Financial Advisors, CPAs, and Lawyers Lead in Latest 401(k) Rankings
Financial Advisors, CPAs, and Lawyers Lead in Latest 401(k) Rankings
In a remarkable annual evaluation, Judy Diamond Associates, part of Touchpoint Markets, has unveiled its ninth 401(k) Plan Benchmark Report, revealing significant trends and insights into the state of retirement planning in the United States. This year's report analyzes over 640,000 active 401(k) plans from a variety of industries, offering a comprehensive overview of America's most utilized retirement savings vehicle.
The results are not only impressive but also indicative of a thriving landscape for 401(k) plans. Across the country, total assets in 401(k) accounts surged to a staggering $8.0 trillion, with an incredible increase of $1.6 trillion from the previous year. This growth is attributed to favorable market conditions and the emergence of over 70,000 new 401(k) plans, marking the highest rate of new plan creation in a decade. According to Eric Ryles, Vice President of Customer Solutions at Judy Diamond Associates, the 2023 plan year represented a 'home run' for the retirement savings sector. He notes that the eligibility to participate in 401(k) plans expanded by more than 6 million individuals, which bodes well for future retirement outcomes.
In light of these findings, the report has identified Financial Advisors, Certified Public Accountants (CPAs), and Lawyers as the leading professionals in fostering 401(k) participation and success. These groups have demonstrated a commitment to not only guiding clients through the complexities of retirement planning but also in advocating the importance of these plans as a critical component of financial security. As Chris Conway, Executive Vice President and Chief Revenue Officer at Mutual of America Financial Group, highlights, the report serves as a vital resource for businesses aiming to create effective retirement plans that empower employees in achieving their financial goals.
The insight provided in the 401(k) Plan Benchmark Report is invaluable for employers, financial institutions, and individuals alike. It not only outlines participation trends but also benchmarks retirement plans across diverse industries, enabling businesses to refine their strategies in aligning with best practices. This approach is essential for promoting financial literacy and educating employees on the importance of building and preserving their assets for a secure retirement.
Further supporting this initiative, Mutual of America Financial Group's commitment to advancing financial education is evident in their continued investment into resources that equip employees with the knowledge they need to make informed decisions about their retirement savings. This ongoing effort illustrates the crucial role that companies and professionals play in enhancing the retirement landscape.
For those interested in accessing the complete 401(k) Plan Benchmark Report, it is available for download through the Judy Diamond Associates website. The findings will not only contribute to shaping future business practices but also influence the overall retirement readiness of the American workforce.
To wrap up, as the financial landscape continues to evolve, the collaboration between financial advisors, CPAs, and lawyers stands at the forefront of promoting successful retirement outcomes. By prioritizing education and access to effective retirement plans, professionals in these fields are laying the groundwork for a financially secure future, reflecting the growing recognition of the importance of 401(k) plans in America’s financial planning ethos.