retirement readiness

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 →
Customized Content is Good Medicine for Retirement Readiness
Team SummitEmployee Outcomes, Employer Resource CenterComments are off for this post
From recent college grads struggling with student debt to seasoned professionals planning an imminent retirement, participants’ financial needs and goals are as diverse as the workforce they’re part of. In response, many organizations have chosen to implement a multi-faceted financial wellness offering. According to the 2022 PLANSPONSOR Recordkeeping Survey, four in 10 recordkeepers have an  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 →

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