The Gap
Most hard-working Americans are not saving enough for retirement and will come up short. Even with all of the focus over the past decades, most Americans don't have access to an employer sponsored retirement plan, or aren't adequately saving in their existing plan. This equates to a sizable GAP in American's retirement savings. Get ready for a dose of insightful conversations with Shannon Edwards and her expert guests as they explore innovative strategies to bridge the retirement savings gap. Whether you're an employer, benefits manager, or a financial advisor looking to excel in the retirement plan arena, listening in will help you unlock the secrets to closing The GAP and stay ahead of the future!
The Gap
Will Hansen: Retirement Plans for a Modern Workforce
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About Will Hansen: Will Hansen is a recognized leader in advancing the private sector retirement system, with over a decade of experience in employee benefits. As Executive Director of the Plan Sponsor Council of America (PSCA), he oversees the strategy and operations of the 75-year-old organization, equipping retirement plan administrators with essential education, advocacy, and resources. In his role as Chief Government Affairs Officer for the American Retirement Association (ARA), Will spearheads legislative strategy and outreach for an organization representing 35,000 retirement plan professionals. Through his work with policymakers and stakeholders, he is driving efforts to expand retirement plan access and coverage, shaping a more secure financial future for millions of Americans.
In this episode, Shannon and Will Hansen discuss:
- Addressing the U.S. retirement savings and coverage gap
- Legislative efforts to improve access to retirement plans
- The impact of financial literacy on retirement readiness
- Innovations in retirement plan design and accessibility
Key Takeaways:
- Auto-enrollment and auto-escalation features have been proven to significantly boost retirement plan participation and savings, but their adoption remains uneven, with small businesses particularly lagging behind due to perceived implementation complexity.
- Recent legislative measures, such as pooled employer plans (PEPs) and the streamlined "Starter K" 401(k) plans, provide simpler, cost-effective solutions for small businesses to offer retirement benefits, often supported by tax incentives that encourage adoption.
- As gig economy workers make up a growing portion of the workforce, they remain underserved by traditional retirement plans, necessitating innovative solutions like government-supported savings initiatives tailored to their unique employment models.
- Despite the pressing need for financial wellness programs to address barriers like debt and poor financial literacy, fewer than 40% of employers offer these programs, highlighting a significant opportunity to educate employees and improve retirement outcomes.
"More Americans have joined the gig economy, which is one area where I think there is definitely room for improvement, and we could even see some federal assistance in setting something up to encourage more gig workers to save for retirement." — Will Hansen
Connect with Will Hansen:
Email: whansen@usaretirement.org
LinkedIn: https://www.linkedin.com/in/hansenw/
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