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Retirement Trends – 3 Quick Facts

Below are three retirement facts we thought you would find interesting:

  1. According to a recent survey, workers’ most frequently cited retirement fears are outliving their savings and investments (42%), declining health that requires long-term care (39%), a reduction in or elimination of Social Security in the future (38%), and possible long-term care costs (34%).1
  2. In 2021, the average plan participation increased to 84%, compared to 80% in 2018, while the average contribution rate increased to 8.4% from 8.3%. In 2021, the average plan balance reached a peak of $144,280; at the beginning of 2021, the average was $130,330.2
  3. Over 75% of plan sponsors use a target date fund as their default investment for automatic enrollment. By comparison, only 1% of plan sponsors indicated that they use a stable value fund or guaranteed investment contract as the default for automatic enrollment, 2.3% said they use a risk-based asset allocation fund, 3.4% reported they use a professionally managed account, and 5.1% use a balanced fund.3

Whether you are looking to start or transfer an existing 401(k) plan or are exploring other retirement vehicles such as a SEP-IRA, Jemma Financial can help you get the most out of your employer-sponsored retirement plan. Jemma provides comprehensive solutions that fit your organization to not only attract and retain employees but also give employees an opportunity to save for retirement.

We look forward to the opportunity of sharing our thoughts on ways to help your business and employees get the most out of your company’s retirement plan. Let’s start the conversation.

Sources: 1. 21st Annual Transamerica Retirement Survey of Workers, November 2021, 2. Alight 2022 Universe Benchmarks: How workers are saving and investing in defined contribution plans, PlanSponsor.com, 3. 2021 Plan Sponsor Defined Contribution Survey

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