Social Security has long been a relied-upon source of income for retirees. As you meet with plan participants, you may need to have different conversations with women than you do with men, especially when it comes to exploring the role of Social Security benefits in their retirement strategy.
In the dynamic world of business, the role of a CEO has evolved to become much more complex and demanding than it was just a few years ago. The pace and intensity of change in today’s business landscape are amplified by technology, globalization and the transformational forces they bring along.
Eighty-five percent of Americans report feeling stressed about their personal finances, so it’s smart to assume at least some plan participants could use a little extra help addressing their biggest financial concerns.1
Employers that sponsor retirement plans do so because they understand the importance of helping to support their employees’ current and future financial health.
With the economic turmoil and uncertainty of the last few years — which has affected people’s finances to a severe extent in many cases — and with some of the devastating events of 2022, there remains a huge need for charitable giving from those who are able.
It’s been said that knowledge is power. That often proves true when it comes to avoiding costly financial mistakes.
A 2022 survey by the National Financial Educators Council (NFEC) found the average person scored only 58 out of 100 on a financial literacy test and that a lack of financial literacy carries a high cost. The estimated average loss directly resulting from a lack of knowledge about personal finances was $1,819 in 2022, the highest in more than six years.1 That’s an expense of more than $150 each month.
For the most part, Gen Z — born in the late 1990s or later — never knew a world without the internet. Neither are they old enough to remember the attacks on 9/11. These young digital natives watched as their parents navigated the Great Recession, as their nation elected the first Black president, and as the globe embraced social media.
Now, many Gen Zers are in their mid 20s and among the youngest in today’s workforce. Retirement is a long way off, but that doesn’t mean they’re pushing off planning for it.
It’s been said that if you believe in yourself, anything is possible. Such statements have drawn ridicule from some who suggest that belief will get you nowhere without action. To achieve business growth in the financial services sector, professionals generally feel the need to form their beliefs on data, research, product knowledge and other information to develop successful strategies.
Perhaps no generation has felt the brunt of stereotypes heaped upon them more than Millennials: they’re disengaged, overly sensitive to feedback, unmotivated and…you get the idea. According to recent data, however, these assumptions don’t reflect reality.
Myths abound about Millennial savings habits and attitudes toward retirement, too. For plan sponsors and financial professionals, it’s important to dispel these myths to better serve Millennial needs.
