Social Security (United States)

Strengthening the U.S. Retirement System Requires Recognizing and Addressing Demographic Disparities

Retrieved on: 
Friday, December 15, 2023

LOS ANGELES, Dec. 15, 2023 /PRNewswire/ -- Fewer than one in four Americans (24%) strongly agree they are currently building or have built a large enough retirement nest egg. However, this sentiment varies dramatically across demographic segments, according to A Compendium of Demographic Influences on Retirement Security ("Compendium"), a comprehensive survey report released today by nonprofit Transamerica Center for Retirement Studies® (TCRS) in collaboration with Transamerica Institute®.

Key Points: 
  • "Demographic influences can profoundly affect an individual's and family's ability to prepare for a financially secure retirement.
  • As a result, they often end up relying on Social Security to fund their retirement," said Collinson.
  • Among those not yet retired, individuals with an HHI of less than $50,000 have saved just $1,000 in total household retirement accounts.
  • "Strengthening the U.S. retirement system requires addressing Social Security's funding shortfalls and reinforcing social safety nets.

8 Ways the SECURE 2.0 Act of 2022 Enhances Retirement Security

Retrieved on: 
Wednesday, December 28, 2022

LOS ANGELES, Dec. 28, 2022 /PRNewswire/ -- The SECURE 2.0 Act of 2022, a result of extensive bipartisan collaboration, represents a major milestone in enhancing retirement security. "The passage of SECURE 2.0 will help millions of Americans save and prepare for a financially secure retirement. The bipartisan legislation includes a new government matching contribution for retirement savers, expands access to workplace retirement plans, and provides new ways to facilitate and protect retirement savings," said Catherine Collinson, CEO and president of nonprofit Transamerica Institute and Transamerica Center for Retirement Studies® (TCRS).

Key Points: 
  • LOS ANGELES, Dec. 28, 2022 /PRNewswire/ -- The SECURE 2.0 Act of 2022, a result of extensive bipartisan collaboration, represents a major milestone in enhancing retirement security.
  • "The passage of SECURE 2.0 will help millions of Americans save and prepare for a financially secure retirement.
  • Beginning in 2025, SECURE 2.0 creates more stringent requirements for employers to extend retirement plan eligibility to their long-term part-time employees.
  • TCRS is dedicated to educating the public on trends, issues, and opportunities related to saving and planning for retirement and achieving financial security in retirement.

Future-Proofing the U.S. Retirement System Requires Addressing Demographic Disparities

Retrieved on: 
Friday, December 16, 2022

LOS ANGELES, Dec. 16, 2022 /PRNewswire/ -- Almost half of U.S. workers (49 percent) expect their primary source of retirement income to come from self-funded savings such as 401(k)s, 403(b)s, IRAs, and other savings and investments. However, the total household retirement savings among workers is only $67,000 (estimated median), according to Emerging From the COVID-19 Pandemic: A Compendium About U.S. Workers' Retirement Outlook ("Compendium"), a comprehensive study released today by nonprofit Transamerica Center for Retirement Studies® (TCRS) in collaboration with Transamerica Institute®.

Key Points: 
  • "Enhancing retirement security involves addressing demographic disparities, removing structural barriers, and future-proofing the system so everyone can retire with dignity."
  • Part-time workers have saved just $29,000 in total household retirement accounts, while full-time workers have saved $74,000 (estimated medians).
  • "Educational attainment brings career opportunities, higher pay, and better employer benefits which translate to improved retirement confidence," said Collinson.
  • Transamerica Center for Retirement Studies (TCRS)isadivisionof TransamericaInstitute ,anonprofit, privatefoundation.TransamericaInstituteisfundedbycontributionsfromTransamericaLifeInsurance Companyanditsaffiliates.TCRS and its representatives cannot give ERISA, tax, investment, or legal advice.

Teamsters at Piedmont Airlines Ratify Historic New Contract

Retrieved on: 
Monday, October 31, 2022

WASHINGTON, Oct. 31, 2022 /PRNewswire/ -- Nearly 400 Teamster mechanics and related employees at Piedmont Airlines saw a historic new contract go into effect today after voting overwhelmingly for higher pay, more rest time, and retirement security.

Key Points: 
  • Piedmont Mechanics, Related Employees Vote in Record Turnout for Better Wages, Retirement Security
    WASHINGTON, Oct. 31, 2022 /PRNewswire/ -- Nearly 400 Teamster mechanics and related employees at Piedmont Airlines saw a historic new contract go into effect today after voting overwhelmingly for higher pay, more rest time, and retirement security.
  • Teamsters ratified the new contract on Oct. 28, with members voting 87 percent to approve while recording record high turnout to finalize the deal.
  • In addition to the strong wages, an 8 percent signing bonus was added for all Teamsters.
  • Founded in 1903, the International Brotherhood of Teamsters represents 1.2 million hardworking men and women in the U.S., Canada, and Puerto Rico.

Statement: Social Security Cost-of-Living Adjustment Not Enough to Cover True Cost of Aging

Retrieved on: 
Thursday, October 13, 2022

ARLINGTON, Va., Oct. 13, 2022 /PRNewswire/ -- The following is a statement from Ramsey Alwin, President and CEO of the National Council on Aging (NCOA), on today's announcement of the Social Security cost-of-living adjustment (COLA) for 2023:

Key Points: 
  • Many of them had low wages throughout their working lives, which means they have lower Social Security benefits.
  • The average Social Security retirement benefit in January 2022 was about $1,600, but many are lucky if they have even that.
  • One in four of those receiving Social Security depend on it for 90% of their income.
  • We need to make Social Security more responsive to the needs and circumstances of women by eliminating remaining gender inequities.

TEAMSTERS, UNITE HERE APPLAUD SEN. BROWN'S ALARM ON PRIVATE EQUITY IN INSURANCE INDUSTRY

Retrieved on: 
Tuesday, September 6, 2022

WASHINGTON, Sept. 6, 2022 /PRNewswire/ -- The International Brotherhood of Teamsters and hospitality union UNITE HERE applaud the announcement that a U.S. Senate committee plans to address the risky activity of private equity companies in the insurance and retirement asset industries.

Key Points: 
  • The topics are critical to workers and retirees as private equity companies, particularly Apollo Global Management, are taking control of more retirement assets and obligations through pension buyout deals.
  • Brown has asked the National Association of Insurance Commissioners and the Federal Insurance Office to study what risks these more aggressive tactics of private equity insurance providers present to policyholders.
  • "The Teamsters applaud Senator Brown for helping to ring the alarm bells on private equity's expanding presence in these industries.
  • "They should not be sold off to private equity, reinsured offshore in Bermuda, and placed into complex and illiquid investments.

FIDUCIARY DECISIONS ANNOUNCES REORG TO MEET GROWING CLIENT BASE

Retrieved on: 
Thursday, July 21, 2022

TIGARD, Ore., July 21, 2022 /PRNewswire/ -- Fiduciary Decisions (FDI), the retirement plan industry's leading benchmarking firm, has announced a reorganization to meet growing client demand for their new services.

Key Points: 
  • TIGARD, Ore., July 21, 2022 /PRNewswire/ -- Fiduciary Decisions (FDI), the retirement plan industry's leading benchmarking firm, has announced a reorganization to meet growing client demand for their new services.
  • The expanded offering has resulted in a wider institutional and retail client base deploying new solutions including plan design, rollover recommendation and a Research Division.
  • Fiduciary Decisions is recognized as one of the industry's leading services for independent, comprehensive, actionable decision support systems for retirement plans.
  • For more information about Fiduciary Decisions and their various services, visit www.fiduciarydecisions.com
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NARSSA Announces Partnership with Avantax

Retrieved on: 
Monday, July 11, 2022

MELVILLE, N.Y., July 11, 2022 /PRNewswire/ -- The National Association of Registered Social Security Analysts (NARSSA), the leader in technology-driven expert Social Security education, training, and analysis fulfillment for Financial Advisors, has announced a partnership with Avantax®. Avantax Wealth Management provides its community of Financial Professionals, CPAs, and tax professionals with the support, training and tools supporting tax-advantaged financial planning and wealth management services to their clients.

Key Points: 
  • MELVILLE, N.Y., July 11, 2022 /PRNewswire/ --The National Association of Registered Social Security Analysts (NARSSA),the leader in technology-driven expert Social Security education, training, and analysis fulfillment for Financial Advisors, has announced a partnership with Avantax.
  • NARSSA and Avantax plan to collaborate on several initiatives to promote Social Security education to affiliated firms that make up the Avantax Community.
  • "We are delighted to establish a partnership with Avantax," saidTodd S. Whiton, CEO of NARSSA.
  • Andy Watts, Avantax VicePresident, Investment Solutions said: "This partnership with NARSSA will benefit our Financial Professionals and the clients they serve.

The Road Ahead: Addressing Pandemic-Related Setbacks and Strengthening the U.S. Retirement System

Retrieved on: 
Tuesday, June 28, 2022

LOS ANGELES, June 28, 2022 /PRNewswire/ -- Fewer than three in 10 workers (29 percent) "strongly agree" they are building a large enough retirement nest egg, according to Emerging From the COVID-19 Pandemic: The Retirement Outlook of the Workforce, a survey report released today by nonprofit Transamerica Center for Retirement Studies® (TCRS) in collaboration with Transamerica Institute®.

Key Points: 
  • In addition, the study illustrates the urgent need for strengthening the U.S. retirement system and outlines recommendations for doing so.
  • "Employed workers are generally well-positioned to save, invest, and prepare for retirement.
  • They enjoy a steady income and are often offered employer-sponsored retirement benefits such as a 401(k) or similar plan that makes saving and investing easier.
  • "As we emerge from the pandemic, we face an urgent need to strengthen our retirement system so that everyone can retire with dignity.

Millennials' Social Security Benefits May be Hundreds of Thousands of Dollars Lower than Current Promises

Retrieved on: 
Wednesday, June 22, 2022

DANVERS, Mass., June 22, 2022 /PRNewswire/ -- Millennials may well lose hundreds of thousands of dollars in Social Security benefits based on the Social Security Administration's projection that, starting in 2035, it will only be able to pay 80% of promised benefits. A new HealthView Services white paper "Social Security Benefits: How Much Should Millennials Expect?" highlights the impact of lower benefits on millennials' retirement plans. 

Key Points: 
  • A new HealthView Services white paper " Social Security Benefits: How Much Should Millennials Expect?
  • The new report uses the projected 20% reduction in Social Security as a benchmark for retirement planning data in the report.
  • If they make between $100,000 and $150,000 in 2022, Social Security benefits will be reduced by $21,000 $25,000 the first year of retirement.
  • The savings required to make up the difference between current Social Security benefits tables and the smaller checks millennials should expect based on current Social Security funding expectations are relatively modest, given millennials' retirement time horizon.