According to the Investment Company Institute (ICI), defined contribution (DC) plan activity remained stable for the most part through the first three quarters of 2013. Highlights include:
The ICI survey represents about 24 million accounts serviced by DC recordkeeping firms.
I live about half an hour from MetLife Stadium, where the Super Bowl was played in relatively balmy weather for early February. The worries about snow didn't materialize for the game. For those traveling today, it's quite a different story. Many schools in northern New Jersey are closed today due to another snowstorm. The game and the surrounding hype are a nice distraction from people's worries. Like the errant snap to start the game yesterday, many people are finding the concept of security in retirement elusive at best.
TIAA-CREF just released a study that shows retirement security is top of mind for nearly three-quarters of respondents. Forty percent (40%) name as their top retirement goal ensuring that their retirement savings are safe regardless of what happens in the stock market. Just over one-third (34%) name having sufficient guaranteed monthly income to cover living costs in retirement as the top priority.
TIAA-CREF's survey highlights some key disconnects among participants:
An article in the New York Times today noted that many restaurants and retailers that focus on the middle market are struggling. The higher-end stores and value-centered stores are doing better. The findings from the TIAA-CREF survey are an indirect but logical extension of the challenges many middle-income families are trying to address, and something policy makers and legislators should consider.
Blog Author - Ken Felsher
With over 25 years of writing, editing, and research experience. I enjoy sharing with my readers my love of working with content on a variety of subjects.
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