Workplace Open Enrollment Period is Missed Opportunity to Bolster Retirement Plans
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As many workers elect workplace benefits during open enrollment this month, new Corebridge Financial-Morning Consult survey finds less than half will review or increase retirement plan contributions.
With just four out of 10 (
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Consider increasing your retirement plan contribution, even by a small amount —less than half (
45% ) of those surveyed said they intend to increase their retirement plan contribution by1% or more. -
Ensure you’re enrolled in your employer-sponsored retirement plan, if eligible —
32% of respondents said they will be enrolling in their company’s defined contribution plan, with35% already enrolled. -
Meet with a financial professional —nearly eight out of 10 (
78% ) believe it’s a good idea to meet with a financial professional when selecting workplace benefits; a sentiment that increases among younger generations.
“The benefits available through the workplace can play a major role in retirement planning — from helping you accumulate and protect retirement savings to ensuring your loved ones are taken care of later in life,” said Terri Fiedler, President of Retirement Services at Corebridge Financial. “Your employer’s open enrollment period is an opportune time to review your retirement plan holistically, identify gaps and needs, ensure you’re maximizing your employer’s contribution matching programs and take actions that will help achieve the retirement you envision.”
The Corebridge survey found women (
Among those who do not intend to review or make any changes to their employer-sponsored retirement plan during the workplace open enrollment period, the most cited reason is that they haven’t thought about it (
Methodology
This poll was conducted with Morning Consult between October 18 – 23, 2023 among a national sample of 2,312 working adults. Results from the total sample have a margin of error of +/-2 percentage points.
This material is general in nature, was developed for educational use only, and is not intended to provide financial, legal, fiduciary, accounting or tax advice, nor is it intended to make any recommendations. Applicable laws and regulations are complex and subject to change. For legal, accounting or tax advice consult the appropriate professional.
About Corebridge Financial
Corebridge Financial, Inc. (NYSE: CRBG) makes it possible for more people to take action in their financial lives. With more than
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Jay Russo (Media): jay.russo@corebridgefinancial.com
Işıl Müderrisoğlu (Investors): investorrelations@corebridgefinancial.com
Source: Corebridge Financial
FAQ
What percentage of workers plan to review their retirement plan contributions during open enrollment according to the Corebridge Financial-Morning Consult survey?
How many workers intend to increase their retirement plan contributions by 1% or more?