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Retirement Trends – 3 Quick Facts

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

  1. Inflation has caused Americans’ living expenses of $50,000 in 1983 to go up to $133,527 in 2021, an increase of more than 160%. In other words, $100 in 1983 was worth only $37.45 in purchasing power of goods and services in 2021.1
  2. Nearly 25% of Americans say they haven’t started retirement saving or planning. Nearly 30% of women say they haven’t started planning compared to 17% of men.2
  3. A recent survey revealed that 66% of employers feel target date funds will help employees meet their retirement income needs through retirement, down from 78% in a previous survey in 2020. Nearly 75% of employers now say they are highly interested in a new generation of target date funds geared towards some allocation of lifetime income.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. “5 Evolving Retirement Trends in 2022,” 401k Specialist, 2. “More Than One-Third of Americans Don’t Think They Know Enough About Retirement in 2022, Survey Finds,” 3. “Employers’ Interest in Next-Gen TDFs Increases Slightly,” National Association of Plan Advisors, 4/27/22.

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