income planning

Boosting Lower Wage Earners’ Retirement Readiness
Team SummitEmployee Outcomes, Employer Resource Center, Plan Operations & AdminComments are off for this post
A recent Vanguard report sheds light on the pressing challenges faced by retirees across different income brackets. The findings reveal that lower-income workers allocate a significantly larger portion of their pre-retirement income to meet their daily needs, leaving them with a substantial shortfall in retirement readiness — even when factoring in Social Security benefits. The  Read More →
A More Nuanced 4% Rule?
Team SummitEmployee Outcomes, Employer Resource CenterComments are off for this post
In December 2022, Morningstar adjusted its recommended starting annual withdrawal rate for balanced retirement portfolios upward from 3.3% to 3.8%. The revision was based on an assessment of factors including recent equity valuations, bond yields and inflation. This new rate, however, is still less than the 4% figure commonly cited in financial planning literature. The  Read More →
Retirement Income Participant Interest Surveys: A Contrarian View
Team SummitEmployee Outcomes, Employer Resource Center, Fiduciary GovernanceComments are off for this post
Retirement income products can serve an important purpose as a participant investment option for retirement plans. Surveys gauging participant interest in these options may be open to interpretation, especially when the survey is conducted by a retirement income vendor. A survey conducted by the well-known and respected JP Morgan gauged participant interest for a retirement  Read More →

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