Corporate Insight noted that retirement income projections have emerged as the clear preferred method among recordkeepers for communicating retirement readiness information to DC plan participants. The increased popularity of income projections is among the most prominent trends in the digital retirement arena, as nine different Retirement Plan Monitor (RPM) firms either added an income projection directly to the participant site homepage or enhanced an existing homepage projection resource.
Participants are also beginning to recognize the importance of income projections as 57% of survey respondents stated that it is either “very important” or “extremely important” to have access to one directly on the homepage, representing a 24% increase from the 2013 survey results.
Throughout 2016, there has been a growing, industry-wide focus on helping participants develop retirement plans that fit within the greater context of their overall financial lives. Creating holistic retirement plan websites that allow participants to account for outside financial accounts, goals and obligations can drive better financial outcomes, Corporate Insight says.
Many recordkeepers in the RPM coverage group have recognized the importance of holistic retirement planning, and have greatly enhanced the overall financial wellness resources available on the participant websites. This year, seven firms added new financial wellness tools and six added significant new financial wellness-focused content.
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