PLANADVISER - Summer 2023 - 6

Just the Facts
Money Worries
By Income Level
Having a large income does not shield people from
financial stress. For instance, 39% of those making over
$200k a year say they worry about money.
58%
<$55k
51%
$55k - $99k
39%
$100k - $199k
Source: Salary Finance, " Inside the Wallets of Working Americans "
39%
>$200k
Participant
Conundrum
* Despite workers' increasing
requests for income solutions,
only 7 out of 10 defined
contribution plan sponsors have
taken steps toward retirement
income, with the majority still
in the education stage.
* Only 15% of sponsors are now
evaluating income solutions.
Source: PGIM, study of 155 plan sponsors
States Closest and Furthest Away
From Recommended Retirement Savings
Kansas is currently the
state closest to meeting
its retirement target of
$543,409; the average
resident holds $452,703
in savings, leaving
a 17% shortfall.
Hawaii is the state
furthest away from
its recommended
retirement savings
amount of $1.8
million; residents have
a shortfall of 80%.
Meanwhile, Mississippi
residents can expect
to retire after saving a
comparatively modest
$505,346.
Source: DollarGeek, analysis
from the Federal Reserve System's
Survey of Consumer Finances,
Bureau of Labor Statistics,
and Organization for Economic
Cooperation and Development
compared with national recommended
savings benchmarks
State
1 Kansas
2 Iowa
3 Georgia
4 Michigan
5 New Mexico
6 South Carolina
7 Alabama
8 Ohio
9 Texas
10 Kentucky
41 North Dakota
42 Utah
43 Maine
44 Rhode Island
45 Oregon
46 Massachusetts
47 Washington, D.C.
48 California
49 New York
50 Hawaii
Recommended Savings
$543,409
$583,851
$570,767
$600,504
$596,935
$627,861
$560,062
$600,504
$610,019
$621,914
$682,577
$692,093
$882,409
$908,578
$1,062,020
$1,120,304
$841,967
$1,205,946
$1,277,315
$1,813,768
Actual Savings
$452,703
$465,127
$435,254
$439,568
$428,041
$449,486
$395,563
$427,462
$414,328
$441,757
$319,609
$315,160
$403,751
$392,622
$452,558
$478,947
$347,582
$452,135
$382,027
$366,776
Savings Shortfall
17%
20%
24%
27%
28%
28%
29%
29%
29%
29%
53%
54%
54%
57%
57%
57%
59%
63%
70%
80%
6 planadviser.com | Summer 2023 | Awards & Innovation

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PLANADVISER - Summer 2023

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

Leadership in Practice
SECURE 2.0 Insecurities
The Need for NQDC Support
Advisers’ Huge Opportunity
Do 3(38)s Assume More Risk?
Match for Student Debtors
'The Question Stands
PLANADVISER - Summer 2023 - C1
PLANADVISER - Summer 2023 - C2
PLANADVISER - Summer 2023 - 1
PLANADVISER - Summer 2023 - 2
PLANADVISER - Summer 2023 - 3
PLANADVISER - Summer 2023 - 4
PLANADVISER - Summer 2023 - 5
PLANADVISER - Summer 2023 - 6
PLANADVISER - Summer 2023 - 7
PLANADVISER - Summer 2023 - 8
PLANADVISER - Summer 2023 - 9
PLANADVISER - Summer 2023 - 10
PLANADVISER - Summer 2023 - 11
PLANADVISER - Summer 2023 - 12
PLANADVISER - Summer 2023 - 13
PLANADVISER - Summer 2023 - 14
PLANADVISER - Summer 2023 - 15
PLANADVISER - Summer 2023 - Leadership in Practice
PLANADVISER - Summer 2023 - 17
PLANADVISER - Summer 2023 - 18
PLANADVISER - Summer 2023 - 19
PLANADVISER - Summer 2023 - 20
PLANADVISER - Summer 2023 - 21
PLANADVISER - Summer 2023 - 22
PLANADVISER - Summer 2023 - 23
PLANADVISER - Summer 2023 - 24
PLANADVISER - Summer 2023 - 25
PLANADVISER - Summer 2023 - 26
PLANADVISER - Summer 2023 - 27
PLANADVISER - Summer 2023 - SECURE 2.0 Insecurities
PLANADVISER - Summer 2023 - 29
PLANADVISER - Summer 2023 - 30
PLANADVISER - Summer 2023 - 31
PLANADVISER - Summer 2023 - The Need for NQDC Support
PLANADVISER - Summer 2023 - 33
PLANADVISER - Summer 2023 - Advisers’ Huge Opportunity
PLANADVISER - Summer 2023 - Do 3(38)s Assume More Risk?
PLANADVISER - Summer 2023 - Match for Student Debtors
PLANADVISER - Summer 2023 - 37
PLANADVISER - Summer 2023 - 'The Question Stands
PLANADVISER - Summer 2023 - 39
PLANADVISER - Summer 2023 - 40
PLANADVISER - Summer 2023 - C3
PLANADVISER - Summer 2023 - C4
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