Workplace Open Enrollment Period is Missed Opportunity to Bolster Retirement Plans
09 Novembre 2023 - 4:00PM
Business Wire
As many workers elect workplace benefits during open enrollment
this month, new Corebridge Financial-Morning Consult survey finds
less than half will review or increase retirement plan
contributions.
The overwhelming majority of workers (87%) believe it’s a good
idea to review their retirement savings plan while selecting other
workplace benefits during their company’s open enrollment period,
but just 44% say they will review how much they contribute to their
retirement plan, according to a new survey released by Corebridge
Financial and Morning Consult. Additionally, only 34% expect to
review their employer’s contribution and only 31% plan to evaluate
whether they are on track to meet their retirement goals.
With just four out of 10 (41%) respondents saying that their
retirement outlook has improved since this time last year, there is
a clear opportunity for Americans to take action during open
enrollment, which often takes place in November:
- Consider increasing your retirement plan contribution, even
by a small amount —less than half (45%) of those surveyed said
they intend to increase their retirement plan contribution by 1% or
more.
- Ensure you’re enrolled in your employer-sponsored retirement
plan, if eligible — 32% of respondents said they will be
enrolling in their company’s defined contribution plan, with 35%
already enrolled.
- Meet with a financial professional —nearly eight out of
10 (78%) believe it’s a good idea to meet with a financial
professional when selecting workplace benefits; a sentiment that
increases among younger generations.
“The benefits available through the workplace can play a major
role in retirement planning — from helping you accumulate and
protect retirement savings to ensuring your loved ones are taken
care of later in life,” said Terri Fiedler, President of Retirement
Services at Corebridge Financial. “Your employer’s open enrollment
period is an opportune time to review your retirement plan
holistically, identify gaps and needs, ensure you’re maximizing
your employer’s contribution matching programs and take actions
that will help achieve the retirement you envision.”
The Corebridge survey found women (33%) were significantly less
likely to say their retirement outlook has improved heading into
this workplace enrollment season compared to men (48%).
Generationally, millennials were most likely to say their outlook
has improved with more than half (51%) feeling good about
retirement.
Among those who do not intend to review or make any changes to
their employer-sponsored retirement plan during the workplace open
enrollment period, the most cited reason is that they haven’t
thought about it (27%). This represents an opportunity for
employers and financial professionals to consistently educate and
engage employees and clients on workplace retirement benefits. It
is also an opportunity for individuals to ensure they are taking
advantage of the retirement resources available to them through
their employer, which may include access to the planning services
of a financial professional.
Methodology
This poll was conducted with Morning Consult between October 18
– 23, 2023 among a national sample of 2,312 working adults. Results
from the total sample have a margin of error of +/-2 percentage
points.
This material is general in nature, was developed for
educational use only, and is not intended to provide financial,
legal, fiduciary, accounting or tax advice, nor is it intended to
make any recommendations. Applicable laws and regulations are
complex and subject to change. For legal, accounting or tax advice
consult the appropriate professional.
About Corebridge Financial
Corebridge Financial, Inc. (NYSE: CRBG) makes it possible for
more people to take action in their financial lives. With more than
$360 billion in assets under management and administration as of
September 30, 2023, Corebridge Financial is one of the largest
providers of retirement solutions and insurance products in the
United States. We proudly partner with financial professionals and
institutions to help individuals plan, save for and achieve secure
financial futures. For more information, visit
corebridgefinancial.com and follow us on LinkedIn and YouTube.
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