- Average Funded Status Of Large Pension Plans Rises To 86.2% in 2020
Contributions increased in 2020, but appear on track for long-term low in 2021
The average funded status for the largest pension plans increased to 86.2% in 2020, reaching the highest level in eight years, according to Russell Investments’ annual analysis of 20 publicly listed U.S. corporations with more than $20 billion in pension liabilities. Dubbed the $20 billion club, these large plans, which represent nearly 40% of all…
read more - Year-End 2020 Self-Directed 401(k) Balances Up 13% Year-Over-Year
Despite ongoing volatility and Q1 market lows
According to Charles Schwab’s SDBA Indicators Report, an industry-leading benchmark on retirement plan participant investment activity within self-directed brokerage accounts (SDBAs), the average account balance across all participant accounts finished Q4 2020 at $331,664, a 13% increase year-over-year and a 10% increase from Q3 2020.
read more - Qualified Plan Advisors To Tackle New Retirement Planning Challenges During Virtual Summit
Fiduciary event gathers industry experts to navigate recent legislation, outlook and trends
Qualified Plan Advisors (QPA) will host a virtual Qualified Plan Fiduciary Summit this April to educate retirement plan sponsors and advisors on recent legislation changes and trends that impact the retirement planning landscape.
read more - The Debt Discussion
Strong awareness but minimal understanding of Public Service Loan Forgiveness program
AIG Retirement Services, a leading retirement plan provider for tax-exempt and public sector employers, today announced the results of a new study looking at how nonprofit and public service employees think about student loan debt, student loan forgiveness and the Public Service Loan Forgiveness (PSLF) program.
read more - The Impact of COVID-19 On Retirement Savings
401(k)s were by and large able to weather the storm of 2020
It has been well documented that COVID-19 has wreaked havoc on both the US and global economies during the course of the last 12 months. From sky-high unemployment rates to the shuttering of businesses and wild swings in the stock market, the virus has impacted each and every sector of the economy.
read more - Majority Of Americans Agree Economic Impact Of The Pandemic Will Be More Significant Than Great Recession
Emerging: A greater concern for the effect on finances, troubling rise in earlier-than-expected retirements
As Americans continue to grapple with many aspects of COVID-19, the vast majority believe the pandemic’s impact will be more significant than the Great Recession for both the economy and their own finances, according to the new 2021 Retirement Risk Readiness Study from Allianz Life Insurance Company of North America (Allianz Life).
read more - Amid Deep Political Division, Americans Are United In Worry About Retirement
A vast majority agree Social Security remains a priority, with half supporting expansion
A new report finds that despite a highly divisive political climate, Americans across party lines share concerns about their financial security in retirement. The vast majority of Democrats (70 percent), Independents (70 percent) and Republicans (62 percent) agree that the nation faces a retirement crisis. There also is bi-partisan agreement that the average worker cannot…
read more - The New Demographics Of Living In Crisis
Four in 10 American households had difficulty withstanding a financial crisis before COVID-19
Well before the COVID-19 pandemic, nearly four in 10 households lacked financial resilience, making them vulnerable to financial hardships, including those associated with the current pandemic or future financial crises, according to a report from the FINRA Investor Education Foundation. Meanwhile, fewer than two in 10 households appeared to be financially resilient.
read more - The Wealth Gap: A Path For Economic Empowerment
Wealth transfer considerations for the black community
In September of last year, the SEC Investor Advisory Committee featured a panel on Minority Community Investor Inclusion. Ray Boshara, Director of the Center for Household Financial Stability at the Federal Reserve Bank of St. Louis pointed out that it was a myth — at least when it comes to Black Americans — that hard…
read more - New Annuities Language Glossary Brings Clarity & Simplicity To Critical Asset Class
The Second Edition of the Alliance for Lifetime Income’s Annuities Language Glossary leans on robust consumer research to make annuities easier to understand
The Alliance for Lifetime Income, a non-profit consumer education organization devoted to helping Americans address the risk of outliving their retirement income, today released the Second Edition of its Annuities Language Glossary. This new resource for consumers and financial professionals builds on the original glossary by adding new terms and definitions to reduce complexity and…
read more - Black Americans Report Permanently Changing Their Spending & Saving Habits
COVID-19 crisis has 75% of black consumers thinking differently about their Future, prompting a greater interest in financial planning resources
The pandemic continues to create financial challenges for all Americans, but research from Lincoln Financial Group (NYSE: LNC) shows that minorities are among those hit hardest. The company’s October 2020 Consumer Sentiment Tracker found Black consumers (32%) are most likely to have experienced job loss as a result of the pandemic – a situation that…
read more - What Is COVID-19’s Potential Impact On Long-Term Care Insurance?
Elderly experiencing ‘outsized toll’ from the pandemic
A new issue brief from the American Academy of Actuaries applies actuarial expertise to provide an understanding of how COVID-19 could impact long-term care insurance (LTCI), including LTCI delivery, demand, and markets, as well as new public policy considerations.
read more - COVID-19’s Potential Impacts on Long-Term Care Insurance
Including LTCI delivery, demand, and markets, as well as new public policy considerations
A new issue brief from the American Academy of Actuaries applies actuarial expertise to provide an understanding of how COVID-19 could impact long-term care insurance (LTCI), including LTCI delivery, demand, and markets, as well as new public policy considerations.
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