PLANSPONSOR - April/May 2018 - 84
BEHAVIORAL FINANCE
Taking Responsibility
Boomers will rely more on retirement income drawn from DC plans
W
orkers in the Baby Boom generation
face the challenging
task of building sustainable
lifetime retirement income during a time
when the product set for in-plan options
is still lacking. With the right approach,
plan sponsors can help this generation
successfully manage a variety of income
sources, including new options that are
emerging in the defined contribution
(DC) plan marketplace.
The Demographic Group
It is common practice in the retirement
planning industry to point to Baby
Boomers, the youngest of whom turned
50 in 2014, as the first generation that will
84 PLANSPONSOR.com April-May 2018
rely on defined contribution plans for a
significant portion of their future income.
As noted by the 2018 Employee
Benefit Research Institute (EBRI)
Retirement Confidence Survey, while
almost all current retirees (91%) report
that Social Security provides a moderate
or meaningful source of retirement
income, those still in the work force
expect to draw their income from a wide
variety of sources. Eighty-one percent of
near-retirees say they anticipate receiving
retirement income from a workplace
retirement savings plan, 58% from an
individual retirement account (IRA), and
70% from other personal savings and
investments.
Art by Hyesu Lee
According to survey data shared by
fixed-income annuity provider Annexus,
in Scottsdale, Arizona, Boomers may
expect diverse sources of retirement
income-but only 33% feel even moderately
confident they have adequate retirement
savings to last through the rest of
their lifetime. Fully 80% told Annexus
that their primary retirement savings goal
is to have a reliable source of income they
cannot outlive. However, 45% said they
do not know how to select a retirement
income product.
For the sake of these Boomers and the
subsequent generations who will rely even
more on DC plan savings and individual
retirement income products, the time has
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PLANSPONSOR - April/May 2018
Table of Contents for the Digital Edition of PLANSPONSOR - April/May 2018
2018 Plan Sponsors of the Year
Plan Administration Guide, Part 1
From Strength to Strength
Finding the Best Course
Managed Accounts
Rising Costs
Taking Responsibility
PLANSPONSOR - April/May 2018 - C1
PLANSPONSOR - April/May 2018 - FC1
PLANSPONSOR - April/May 2018 - FC2
PLANSPONSOR - April/May 2018 - C2
PLANSPONSOR - April/May 2018 - 1
PLANSPONSOR - April/May 2018 - 2
PLANSPONSOR - April/May 2018 - 3
PLANSPONSOR - April/May 2018 - 4
PLANSPONSOR - April/May 2018 - 5
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PLANSPONSOR - April/May 2018 - 13
PLANSPONSOR - April/May 2018 - 14
PLANSPONSOR - April/May 2018 - 15
PLANSPONSOR - April/May 2018 - 2018 Plan Sponsors of the Year
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PLANSPONSOR - April/May 2018 - 55
PLANSPONSOR - April/May 2018 - Plan Administration Guide, Part 1
PLANSPONSOR - April/May 2018 - 57
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PLANSPONSOR - April/May 2018 - 59
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PLANSPONSOR - April/May 2018 - 61
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PLANSPONSOR - April/May 2018 - 67
PLANSPONSOR - April/May 2018 - From Strength to Strength
PLANSPONSOR - April/May 2018 - 69
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PLANSPONSOR - April/May 2018 - 76
PLANSPONSOR - April/May 2018 - 77
PLANSPONSOR - April/May 2018 - Finding the Best Course
PLANSPONSOR - April/May 2018 - 79
PLANSPONSOR - April/May 2018 - Managed Accounts
PLANSPONSOR - April/May 2018 - 81
PLANSPONSOR - April/May 2018 - Rising Costs
PLANSPONSOR - April/May 2018 - 83
PLANSPONSOR - April/May 2018 - Taking Responsibility
PLANSPONSOR - April/May 2018 - 85
PLANSPONSOR - April/May 2018 - 86
PLANSPONSOR - April/May 2018 - 87
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PLANSPONSOR - April/May 2018 - C3
PLANSPONSOR - April/May 2018 - C4
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