Retirement

On January 18, the U.S. Department of Labor (DOL) announced that its Employee Benefits Security Administration (EBSA) released a proposed regulation on automatic portability transactions under SECURE 2.0 Act of 2022. The goal of automatic portability transactions is to help workers keep track of their retirement savings accounts and improve retirement security by reducing cash-outs when they change jobs. According to the most recent annual Form 5500 data, there are an estimated 635,000 defined contribution plans in the United States, covering an estimated 86.6 million participants with account balances totaling $9.3 trillion in assets...

On October 31, the White House announced a proposed rule by the U.S. Department of Labor (DOL) aimed at strengthening protections for Americans saving for retirement. This proposed Retirement Security rule expands the fiduciary standard to cover a broader range of financial advice, including new types of non-securities like fixed index annuities and one-time advice for transactions such as 401(k) rollovers. By closing loopholes and requiring financial advisers to act in the best interest of savers, the rule aims to reduce excessive fees in retirement products, promote competition, and protect American workers' retirements, ultimately offering greater peace of mind for those saving for retirement.

This resource from NCOA provides older adults with guidance on how to prepare for retirement. It includes five considerations to ease the transition out of work and remain social and inspired as they enter this new phase of life.

Age Wave conducted nine recent study reports in collaboration with Bank of America Merrill Lynch on the future of retirement. These reports were created by reviewing thousands of papers, reports, and datasets, conducting over 140 expert interviews and 43 focus groups, and surveying 50,000+ respondents. The nine reports cover a variety of topics regarding retirement, including family, health, leisure, and finances. All nine reports are followed by sample media coverage.

This issue brief that looks at the difference in financial outcomes for workers who received Social Security Disability Insurance (DI) and those who did not receive DI before claiming Old Age and Survivors’ Insurance (OASI) benefits (often referred to as Social Security retirement benefits).