Retirement Did You Knows?
Online Retirement Planning Resources.
Below are several valuable websites that may be beneficial for plan sponsors and retirement plan professionals:
- Employee Benefits Security Administration (EBSA) – https://www.dol.gov/agencies/ebsa
- Internal Revenue Service (IRS) – https://www.irs.gov/
- Pension Benefit Guaranty Corporation (PBGC) – https://www.pbgc.gov/
- Social Security Administration (SSA) – https://www.ssa.gov/
- Department of Labor (DOL) – https://www.dol.gov/
Fact on Gen Z
Approximately 66% of Gen Z workers (born between 1997 and 2012) have begun saving for retirement through 401(k) or similar plans. The median age at which these workers started saving for retirement is 19, and those participating contribute a median of 20% of their annual income. (1)
Fact on Women
On average, women tend to live approximately six years longer than men, so their retirement savings needs to cover a longer period in retirement. Since 2019, more women are feeling confident about their retirement savings, a 5% increase. In contrast, fewer men feel secure about their retirement savings since 2019, a decrease of 12%. Notably, generation boomer women are feeling the most confident about their retirement savings at an increase of 39%. (2)
1) Transamerica Center for Retirement Studies – “Post-Pandemic Realities: The Retirement Outlook of the Multigenerational Workforce” (July 2023)
2) Fidelity Investments Study – “Women Tapping Into Their Financial Superpowers” (October 2023)
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