Jeri Savage of MFS Investment Management highlights that the evaluation process for retirement income is broader than the typical process plan sponsors use. In this PLANSPONSOR article, MFS's research highlights the following as part of the diligence process for retirement income: > Identifying the Plan's preference for retired participants > Whether or not participants exit the Plan at retirement > What advice/services/solutions will the Plan offer > Product attributes and trade-offs of different guaranteed and non-guaranteed components, and > Will the Plan offer multiple solutions to support their participant base Folks like to say, "Retirement income is complicated," and they are not wrong. However, when is change for the better not hard at the onset? By taking a step back, being thoughtful, and looking at the bigger picture, what seems complicated now has a windfall of ease and simplicity. #retirementincome #401K https://lnkd.in/dzw4-3dY
MFS's research on retirement income by Jeri Savage
More Relevant Posts
-
CIMA® at DSB Rock Island Wealth Management & CEPA® Business Owner Succession Strategies (BOSS)
No matter where you are in the retirement process or what your retirement plans are, you should check out these 9 facts about retirement! They might help inform some of you retirement decisions. Learn more:
-
Check out this retirement checklist from DSB Rock Island Wealth Management!
No matter where you are in the retirement process or what your retirement plans are, you should check out these 9 facts about retirement! They might help inform some of you retirement decisions. Learn more:
-
There’s clear, research-backed demand for guaranteed retirement income. But what if there wasn’t? In this compelling 401(k) Specialist Magazine article, Income America’s Rupa Athreya and Qualified Plan Advisors Matthew Eickman, J.D. AIF® debunk the naysayers that claim there’s little demand for these solutions and make the case that: - Participants’ need for in-plan retirement income should trump demand - History has proven that it’s essential for the industry to develop new solutions—even if participants don’t explicitly ask for them (e.g., auto-enrollment and auto-escalation) - It’s time for plan sponsors, fiduciaries, solution providers, and service providers to rise to the challenge and meet participants’ need for guaranteed income Read the full article now: https://lnkd.in/eBKwAiiY #guaranteedincome #retirement #protectedretirement
-
While accumulation has long been a focus for pre-retirees, ensuring a consistent and sufficient stream of income through retirement is now a pressing need for many. The challenge of being financially prepared for retirement has been primarily a matter of financial inclusion and wealth accumulation. This perspective assumes that the way to meet the challenge is for every worker to access a retirement savings account and be motivated to defer a meaningful portion of their savings into accumulation-oriented funds. Now, however, a challenge that is arguably even more critical is how to ensure an adequate income stream through retirement. Meeting this challenge will require some shifts in how the financial-services sector equips workers for retirement. https://lnkd.in/egtMyZ5k
-
Planning for retirement might seem like a distant concern. But did you know that many professionals across generations are underprepared for retirement? It’s never too early to start planning and taking small steps now can set you up for a comfortable future. The 2024 Goldman Sachs Retirement Survey reveals that almost half of Gen Xers and many Baby Boomers feel behind in their savings. Millennials are making strides despite challenges, while Gen Z aspires to retire early but relies heavily on Social Security and pensions. No matter your age, it's crucial to have a plan. Start saving early, explore your options like 401(k)s and IRAs, and stick to a budget that prioritizes your future.🌟 Read our new article for more tips on planning for your future: https://hubs.ly/Q02L519p0 At LCS, we support your career growth and future planning with competitive 401(k) matches and more. Ready to grow with us? Check out our open positions and apply today!
-
Improving workforce efficiency | I help employees succeed with their money today and at retirement.
While I STRONGLY prefer outside-of-plan income strategy for retirees; fact is, most employees won't / don't engage a financial advisor to help create an income plan as they approach retirement. So, if in-plan lifetime income increases participation and deferral rates, decreases cash-outs, and improves investor behavior (all of which seem to be the case), how can I not strongly advocate for it?
Executive Director - IRIC, Senior Advisor | Financial Wellness | Retirement Savings | Retirement Public Policy | Retirement Income | Longevity
Another retirement industry study highlighting DC plan participant receptivity to in-plan retirement income options. A majority of participants surveyed noting in-plan retirement income options, would positively influence their leaving assets in plan. The study also notes a significant disconnect with plan sponsors and participants knowledge of in-plan options. Plan sponsors believing they have communicated information about options. A majority of participants responding they were not aware of the options. This represents a great opportunity for plan sponsors to significantly enhance their financial wellness programs with robust pre-retiree education and planning tools.
-
Helping CPA’s, Payroll Partners, Business Consultants and Benefits Brokers provide cutting edge retirement plans for their clients at an affordable price!
📊 Gen X and retirement savings: how do your clients compare? A recent article highlights the average retirement savings for Gen Xers, revealing both opportunities and challenges as they plan for the future. Understanding where your clients stand can help you know when it’s best to bring up their retirement goals. At Human Interest, we’re here to help your clients reach their retirement goals, no matter where they are on their journey. To see how they may compare with others, check out the article here: https://lnkd.in/gk4stbyX Do you have clients ready to have a conversation about starting a new retirement plan? Message me today to start the conversation.
-
Gen X and retirement savings: how do your clients compare? A recent article highlights the average retirement savings for Gen Xers, revealing both opportunities and challenges as they plan for the future. Understanding where your clients stand can help you know when it’s best to bring up their retirement goals. At Human Interest, we’re here to help your clients reach their retirement goals, no matter where they are on their journey. To see how they may compare with others, check out the article here: https://lnkd.in/dTDSPg6X Do you have clients ready to have a conversation about starting a new retirement plan? Message me today to start the conversation.
