A recent survey indicates that 51% of U.S. sports fans are more familiar with their favorite team's performance statistics than their own retirement savings. This survey, conducted by Wakefield Research for T. Rowe Price, a global investment management firm, highlights a gap in financial awareness among Americans.
The findings were released during National Retirement Security Week and the start of the World Series, aiming to draw attention to retirement planning habits. The survey shows that 64% of Americans believe they started considering retirement later than ideal, with nearly 40% feeling behind in reaching their retirement goals. Alarmingly, 13% of workers have not begun saving for retirement.
Roger Young from T. Rowe Price commented on the significance of National Retirement Security Week as an opportunity for investors to evaluate their progress towards retirement goals. He emphasized the importance of regular contributions to retirement accounts as a means to improve future financial security.
In response to these concerns, over a dozen states have enacted laws requiring employers without existing plans to enroll workers in state-run auto-IRA programs. New Jersey is among these states, mandating businesses with at least 25 employees and two years of operation to participate in its RetireReady NJ program unless they already offer qualified plans.
The New Jersey Business & Industry Association (NJBIA) provides an alternative solution for its members through a multiple employer plan offering customizable fiduciary-managed options and opportunities for matching employee contributions—features not available in the state-run plan.
