Retirement planning

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Why We Need To Close The Financial Literacy Gap For Women

Women have never felt more empowered than we do today. There are more female CEOs in the Fortune 500 than ever. Women are running for office in record numbers. More women are pursuing entrepreneurship. Women are earning more bachelor’s degrees than men. More working mothers are the primary or sole earners in their households. The list goes

33% of Americans Are Making a Major Money Mistake

Retirement is a period of life that’s apt to cost money. It may not cost quite as much money as your working years, but seniors still have bills to pay. And they need money to pay them. Unfortunately, 33% of Americans are making no effort to build a nest egg for retirement, according to KeyBank’s

Take more control of personal finances with a reality check

Trying to make ends meet, dealing with credit card and student loan debt and paying unexpected bills while saving for retirement can be challenging regardless of where you are in life. It’s not surprising that personal finances are employees’ number one source of stress, according to MetLife’s 17th annual U.S. Employee Benefit Trends Study. Luckily,

How Your Kids Can Ruin Your Retirement — and How to Make Sure They Don’t

Bill Benson and his wife had planned to fortify their retirement savings once their children left home, so they’d have enough to travel and relax. But at 68, Benson is still working full-time, and that empty nest he envisioned isn’t so empty. Benson’s eldest daughter moved home with her two young sons after a divorce, and the

How A Focus On Financial Wellness Can Help You Overcome A Late Start For Retirement

We hear a lot about the retirement crisis in America. With a decline in pension availability and concerns about the long-term viability of Social Security, the burden of saving for retirement rests squarely on the shoulders of individuals. According to EBRI, only 17 percent of American workers are very confident they will have enough for

Communication, tools, safety net all key to improving retirement outcomes

Reforms should be better communicated to workers in efforts to combat behavioral biases and inadequate financial knowledge that undermines participants’ retirement decisions, the Organization for Economic Cooperation said in its latest pensions outlook report. The OECD called on combining funded and pay-as-you-go retirement plans, automatic mechanisms and a strong safety net for pensioners to boost retirement

Social Security helped slash elderly poverty in the US from 35% to under 10% in the 20th century.

Americans are increasingly struggling to save enough for their later years, but this wasn't always the case.  In 1959, more than a third of all elderly Americans lived in poverty. That number was slashed to under 10% by the late 1990s, and Social Security deserves a large share of the credit. However Social Security is just 15

Half of Americans fail this quiz on Social Security retirement benefits

Forty-seven percent of adults ages 50 and above could not pass a simple Social Security quiz. Two topics that particularly confused quiz takers: full retirement age and spousal benefits. Not fully understanding Social Security strategies can result in big losses for retirees if they make a mistake when claiming benefits. If you can't pass a

Older Americans Can’t Pass a Retirement Financial Literacy Quiz

Even if you plan well for retirement and have a reasonable amount saved, you can still end up in financial trouble during your golden years. There are lots of money traps that even reasonably prepared seniors can fall into if they're not well-versed in the unique details of retirement-stage personal finance -- and the new

Financial wellness programs pay off for repeat users

More workers are making good use of their employer’s financial wellness program, returning again and again and reaping more benefits as a result, according to Financial Finesse’s Financial Wellness Think Tank’s 2017 Year in Review. Among employers that have offered a financial wellness program for at least three years, repeat users made up 58 percent of the

45% have not made financial calculations to understand their retirement needs

More than two-fifths (45%) of UK-based employee respondents have not made any financial calculations to understand their retirement needs, according to research by Mercer. Its Healthy, wealthy and work-wise report, which surveyed 7,000 adults and 600 senior decision makers from private and public sector organisations based across 12 countries in seven regions, also found that 79% of global employee respondents

Half of U.S. employers concerned delayed retirement will raise benefits costs

Almost half (49 per cent) of U.S. employers are concerned that employees delaying their retirements will increase benefits costs, according to a new survey by Willis Towers Watson. The survey, based on responses from almost 150 large employers in the United States, also found 41 per cent of respondents are concerned that delayed retirement will increase salary costs and 37 per cent

Americans worried about retirement should look to employee ownership

The tax reform debate has dominated Washington’s attention recently, but policymakers must not overlook commonsense opportunities to achieve the economic growth everyday Americans need. Outside the Beltway and across the country, families are sitting around the kitchen table with their financial stresses in tow, from how to afford next year’s college tuition payment to whether

Smart data can improve behavior, outcomes for retirement savers

We have all heard of big data, which the defined contribution industry has not leveraged sufficiently and has gotten a black eye for it. At a recent industry conference, I heard Tina Wilson, senior vice president at MassMutual, mention a new concept that may have far reaching implications for the 401(k) industry: smart data. Today,

The Single Biggest Impediment to 401k Financial Success?

Have you ever thought about the single, biggest obstacle to the success of plan participants in meeting their financial and retirement goals? The best strategies take advantage of opportunities while overcoming obstacles.  You can have the best-laid retirement plan, but employees won’t be able to fully utilize it and become engaged unless you address the

Latinos Seeking Retirement Planning Assistance from Employers

More than half (71%) of middle-income Hispanics feel they are behind on preparing for retirement as opposed to 63% of the general population, according to a recent study commissioned by Massachusetts Mutual Life Insurance Company. However, the survey also found that 63% of Latinos wish their employers would provide a greater degree of education on saving

Reason No. 1,468 For 401k Financial Wellness

Sad, but not surprising. Only six percent of Americans could pass a quiz about a broad range of financial decisions they’ll most likely need to make. This despite the fact that nearly half of Americans feel more financially secure today than five years ago, according to a new survey from Financial Engines, the robo advisor founded by

How Employers Are Helping Their Employees Retire

With millions of Americans being underfunded for retirement, many employers are increasingly taking an active role to help their employees get on track to reach their long-term financial goals. Employers are becoming increasingly concerned about the financial well-being of their employees, and they are expanding how they demonstrate their loyalty. Employers large and small are