We would love to hear from you. Click on the ‘Contact Us’ link to the right and choose your favorite way to reach-out!

wscdsdc

media/speaking contact

Jamie Johnson

business contact

Victoria Peterson

Contact Us

855.ask.wink

Close [x]
pattern

Industry News

Categories

  • Industry Articles (17,254)
  • Industry Conferences (3)
  • Industry Job Openings (3)
  • Moore on the Market (184)
  • Negative Media (139)
  • Positive Media (73)
  • Sheryl's Articles (638)
  • Wink's Articles (255)
  • Wink's Inside Story (227)
  • Wink's Press Releases (97)
  • Blog Archives

  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • December 2018
  • November 2018
  • October 2018
  • September 2018
  • August 2018
  • July 2018
  • June 2018
  • May 2018
  • April 2018
  • March 2018
  • February 2018
  • January 2018
  • December 2017
  • November 2017
  • October 2017
  • September 2017
  • August 2017
  • July 2017
  • June 2017
  • May 2017
  • April 2017
  • March 2017
  • February 2017
  • January 2017
  • December 2016
  • November 2016
  • October 2016
  • September 2016
  • August 2016
  • July 2016
  • June 2016
  • May 2016
  • April 2016
  • March 2016
  • February 2016
  • January 2016
  • December 2015
  • November 2015
  • October 2015
  • September 2015
  • August 2015
  • July 2015
  • June 2015
  • May 2015
  • April 2015
  • March 2015
  • February 2015
  • January 2015
  • December 2014
  • November 2014
  • October 2014
  • September 2014
  • August 2014
  • July 2014
  • June 2014
  • May 2014
  • April 2014
  • March 2014
  • February 2014
  • January 2014
  • December 2013
  • November 2013
  • October 2013
  • September 2013
  • August 2013
  • July 2013
  • June 2013
  • May 2013
  • April 2013
  • March 2013
  • February 2013
  • January 2013
  • December 2012
  • November 2012
  • October 2012
  • September 2012
  • August 2012
  • July 2012
  • June 2012
  • May 2012
  • April 2012
  • March 2012
  • February 2012
  • January 2012
  • December 2011
  • November 2011
  • October 2011
  • September 2011
  • August 2011
  • July 2011
  • June 2011
  • May 2011
  • April 2011
  • March 2011
  • February 2011
  • January 2011
  • December 2010
  • November 2010
  • October 2010
  • September 2010
  • August 2010
  • July 2010
  • June 2010
  • May 2010
  • April 2010
  • March 2010
  • February 2010
  • January 2010
  • December 2009
  • November 2009
  • October 2009
  • August 2009
  • June 2009
  • May 2009
  • April 2009
  • March 2009
  • November 2008
  • May 2008
  • February 2008
  • August 2006
  • Schwab 401(k) Survey Shows Sharp Increase in Confidence and Demand for Financial Advice

    July 13, 2021 by Schwab Retirement Plan Services

    WESTLAKE, Texas–(BUSINESS WIRE)–Workers’ confidence about achieving retirement goals has risen sharply since last year according to a new survey from Schwab Retirement Plan Services, and so has their appetite for financial advice. The annual nationwide survey of 401(k) plan participants finds that more than half (53%) say they are very likely to achieve their retirement goals, compared to 37% in 2020. On average, plan participants in 2021 believe they need to save $1.9 million for retirement, the same amount as in 2020. Ninety-one percent say their financial health is very good or pretty good.

    “We experienced tremendous stress in our work and home lives this past year that highlighted the importance of financial wellness and the value of trusted advice,” said Catherine Golladay, head of Schwab Workplace Financial Services. “Now, as we emerge from the pandemic, employers have an opportunity to engage employees with education, advice and a range of other workplace benefits to help them build financial security and increase satisfaction at work.”

    In COVID’s Wake, Workers Plan to Save More and Want More Help

    Many participants report the pandemic has changed the way they approach saving and spending, with 48% planning to save more in general, 36% planning to increase their 401(k) contribution rate, 35% planning to invest more outside of their 401(k) plan, and 34% planning to pay off debt.

    Despite their optimism, many participants also face obstacles to saving for retirement, including market volatility (32%), unexpected expenses (29%), keeping up with monthly expenses (27%), education expenses (21%), and credit card debt (20%). After more than a year of the pandemic, 23% feel they will have to delay retirement due to COVID. Six in ten (61%) think their financial situation warrants professional advice to address these kinds of challenges, compared with half (50%) in 2020.

    The top four retirement planning areas where participants want help are calculating a retirement savings goal (44%), receiving advice on how to invest a 401(k) (39%), figuring out how to create income in retirement (35%), and anticipating taxes in retirement (35%). The percentage of survey respondents who are very confident making their own 401(k) investment decisions has increased from 25% in 2019 to 40% in 2021 but still lags those who are very confident in making investment decisions with the help of a financial professional: 44% in 2019 and 56% in 2021.

    “Optimism is fueling a recalibration of expectations,” said Golladay. “Workers went back to basics for a year and re-discovered the importance of work-life balance. Do-it-yourself retirement planning was really tested because workers were pressed in other areas. Many have decided that more help is the answer, and they are also looking beyond retirement to other workplace benefits that support financial security.”

    Must-Have Benefits

    401(k) plans and health insurance again top the list of desired workplace benefits with more than 80% of participants saying these are “must-haves.” Other top-five must-have benefits according to survey respondents are life insurance (50%), disability insurance (43%), and health savings accounts (38%).

    Among these other benefits, health savings accounts (HSAs) had the largest increase in respondents who consider them must-haves compared with 2020, growing from 32% to 38%. Eight out of ten survey respondents (79%) have access to an HSA at work, and half (49%) use it. HSAs have been a popular way to pay insurance deductibles and other immediate healthcare expenses, but more participants are also using HSAs to save for healthcare expenses in retirement; 54% in 2021 compared with 41% in 2020.

    “It’s good news that plan participants have kept one eye on their future retirement even as they face a challenging present,” said Golladay. “Successful employers will capitalize on this and provide benefits and resources that can help turn today’s optimism and engagement into tomorrow’s financial security.”

    About the survey

    This online survey of U.S. 401(k) participants was conducted by Logica Research for Schwab Retirement Plan Services, Inc. Logica Research is neither affiliated with, nor employed by, Schwab Retirement Plan Services, Inc. The survey is based on 1,000 interviews. Survey respondents were actively employed by companies with at least 25 employees, were 401(k) plan participants and were 21-70 years old. For past surveys, respondents were 25 to 70 years old, so for comparing 2021 results to previous waves, the data was rebased on those aged 25 to 70. Survey respondents were not asked to indicate whether they had 401(k) accounts with Schwab Retirement Plan Services, Inc. All data is self-reported by study participants and is not verified or validated. Respondents participated in the study between April 1 and April 15, 2021. Detailed results can be found here.

    About Charles Schwab

    At Charles Schwab, we believe in the power of investing to help individuals create a better tomorrow. We have a history of challenging the status quo in our industry, innovating in ways that benefit investors and the advisors and employers who serve them, and championing our clients’ goals with passion and integrity.

    More information is available at aboutschwab.com. Follow us on TwitterFacebookYouTube, and LinkedIn.

    Disclosures

    Schwab Retirement Plan Services, Inc. and Charles Schwab & Co., Inc. are separate but affiliated companies and subsidiaries of The Charles Schwab Corporation. Schwab Retirement Plan Services, Inc. provides recordkeeping and related services with respect to retirement plans. Brokerage products and services are offered by Charles Schwab & Co., Inc.

    Workplace Financial Services is a business enterprise which offers products and services through Schwab Retirement Plan Services, Inc.; Schwab Stock Plan Services; and Compliance Solutions. Schwab Retirement Plan Services, Inc., provides recordkeeping and related services with respect to retirement plans. Schwab Stock Plan Services is a division of Charles Schwab & Co., Inc. providing equity compensation plan services and brokerage solutions for corporate clients. Compliance Solutions is comprised of Schwab Designated Brokerage Services (DBS), a division of Charles Schwab & Co., Inc., and Schwab Compliance Technologies, Inc. (SchwabCT). DBS provides brokerage solutions for corporate clients who monitor their employees’ securities activity. SchwabCT provides technology solutions for corporate clients to help facilitate their compliance technology program implementation. Schwab Retirement Plan Services, Inc., Schwab Compliance Technologies, Inc., and Charles Schwab & Co., Inc. (Member SIPC) are separate but affiliated entities, and each is a subsidiary of The Charles Schwab Corporation.

    Through its operating subsidiaries, The Charles Schwab Corporation (NYSE: SCHW) provides a full range of securities brokerage, banking, money management and financial advisory services to individual investors and independent investment advisors. Its broker-dealer subsidiary, Charles Schwab & Co., Inc. (member SIPCwww.sipc.org), and affiliates offer a complete range of investment services and products including an extensive selection of mutual funds; financial planning and investment advice; retirement plan and equity compensation plan services; compliance and trade monitoring solutions; referrals to independent fee-based investment advisors; and custodial, operational and trading support for independent, fee-based investment advisors through Schwab Advisor Services. Its banking subsidiary, Charles Schwab Bank, SSB (member FDIC and an Equal Housing Lender), provides banking and lending services and products. More information is available at www.schwab.com and www.aboutschwab.com.

    (0621-1R10)

    ©2021 Schwab Retirement Plan Services, Inc.

    Contacts

    Mike Peterson
    Charles Schwab
    330-908-4334
    mike.peterson@schwab.com

    Travis Fishstein
    The Neibart Group
    718-801-8205
    SchwabRPS@neibartgroup.com

    Originally Posted at Business Wire on June 23, 2021 by Schwab Retirement Plan Services.

    Categories: Industry Articles
    currency