Street Address:
1300 Enterprise Drive
De Pere, Wisconsin 54115-2795
Mail Address: 
P.O. Box 60
De Pere, Wisconsin 54115-2795

Phone: 800.236.7400
Fax: 920.337.9978
Sales: sales@pai.com 
Customer Service: planservice@pai.com

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Please complete this form to receive the latest CoPilot blog updates via e-mail. Each week we post news and information about the 401(k) industry to assist plan sponsors, participants and Financial Advisors in managing retirement plans.

October 2013

Halloween Spending

Since 2005 Halloween spending has grown 55%. According to the National Retail Federation it is estimated that nearly $7 billion will be spent this year on Halloween. That adds up to a lot of pumpkins and candy. Even pets are dressing up with roughly $330 million being spent for their costumes.* 

Dressing up the dog like a character from your favorite TV show or creating the perfect costume can add up quickly. Using coupons to save on Halloween candy or using clothes that you already have to make your costume are great ways to save. 

Planning Early

A recent report found that 34% of middle-class workers plan to work until they’re at least 80.* While some may plan to work longer careers, reasons such as changes in the workplace or health can mean that that isn’t always a possibility. According to the Employee Benefit Research Institute’s 2013 Retirement Confidence Survey, 47% of retirees left the work force earlier than planned.**  

In Retirement

Today, and every day for the next 16 years, it’s estimated that 10,000 Baby Boomers will turn 65. That’s a staggering number of people nearing retirement! And with the average lifespan of American’s increasing, it could mean spending up to 30 or more years in retirement for some.

It is important that before participants stop working that they are financially prepared to do so. Establishing a budget is an important step since no more paychecks coming in means less financial flexibility. 

Approaching Retirement

Ideally, if you’re in your 50s, you should be getting close to your retirement saving goals. But that isn’t always the case.

Plan participants in their 50s can take advantage of catch-up contributions which allow them to contribute extra money to their retirement plan. For 401(k) plans, that means in 2013 someone over 50 can contribute an extra $5,500.

It’s National Save for Retirement Week. It’s a great time to consider how you could help plan participants in their 50s enter the home stretch in their retirement planning. 

Retirement Planning for the Millennial Generation

For most of those in the millennial generation, retirement planning feels incredibly far off when they’re trying to find money to pay student loans or purchase the latest iPhone. A recent survey however, did find that not having enough money for retirement was a top concern for those ages 18 to 29.*

Retirement Age

A recent report from the Employee Benefit Research Institute (EBRI) found that more than 1 in 5 workers expect to retire later than they thought 12 months ago. A higher than expected cost of living and change in employment were included in the list of top reasons for workers changing their expected retirement age. 

Additionally, the report found that 47% of retirees left the work force earlier than planned. Reasons such as health, changes at their companies and caring for family members led to retiring early. 

Talking Retirement Goals

A recent poll from the Associated Press-NORC Center for Public Affairs Research found that 47 percent of workers 50 and older now expect to retire later than they previously thought. Additionally the survey found that 1 in 6 reported having less than $1,000 in retirement savings and 1 in 4 working respondents aren’t saving for retirement outside of Social Security.

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