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Retirement security can be achieved with the right planning and coordination.
Employers can help workers prepare for retirement through holistic financial education programs.
Certain types of legislation may help people save more for retirement.
There are many measures individuals and employers can put in place to promote a healthier path to retirement security for today’s workers.
Start saving early, commit to the automatic escalation of contributions to a 401(k) plan, and contribute at a rate that, at a minimum, maximizes the company’s match. When both spouses have access to a 401(k), both should contribute to their own plan so they don’t forfeit any company match that might be available.
Track retirement savings progress in terms of an income goal rather than a savings goal, targeting a realistic retirement age.
Think longer-term. Married women need to think long-term because they generally live longer than men and this longevity difference makes them more likely to experience widowhood.
Consider working a few years longer, and take advantage of catch-up contributions, especially if behind on your savings goals. Working longer delivers triple benefit. It delays Social Security benefits by a few years, which lets you receive higher monthly benefits. It allows you to accumulate savings for a few more years. Finally, it reduces the number of years you’ll need to draw down retirement savings. Women and men 50 and older are eligible to make catch-up contributions to their retirement accounts over and above standard contribution limits.
Consider insuring retirement income against longevity and market risks. Guaranteed income products, such as annuities, can help insure against these risks and are available in an increasing number of 401(k) plans.
Carry an adequate amount of life insurance. Both spouses should carry an adequate amount of life insurance to ensure that, should their income disappear, their spouse can pay off outstanding debt and maintain their lifestyle.
Coordinate workplace employee benefits. Two-income spouses, who are each eligible for their own company’s employee benefit options, should evaluate the costs and features of both sets of benefit packages (e.g., deductibles, copayments, etc.) in order to obtain sufficient coverage, minimize costs, and lessen any tax implications.
Provide financial wellness education and programs that help traditional employees achieve the foundational elements of financial security: managing day-to-day expenses, protecting against key financial risks, and achieving important financial goals.
Educate married employees about the potential need to save for two if one spouse doesn’t have access to a 401(k) or similar retirement savings plan.
Provide education on how much income will be needed in retirement to cover expenses, and on identifying potential sources of income (e.g., Social Security, personal savings, retirement plans, and annuities). Planning tools can help employees set and gauge progress against retirement-income objectives.
Enhance 401(k) plans to help employees achieve more certain outcomes through features such as automatic enrollment (and re-enrollment), automatic escalation of contributions, employer matching contributions, and in-plan guaranteed lifetime income products that help to reduce the level of 401(k) savings employees need to generate their desired level of retirement income.
Offer Qualified Default Investment Alternatives, such as target-date funds, in 401(k) plans. Fifty-three percent of surveyed finance executives say plan participants are apt to make better investment decisions when presented with pre-packaged diversified investments like target-date funds.1
Help employees save for future healthcare expenses by offering health savings accounts (HSAs), which allow account owners to make tax-deductible contributions, earn tax-free interest, and make tax-free withdrawals for qualified medical expenses now or in retirement.
Provide a robust and customized benefits lineup that meets the needs of the employee base. Use data analytics to gain insight into how plan design drives employee behavior, and to design benefits that optimize employee outcomes for employees.
Prudential served as the exclusive sponsor of the National Retirement Risk Index.
Assurance IQ, LLC a wholly-owned subsidiary of Prudential Financial, Inc. ("Prudential") matches buyers with products such as life and health insurance and auto insurance, enabling them to make purchases online or through an agent. Neither Prudential Financial, Inc. nor Assurance IQ issues, underwrites, or administers health plans or health insurance policies.
Life Insurance and Annuities are issued by The Prudential Insurance Company of America, Pruco Life Insurance Company (in New York, by Pruco Life Insurance Company of New Jersey), located in Newark, NJ (main office). Variable annuities are distributed by Prudential Annuities Distributors, Inc. (PAD), Shelton, CT. All are Prudential Financial Inc. (PFI) companies, and each is solely responsible for its own financial condition and contractual obligations. Prudential Retirement Strategies is a business of Prudential Financial, Inc.
Prudential Annuities Life Assurance Corporation (to be renamed Fortitude Life Insurance & Annuity Company) (“PALAC”), Shelton, CT (main office) was acquired on April 1, 2022 by Fortitude Group Holdings, LLC, the parent company of Bermuda’s largest multi-line reinsurer (“Fortitude Re”). As a result of the acquisition by Fortitude Re, PALAC is not affiliated with PFI or any of its subsidiaries. A Prudential entity will continue to service and administer all PALAC contracts. PALAC variable annuities are distributed by PAD, Shelton, CT. PAD is wholly owned by PFI; PALAC is wholly owned by Fortitude Re; each is solely responsible for its own financial condition and contractual obligations.
PALAC is not licensed to do business in New York, effective December 31, 2015. This will have no impact on existing annuity contracts sold through PALAC.
Group Insurance coverages are issued by The Prudential Insurance Company of America, a Prudential Financial company, Newark, NJ
LINK by Prudential is an umbrella marketing name for various subsidiaries of The Prudential Insurance Company of America. Investment advisory products and services of LINK by Prudential are made available through Pruco Securities, LLC, (sometimes referred to as “Pruco”) doing business as Prudential Financial Planning Services, pursuant to separate agreement. Prudential LINK and LINK by Prudential occasionally may be referred to as LINK.
Where LINK by Prudential is made available in connection with certain Financial Wellness products, access is made available through Prudential Workplace Solutions Group Services (“PWSGS”). PWSGS provides access to a number of Financial Wellness products, services, seminars and tools offered by PWSGS, its affiliates or third parties. PWSGS is a subsidiary of Prudential PWSGS is not a licensed insurance company, does not provide insurance products or services and does not provide financial, investment or other advice. Individuals should consult appropriate professionals when making financial, investment and tax decisions.
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Projections generated regarding likelihood of various investment outcomes are hypothetical in nature, do not reflect actual investment results and are not guarantees of future results. Results derived from various “what if” scenarios for your financial life may not reflect the actual costs or amounts ultimately needed to fund specific life events. Prudential and its affiliates are not liable for use of the LINK by Prudential experience. Learn more about our Methodology Opens in a new window.
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