Let’s Discuss Financial Wellness

40180751_l.jpgAdvisers focus more on financial education as concern grows over retirement savings.

Although within the past year there has been an increase in awareness, it still remains that most people are not saving enough money for retirement.   Much of this is due from higher consumer debt to addressing college tuition.  

According to a Plan Sponsor Council of America Survey - only 1 in 5 employers (sponsors) have adopted a formal financial wellness program to help employees save effectively for retirement - outside of the standard DC education savings plan.   This information, along with a change in demographics has increased a desperate need for more comprehensive financial education.

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Hot Topics in Retirement for 2015

January 23, 2015

retirement

FinFit Staff

Recently, retirement plan sponsors have had to navigate their way through challenging situations from Supreme Court decisions impacting employer stock to mortality improvements increasing pension liabilities. This year’s Hot Topics in Retirement report shows that 2015 has no signs of slowing down.

In the fall of 2014, Aon Hewitt surveyed roughly 250 large plan sponsors representing nearly 6 million employees to gauge current and future retirement perspectives. Their focus areas congregated around three themes:

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Financial Wellness Increases Savings & Preserve Retirement Accounts

FinFitLogo-300x127.pngVIRGINIA BEACH, Va., Sept. 16, 2014 /PRNewswire/ -- A new survey assessing financial wellness programs in the workplace reveals that the combination of financial education with employee lending solutions significantly increases employees' ability to save money and reduces instances of borrowing from 401(k) retirement accounts when faced with financial emergencies. The survey also shows that employees taking advantage of these programs are more focused and productive on the job.

Commissioned by FinFit LLC, a financial wellness and benefits company, the survey asked employers and employees for feedback on their experience using the programs. Nearly 1,000 individuals participated, with companies ranging in size, from approximately 150 to 2,000 employees, and operating across a broad spectrum of industries, including healthcare, manufacturing, education, and automotive.

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Financial Education of 401K Plans are a Top Priority

Financial education of 401kTraditional pensions have mostly faded from the retirement landscape. American workers have been challenged to take on more responsibility for their financial future. Employer sponsored 401(K) plans with a company match have replaced pension plans as the primary retirement benefit.

A study by Pew Health Initiatives indicates that workers bear more investment risk and make more of their own decisions about their retirement savings. Some workers have thrived under this more individualized approach, amassing sizable balances in 401(K) plans. For others the 401(K) revolution has fallen short of its potential. Work, family and the immediate challenge of living paycheck to paycheck has distracted them from the need to save and invest in the future.

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