PLANADVISER - Fall 2023 - 5

States With the Worst Plan
Access for Lower Earners
Nearly 41 million people-or one in three
workers-earned less than $37,000 in 2021, according to
new data. The Economic Innovation Group considers this
demographic the low-income workforce.
Only 30% of these low-income workers had access
to an employer-provided retirement plan, which means
approximately 28 million workers did not.
Florida, California and Connecticut were the
worst-performing states, where under 25% of the low-income
workforce had access. This is particularly noteworthy in
California, where 3.6 million lacked access to an employerprovided
retirement plan-the most, by state, in the nation.
Account Balances Grow
Retirement balances increased for the third straight quarter
due in part to improving market conditions. Average 401(k)
balances were up 4% quarter-on-quarter, and the average
403(b) account balance increased 5%. Average retirement
account balances for a sample group of participants
quarter-over-quarter and year-over-year were:
$112,400
Q2 2023
$108,200
Q1 2023
401(k)
$103,800
Q2 2022
403(b)
$93,300
Q2 2022
Source: Fidelity Investments, " Q2 2023 Retirement Analysis "
$97,900
Q1 2023
$102,400
Q2 2023
The
Longevity
Literacy
Gap
Experts recommend
retirement plan advisers
provide appropriate interpretation
and practical
implications of longevity
terminology.
Life expectancy is
defined as the average
age a specific population
group will live to.
33% of people
understand the practical
implications of the term
" life expectancy. "
25% of those think life
expectancy is the age by
which the vast majority
of a group of people will
die.
50% of those with
strong longevity literacy,
reported that they had
determined how much
they need to save for
retirement, versus ...
32% of those with
weak longevity literacy.
Source: TIAA
Practice Management | Fall 2023 | planadviser.com 5

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PLANADVISER - Fall 2023

Table of Contents for the Digital Edition of PLANADVISER - Fall 2023

At the Core
A Need to Show Value
The Talent Pipeline
Inside the Deal
Demand Performance
Are They Legally Binding?
The SEC on Cybersecurity
From Managing to Leading
Can You Predict Client Stress?  
PLANADVISER - Fall 2023 - C1
PLANADVISER - Fall 2023 - FC1
PLANADVISER - Fall 2023 - FC2
PLANADVISER - Fall 2023 - C2
PLANADVISER - Fall 2023 - 1
PLANADVISER - Fall 2023 - 2
PLANADVISER - Fall 2023 - 3
PLANADVISER - Fall 2023 - 4
PLANADVISER - Fall 2023 - 5
PLANADVISER - Fall 2023 - 6
PLANADVISER - Fall 2023 - 7
PLANADVISER - Fall 2023 - 8
PLANADVISER - Fall 2023 - 9
PLANADVISER - Fall 2023 - 10
PLANADVISER - Fall 2023 - 11
PLANADVISER - Fall 2023 - 12
PLANADVISER - Fall 2023 - 13
PLANADVISER - Fall 2023 - 14
PLANADVISER - Fall 2023 - 15
PLANADVISER - Fall 2023 - At the Core
PLANADVISER - Fall 2023 - 17
PLANADVISER - Fall 2023 - 18
PLANADVISER - Fall 2023 - 19
PLANADVISER - Fall 2023 - A Need to Show Value
PLANADVISER - Fall 2023 - 21
PLANADVISER - Fall 2023 - 22
PLANADVISER - Fall 2023 - 23
PLANADVISER - Fall 2023 - 24
PLANADVISER - Fall 2023 - 25
PLANADVISER - Fall 2023 - The Talent Pipeline
PLANADVISER - Fall 2023 - 27
PLANADVISER - Fall 2023 - 28
PLANADVISER - Fall 2023 - 29
PLANADVISER - Fall 2023 - Inside the Deal
PLANADVISER - Fall 2023 - 31
PLANADVISER - Fall 2023 - Demand Performance
PLANADVISER - Fall 2023 - 33
PLANADVISER - Fall 2023 - Are They Legally Binding?
PLANADVISER - Fall 2023 - 35
PLANADVISER - Fall 2023 - The SEC on Cybersecurity
PLANADVISER - Fall 2023 - 37
PLANADVISER - Fall 2023 - From Managing to Leading
PLANADVISER - Fall 2023 - Can You Predict Client Stress?  
PLANADVISER - Fall 2023 - 40
PLANADVISER - Fall 2023 - C3
PLANADVISER - Fall 2023 - C4
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