Equip sponsors to help drive readiness
As 401(k) plans have replaced traditional pensions1, workers and retirees face increasingly complex decisions about converting savings into retirement income. In our view, securing that income throughout retirement has become the defining challenge of the defined contribution industry, with plan sponsors more focused than ever on helping participants prepare for life after work.
To help guide plan sponsors through these challenges, Nuveen collaborated with the TIAA Institute to survey over 2,100 participants about their retirement preparedness — exploring their longevity knowledge, withdrawal planning, and experiences with employer-provided tools. The findings reveal that many participants remain underprepared for the shift from saving to spending and are looking to their employers for help. This research highlights how plan sponsors can strengthen retirement readiness through enhanced resources, education, and plan design.
