Saving for retirement is an important step that every Atlanta individual and family needs should prioritize, at the right time, to ensure there will be enough for the golden years. Unfortunately, when seismic events like an unexpected global pandemic, even the best-laid plans can be cast aside. The unfortunate result of the forced business closures and stay-at-home orders meant that unemployment increased at robust rates. Many were left in unexpected situations where retirement savings was likely not top of mind. Despite these conditions, it appears optimism about meeting retirement savings goals was not impacted. According to the Charles Schwab 2021 401(k) Participant Study – June 2021, optimism actually increased since before the pandemic by 15%. In addition, 29% of respondents believe their lifestyle in retirement will improve. These findings and others about attitudes and practices related to retirement savings are surprising given recent turmoil. To help clients, prospects, and others, Wilson Lewis has provided a summary of the key study findings below.
The study was conducted online between April 1 through April 15, 2021, and included responses from 1,000 plan participants between 21-70 years old. Participants all work for companies that have 25 or more employees, have access to a 401(k) plan, and are currently contributing. There were 100 additional Generation Z participants who also completed the survey.
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The results of the study provide important insights for Atlanta employers and plan sponsors on the current issues and challenges facing participants. At the same time, it also highlights additional features/services participants would most benefit from. If you have questions about the information outlined above or need assistance with a 401(k)-plan audit, Wilson Lewis can help. For additional information call us at 770-476-1004 or click here to contact us. We look forward to speaking with you soon.
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