Tuesday news release. (Ginger Christ) #humanresources #hr #retirement #erisa #departmentoflabor
New retirement security final rule will protect workers from improper advice and investments, DOL says
hrdive.com
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What workers anticipate in terms of retirement income sources may differ considerably from what retirees actually experience. For many people, retirement income may come from a variety of sources. Here's a quick review of the main income...
Where Will Your Retirement Money Come From?
forteriswealth.com
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Building True Financial Freedom Through Passive Income | Connecting High-Achieving Investors & Trusted Lenders | Sharing Wealth-Building Knowledge | Published Author: “Middle Class to Millionaire” | Financial Strategist
According to Employee Benefit Research Institute data, here is a chart for balances in Americans' retirement accounts: $0 to $9,999: 58.4% of Americans $10,000 to $99,999: 20.5% $1000,000 to $499,999: 13.9% $500,000 to $999,999: 4% $1 million to $4.99 million: 3.1% $5 million or more: 0.1%
How Many People Really Save $1 Million for Retirement?
msn.com
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Breaking News: New Study Shows Government-Run 401(k) Proposal Would Reduce Retirement Savings for Most Workers The most important policy goal of the American Retirement Association is expanding retirement plan coverage. A proposal to create a federally-run 401(k) plan that would undermine the employer-based retirement plan system is NOT the answer. We will continue to work with Congress and the incoming Administration on policies, like those in SECURE 2.0, that will make it easier for employers to offer retirement plans and for employees to save in those plans.
The Results Are In! Most Workers Would Be Worse Off Under RSAA
napa-net.org
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We can’t turn over the effective private sector version of retirement savings to government considering how they mismanage social security solvency and the average benefit is very scarce and modest all by itself when you compare it to the private sector outcomes often including employer matches. #privatesectordoesitbetter #socialsecurityreform
Breaking News: New Study Shows Government-Run 401(k) Proposal Would Reduce Retirement Savings for Most Workers The most important policy goal of the American Retirement Association is expanding retirement plan coverage. A proposal to create a federally-run 401(k) plan that would undermine the employer-based retirement plan system is NOT the answer. We will continue to work with Congress and the incoming Administration on policies, like those in SECURE 2.0, that will make it easier for employers to offer retirement plans and for employees to save in those plans.
The Results Are In! Most Workers Would Be Worse Off Under RSAA
napa-net.org
