Retirement savings in uncertain times

Guideline

COVID-19 has affected small businesses across the country and created a lot of uncertainty around 401(k) accounts, retirement savings, and investing. Closing the Retirement savings gap across America. Behind the data: a look at 401(k) investor activity in a bear market.

Preparing for the Retirement Boom

TalentCulture

The baby boomer generation is beginning to hit retirement age, and companies must prepare for what could be a major exodus. The US Bureau of Labor Statistics reports that as many as one out of ten workers will retire either this year or the next. The first thing to realize about the upcoming retirement boom is that it may not be so much of a boom. Economists have predicted the baby boomers’ retirement for years now, but it hasn’t happened.

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Retirement Options – Beyond the Dollars and Cents of Retirement Planning

Career Partners International

Nearly every organization provides a retirement savings plan to ensure their valued employees can support the financial aspects of their lifestyle once they retire. Retirement, however, is more than just ending one’s working career to live off accumulated saving. With growing life expectancies, retirement can last for 30 years or more! Career Partners International (CPI) knows the value of preparing the workforce for that next step into retirement.

Americans don’t have access to retirement plans

HR Digest

For the first time, Americans as a whole aren’t saving nearly enough for retirement. According to data from Northwestern Mutual’s 2019 Planning & Progress Study, fifteen percent Americans have no retirement savings at all. For both Gen X-ers and baby boomers, 14% of survey respondents in each group have absolutely nothing put away for retirement years. Furthermore, only 10% of respondents are confident that they’ll have enough earmarked for retirement.

7 essential retirement plan questions

Insperity

It’s no secret that current and prospective employees want their employer to offer a retirement plan. Whether your company is looking for a new retirement plan provider or reviewing your current retirement benefits, the first thing you need to understand is one size does not fit all.

Data-Driven Diversity

HRO Today

The Key to Advancing D&I: Data and Technology. Data is essential to advancing D&I goals, but not just any data. These data points become especially important when doing location-based analysis or when companies need to replace a retiring workforce with new talent.

Helping employees save the environment as they save for retirement

ForUsAll

Now, with the introduction of five new investment funds, your employees can help improve the future for our environment, as they invest for their future retirement. And you can offer a valuable retirement benefit to employees that provides an exemption from the CalSavers law.

A Different Perspective On Income in Retirement

HR Daily Advisor

If you follow the latest retirement news, it seems the sky is falling. Here are a few of the statistics that cause concern: The National Institute on Retirement Security (NIRS) reports that nearly 40 million, or 45%, of U.S. households haven’t saved a penny toward retirement. The Federal Reserve says the median retirement account balance as of 2013 in the United States, among those who have a retirement account, was $59,000.

A Bipartisan Approach to Retirement Security: A Q&A with Shai Akabas

Guideline

While retirement savings as a topic grabs headlines, often with the word crisis attached, meaningful action and policy on long-term savings issues too often stalls. In 2016, BPC released the final report of our bipartisan retirement commission.

Future Friday: Retirement is considered in danger

OmegaHR Solutions

Megatrends are endangering retirement possibilities around the world. In The New Social Contract: A Blueprint for Retirement in the 21st Century, which is based on a 2018 survey of 16,000 workers and retirees in 15 countries spanning the Americas, Europe, Asia, and Australia, developing world-wide megatrends are responsible for putting retirement in danger. These include: Employer-sponsored retirement benefits are vital in helping people financially prepare for retirement.

Teaming up with Intuit QuickBooks on Small Business Retirement.

Guideline

Today, we’re excited to share that we’ve teamed up with QuickBooks to offer seamless access to our modern and affordable retirement platform to the millions of American small businesses that run on QuickBooks. It’s always been our mission to create a retirement Americans can look forward to.

Do Your Parents Know How to Plan Retirement?

Thrive Global

Clearly, that meant they weren’t able to save for their retirement. In fact, according to Pew Research , roughly “13 percent of self-employed workers in single-person firms reported participating in retirement plans at their current jobs, compared to almost three-quarters of traditional workers.”. adults have no retirement savings. And, only 36% percent of non-retired adults believe that their retirement savings are on track. Help your parents plan retirement.

Traditional Retirement Just Isn’t for Me

Workology

This was prompted by an excellent piece published on LinkedIn and Uncommon Wisdom Daily called Why are So Many Saying ‘No’ to Retirement? That’s what many Americans think of when contemplating retirement….Yet Yet these days, more Americans are just saying “no” to traditional retirement. In fact, the percentage of workers 65 or older is at its highest level since the 1960s, according to data from the U.S. So why retire?

Aging Salary Data: Is Your Data Ready for Retirement?

HR Daily Advisor

Is your salary data a toddler, a teenager, or ready for retirement? If you’ve worked in compensation for very long you probably know all there is to know about “aging” data. If you’re new to comp, however, and aging data is a bit of a mystery, read on. Compensation

What Are the Retirement Challenges for Older Employees?

AbelHR

When the pandemic hit, it caused the stock market to crash, which in turn caused many folks’ retirement accounts to take a real nose dive. Further, a Bank Rate survey found that more than half of older adults nearing retirement lose money over their current financial status.

Prepare for Nurse Retirements and Shortage with Intelligent Workforce Planning

Visier

With baby boomers heading into retirement — by 2050 an estimated 88.5 But there is another retirement population that is perhaps even more worrying to them: nurses. This means that more than one million RN’s will reach retirement age within the next 10-15 years, leading to a drastic shortage of skilled, tenured nurses. Improving HCAHPS Scores with Data-Driven HR. Navigating Nurse Retirement with the New Workforce Planning.

Quickly Recruiting and Onboarding Retired Healthcare Workers Without Compromising Safety

Precheck

Quickly Recruiting and Onboarding Retired Healthcare Workers Without Compromising Safety Apr. Recruiting healthcare workers out of retirement has been a primary strategy for organizations needing to fill such critical gaps in their workforce.

Why HR Needs Data-Driven Workforce Planning to Avoid Talent Shortfalls

Visier

In the following graph, we see how many hires are being made, by comparison to the number of job openings: For nearly the entire history of the JOLTS data, more hires are tracked than job openings, but recently this relationship has switched. An estimated 50 percent of the oil and gas industry’s workforce is set to retire in the next five to seven years, a phenomenon known as the Great Crew Challenge. What critical skills will we lose from retiring workers in the next 5 years?

Health savings accounts: Not your parents’ retirement plan

HR Morning

With the rise in health savings account (HSA) enrollment among younger employees and the decline in company matching rates of 401(k)s, HSAs have emerged as a retirement account option for new employees. In this guest post, Sean Hanftm, a flexible compensation specialist with FSAstore.com / HSAstore.com , explains the many benefits of these savings vehicles and compares them to the most popular retirement accounts. A comparison of retirement savings options.

Highest Employer-Sponsored Retirement Participant Deferral Rate Reached in 2017

HR Daily Advisor

Automated features now standard for most employer-sponsored retirement plans helped bring about a record 8.3-percent average participant deferral rate in 2017—the highest level in a decade, according to a recent T. The report draws data from the 636 defined contribution (DC) 401(k) and 457 plans with more than 1.6 Jane Meacham is the editor of BLR’s retirement plan compliance publications. Benefits 2017 employee retirement Rowe Price

Study: Retirement Plan Fees’ Decline Slowed in 2017

HR Daily Advisor

Retirement plan recordkeeping, trust, and custody fees—in a steep decline for years under pressure from sponsors, participants, federal regulations, and litigation—remained flat for the first time since 2010, according to a new survey. NEPC LLC, a consulting firm whose surveys are intended as a tool to help plan sponsors benchmark their plan fees, analyzed data from 123 defined contribution (DC) plan respondents with $138 billion in aggregate assets, representing 1.5

No On-Ramp to Retirement

HRExecutive

In a troubling bit of news for anyone who plans on stopping work someday: more than 40 percent of full-time private-sector employees in the United States say they lack access to either a pension or an employer-based retirement savings plan such as a 401(k), according to a new study by The Pew Charitable Trust. Other key findings of the report include: •• Retirement plan access varies more among the nation’s metropolitan areas than across states as a whole. HR profession retirement

Four inclusionary practices that can empower traditionally underrepresented investors to save more for retirement

Paycor

Employers and financial services providers are in a position to help underrepresented communities stand on equal ground when it comes to one particularly consequential activity: saving for retirement. Empower Retirement conducted a survey in conjunction with the Harris Poll of 2,014 U.S.

Retirement Plan Fees: Take a Closer Look at the Data

HR Daily Advisor

The retirement plan you sponsor comes along with some serious responsibilities. You may use benchmarking data to determine whether those fees are reasonable. It dawned on Baltes and his partner, Matthew Hunter, that covered service providers need a way to demonstrate their value to their retirement plan clients. Among those is the duty to understand and evaluate fees paid on behalf of the plan.

Is Your Retirement Plan Ready for a DOL Investigation?

HR Daily Advisor

Department of Labor (DOL) investigation of an employer-sponsored retirement plan may originate in a variety of ways. It can be prompted by participant complaints, information obtained during an Internal Revenue Service (IRS) audit, information obtained from the plan’s service provider, data found in the plan’s annual Form 5500, or simply by a new initiative put forth by the federal agency. The post Is Your Retirement Plan Ready for a DOL Investigation? A U.S.

How Will You/Do You Feel About Retirement?

Thrive Global

Will you be happy to relax after retirement, enjoying your hard won leisure and a less stressed life? Or do you see retirement as a platform from which to jump up–instead of off–the cliff? But until you retire, it is difficult to know for sure. Women and men may fall on either side of the divide, but we are willing to bet (admittedly without data) that more women than men are on the activist side.

Are Your Employees’ Student Loans Hurting Their Ability to Save for Retirement?

HR Daily Advisor

While student loans can be a drain on short-term finances, a new survey from Aon Hewitt , the global talent, retirement, and health solutions business of Aon plc, reveals that workers with student loans can also potentially feel the strain into their retirement years. Aon Hewitt’s data show student loans can have a long-term impact on workers’ financial future. “These workers see the value in saving for retirement, but their loans are creating a speedbump.

Why Data-Driven Employee Career Growth Discussions Are Critical

Visier

Careers used to progress linearly–you’d start at the bottom and climb up the rungs of a clearly defined ladder until you retired–but the world of work has changed so much. However, the reality is many managers don’t have access to the historical or predictive data that could help them coach their staff with an eye to the future. With this data, managers have the structure and guidance they need to set tangible career-growth goals and create L&D plans with their employees.

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Machine Learning Depends on Good Data—Here's How to Clean It Up

Cornerstone On Demand

We pushed data entry out to the end user and did away with the human positions that audited our data for logic and accuracy. It discusses the dangers that may come with machine learning if we don't do a better job of making sure the data we input—be it candidate data for recruiting purposes or employee data used to determine appropriate learning and development opportunities—is accurate and timely. Here are three ways to prepare your data for the future.

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Only One in Five Workers are on Track to Retire at Age 65…

Something Different

<Forbes.com> …So this evening I came across a white paper from Aon Hewitt here that shows only 1/5th of the workforce is putting away enough earnings to retire when their parents did. And with the average employee needing an average of 11 times their final pay to retire with dignity at 65, many workers are going to need to take a more hands-on approach to saving for their future.

DOL and IRS want a closer look at your retirement plan

HR Morning

Two of the most-feared government agencies for employers — the DOL and IRS — have decided there’s a real problem with the way retirement plans are being run, and they’re ramping up their audits to find out why that is. In response to the many mistakes the agencies are seeing from retirement plan sponsors, the IRS and DOL will be increasing the frequency of their audits. We have seen a deeper dive into the operations of plans, particularly with data.

Setting Customers Up For Success With Big Data

Visier

The makeup of the workforce is changing at a rapid pace: baby boomers are retiring out of the talent pool, the gig economy is shaking up the structure of teams, and the growth in knowledge worker roles is outpacing the number of people who can fill them. Workforce analytics provides the insights needed to accomplish this, but to be clear, it’s not simply about analyzing the large quantities of workforce data available in HR and business systems.

Gathering Leave and attendance data | Data requirements to run payroll in India

Keka HR Blog

What is Leave and Attendance Data? Gathering leave and attendance data is fundamentally keeping track of leaves and attendance of employees. The Significance of leave and Attendance data. Gathering leave and attendance data is a part of the pre payroll process.

3 emerging technologies HR should pay attention to next year

HRExecutive

We also need to practice more scenario-planning, dive deeper into the data, consider the unexpected and build up those planning muscles. Pryor: There’s plenty of data. The challenge is knowing what to focus on and how to understand what the data is telling you.

Data Reveals United States Ranks Last in Worker Benefits

Zenefits

Read on to find out how America has fared in the battle for the best work benefits, broken down by component, and the data we used to arrive there. Retirement. People of color are significantly less likely to be covered by an employer-sponsored retirement plan.

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Employees Want Better Benefits, Study Shows They're Willing to Leave Current Job for Better Retirement Options

Guideline

One of the top reasons small business employees leave jobs is to get access to better benefits and retirement options, according to a new study by Zenefits. According to data from Zenefits, the top five reasons employees quit their jobs are: Higher potential earnings Poor interpersonal relationships Personal life changes Better benefits packages (health, dental, insurance, and retirement) Promotion or increased job responsibilities elsewhere Source: Zenefits’ Turnover Survey 67.8

The Time for Data-Driven HR Is Now

TalentCulture

But today’s technology brings us something far more reliable on which to base the future of your company and the management of its most valuable resource: Big data. Data-driven HR is here, and the time to adopt it is now. Public companies that use data-driven HR methods, or “people analytics,” show 30 percent higher stock market returns than the Standard & Poor 500 index. But which data should you use, and how can you employ it to make the best hiring decisions?

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