The webinar is scheduled for 2 p.m. EST, and those
interested can sign up via the registration link. Topics
for discussion include recent legislation, recent and pending regulatory
guidance, current developments in determination letter and Employee Plans
Compliance Resolution System cases, and common plan examination issues.
Retirement industry professionals are encouraged to email ep.phoneforum@irs.gov with questions or
topics related to defined benefit plans by September 12. Continuing education credits are available, according
to the IRS.
The
webinar is scheduled to run about 60 minutes. After attending the webinar, attendees
will be asked to complete and send Form 14364, “Continuing Education Evaluation,” to ep.phoneforum@irs.gov.
September 8, 2014 (PLANSPONSOR.com) - Two-thirds (66%) of Generations X
and Y have not calculated how much they need to save for retirement—and only
19% work with a financial adviser.
It’s more than a lack of direction
that is hurting Americans born between 1965 and 1992, according to a study by Security
Benefit. A significant percentage believe saving for retirement is becoming
more difficult, with two-thirds (65%) saying it’s harder for their generation
to save for retirement than it was for previous generations. Additionally, half
(48%) of respondents believe they are behind on saving for retirement while
just 43% said they were satisfied with their current financial situation.
The survey found that Generations X
and Y place a premium on securing their financial futures. Nearly
three-quarters (73%) said that a guaranteed stream of income in retirement is
an important reason to purchase a financial product, while more than half (55%)
said that it’s important for a financial product to protect their assets from
losses in the stock market.
Generations X and Y are still
putting money aside for retirement despite the lack of clear goals and the
perception of generation-specific hurdles. A majority of respondents (90%) said
saving for retirement is an important goal, and 88% said it’s important to
maintain their desired lifestyles in retirement.
Surprisingly, these two generations
that were instrumental in the growth of the Internet do not view online
solutions or resources as the best option for retirement planning. Only 12% of
respondents would prefer to save for retirement though a company or service
they found online, while just 18% of respondents would go online for advice about how to save more.
“It’s somewhat of a surprise that
these generations, especially Generation Y, would prefer to use offline
resources to guide their savings decisions,” says Al Dal Porto, vice president
of market research with Security Benefit. “It’s clear that Generations X and Y
prefer to use more traditional means of financial planning by working through
employer-provided retirement services or consulting with a professional
financial adviser.”
Thumbs Down to Web Help
Instead of turning to the Web for
help, Generations X and Y expressed a high preference to seek information
through more traditional avenues. The survey found only 18% said an
Internet search engine like Google or online reviews is a major source for
financial information or advice. In comparison, 39% said a financial adviser or
planner is a major source of financial information or advice, and 27% see their
parents as a resource.
The younger generations are
actively working to fund their dream retirements through a variety of
retirement savings vehicles:
71% have used a 401(k), 403(b) or
a 457 plan at work to save for retirement;
41% turned to a checking, savings
or money market account expressly earmarked for retirement; and
39% have saved through an individual
retirement account (IRA).
“It’s great to see Generations X
and Y actively considering their retirement savings needs, but it’s difficult
to plan for and ultimately achieve a successful retirement without having an
end-goal in mind,” Dal Porto says. “While accumulating retirement savings is
critical at this point in the lives of Generations X and Y, it’s encouraging to
see that a significant portion of these individuals looking toward their
inevitable retirement income needs.”
The 2014 Gen XY Financial Maturity
Study was conducted by Greenwald & Associates between April 8 and April 21
on behalf of Security Benefit, among other financial services firms. A total of
2,122 individuals age 18 to 48 completed the survey online. Security Benefit previously released results of the study specific to K-12 educators.