Retirement savings

Employee ownership could be the key to solving our retirement security crisis

At a time when retirement seems out of reach for many Americans, there is clear and convincing evidence that people who work for private businesses with Employee Stock Ownership Plans (S corporation ESOPs) have far greater retirement security than the average American.

That is why when we were in Congress, we led bipartisan legislation to encourage

Half of American households have no retirement savings

In 2019, about half of American households had no savings in retirement accounts, according to the Survey of Consumer Finances (SCF). These accounts include individual retirement accounts; Keogh accounts; certain employer-sponsored accounts, such as 401(k), 403(b), thrift savings accounts; and pensions.

Personal saving has grown more important as

America’s Racial Wealth Gap In Retirement Savings

Saving for retirement is no easy feat. For people of color in the United States, it’s just another reminder of the yawning racial wealth gap.

Experts recommend individuals save 15% of their annual income to fund a viable retirement. With company pensions all but a distant memory for most Americans, the burden of saving and investing this

Four Outdated Retirement Myths That Might Break Your Financial Health

As business leaders, it’s important to ask yourself: Are you really on track for financially surviving retirement and leaving the legacy you’ve been working so hard for?

Sadly, I’ve found that what many of us think of as golden rules for retirement planning and financial security just don’t work. Either they never did, or they’ve

Do employer-sponsored financial wellness programs actually have long-term impact?

According to a 2018 study by Northwestern Mutual, 21 percent of Americans have no retirement savings and an additional 10 percent have less than $5,000 in savings. A third of Baby Boomers currently at, or approaching, retirement age have between zero and $25,000 set aside. The Economic Policy Institute (EPI) paints an

Few Americans Are Ready for Retirement: Can Financial Wellness Programs Help?

Notwithstanding a strong U.S. economy, only one in four Americans say they feel financially prepared for retirement, according to a report just issued by the Certified Financial Planner Board of Standards: Close to 80% of participants surveyed say they are not reassured that they have the best retirement savings strategies available to them; the CFP

Emergency Savings Accounts Have The Power To Avoid Life-Changing Financial Disruption

It’s no secret that Americans are worried about having enough money set aside for retirement, with the Federal Reserve reporting that less than 40 percent of non-retired adults believe they are “on track” with their retirement savings. At the same time, only about 60 percent of Americans have enough savings to cover a

How Your Kids Can Ruin Your Retirement — and How to Make Sure They Don’t

Bill Benson and his wife had planned to fortify their retirement savings once their children left home, so they’d have enough to travel and relax. But at 68, Benson is still working full-time, and that empty nest he envisioned isn’t so empty. Benson’s eldest daughter moved home with her two young sons after

Health Care Costs Affecting Retirement Savings and Financial Wellness

Workers’ dissatisfaction with health insurance is focused primarily on cost: Just 22% are extremely or very satisfied with the cost of their health insurance plan, and only 21% are satisfied with the costs of health care services not covered by insurance, according to the EBRI/Greenwald & Associates Health and Workplace Benefits Survey.

Approximately one-half of workers

Think Income Inequality Is Bad? Retirement Inequality May Be Worse.

For years, salon owner Luke Huffstutter, of Portland, Ore., wanted to offer his employees a way to save for retirement. Costs  were too steep for the small company, though, and few employees took the initiative to set up 401(k) plans on their own. But last summer, Oregon launched a retirement savings program that automatically enrolls

More Employees Turning to ESPPs to Acquire Company Stock

While employees continue to invest in their company’s stock, more are choosing to invest through an Employee Stock Purchase Plan (ESPP) instead of buying company stock through their 401(k), according to a recent analysis.

Fidelity Investments found that the percentage of employees with company stock in their 401(k) has dropped by almost half, from 41%

Older Workers Not Saving Enough for a Secure Retirement

One-third of working Americans between the ages of 55 and 65 have no retirement savings, and they are at risk of declining living standards and even poverty within the next decade, according to a study published by the Schwartz Center for Economic Policy Analysis.

The outlook for workers saving in defined contribution plans, defined benefit plans

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