Dallas Salisbury
Dallas Salisbury
database experience illustrate personal rely results risky shows
These results illustrate why it's often risky to rely on 'average' numbers, which are too often the only thing that's reported, ... The database shows that individuals' personal experience is often very different from the average.
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Many people don't even contribute to a 401(k) plan when given the option. And of those that do contribute, 75 percent contribute a fraction of what they could contribute.
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Until recently, it was an expensive and complicated thing to do because of the integration of systems that employers had to do. Now, most of these are put together with a Web-based interface and individuals are able to do most of the stuff themselves.
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We're seeing innovation to help individuals save for retirement more easily instead of putting so much reliance on the employee to find the time to do it. The Principal 10 Best winners are taking 401(k) plans and giving them more security with automatic diversification and annuity options,
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We've got millions of workers that don't have high school educations, ... These are the type of people who would gain a great deal from interaction with an employee benefit specialist, a 401(k) specialist or a human resources professional.
carefully clear workers
Workers should think about it very carefully and go through a very clear evaluation.
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What's interesting to note is how differently individuals in these plans choose to allocate their assets. The actual numbers end up fitting with what most advisers say people should be doing.
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I am an extraordinary fan of defined benefit plans, but the world has in fact dramatically changed. If the offset is that companies start aggressively encouraging people to save and provide financial literacy education, that may be a very positive silver lining.
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The PBGC report misses much of what has been happening among defined benefit plans.
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If it's money that an individual would otherwise have to borrow, meaning they'd take out a loan against a credit card or run up a balance, they are better off economically if they borrow from themselves.
accomplish savings third
The only way you're going to accomplish that is through a mandated savings requirement of some sort, ... only a third who say they are able financially to save.
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I think it will (lead to greater participation). The component that will make that happen will be the ability to enroll in the plan online and make changes in enrollment status.
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I think many people end up taking buyout offers quickly because $100,000 (or some other lump-sum payment) can seem like a great deal of money, only to end up realizing after the fact that it wasn't enough to justify leaving. People need to avoid the wide-eyed feeling of I'm winning the lottery and make sure they think about if I am 50 I still got decades ahead of me.
concerned deal government help medicare needs public ready social truth
The American public needs help from the employers, help from the government to save. They're very concerned about not being told the truth about Medicare and Social Security. They're ready to deal with that truth.