Americans See The Importance Of Retirement Self-Funding
More than half of near-retirees (adults aged 50 to 64) are worried a “great deal” about the Social Security system, according to Gallup, while only a third of survey respondents aged 18-29 expressed a similar concern about the program’s long-term availability. A possible optimistic interpretation of this sentiment gap is that young adults recognize they may still have adequate time left to set enough money aside to reduce or even eliminate their financial dependence on the government in old age. However, a key step that many young Americans have not taken is to determine exactly how much money they will need to achieve their desired standard of living in retirement.
401(k)s are among the most widely used retirement savings vehicles in America, in part because millions of working adults have access to these defined contribution (DC) plans through their employer. However, 401(k)s are also very popular because many Americans can recognize the value inherent to these plans. At least that is what an updated report from the Investment Company Institute suggests after finding that a record 76 percent of surveyed U.S. households had favorable impressions of 401(k)s last year.
Should Your Company Use Your PEO’s Retirement Plan?
In the world of company benefits, great 401(k) plans are the most sought-after, with health insurance coming in second. As potential candidates ‘shop’ employers for the best benefits package, the company’s retirement plan often leads the conversation with candidates asking about the company match and other perks such as profit sharing.
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