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6 March

Increasing Millennials Plan Participation | Election 2020 Retirement Issues | SECURE Act Highlights

March 6, 2020 By spconsultants.com Newsletter millennials, plan participation, election 2020, secure act  

Millennials, the cohort of people born between 1982 and 2000, are now the largest generation in the American workforce.

Millennials face unique challenges in retirement savings relative to prior generations. Communicating with millennials in ways that work is key. Mobile apps, short educational videos, less financial jargon, and more life- and goal-related language is the way to start. The first of the millennial cohort will reach age 62 in 2043 when Social Security payments are projected to cover only 77% of its scheduled benefits. Therefore, presenting the benefits of regular retirement savings now can position these participants for financial success and lifestyle flexibility as they age.

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ERISA Workplace Retirement Plan Limits

The federal government annually publishes updated qualified retirement plan limits, which impact the contributions, benefit accruals, and compliance of ERISA covered qualified retirement plans. The below tables summarize the most significant changes in recent history.

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