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Mark Miller of Financial Advisor wrote a piece last week on how “People are Flunking Retirement Readiness, And What To Do About It.” He uses an airplane analogy illustrating that 30 years ago a professional financial pilot would manage your defined pension plan, but today most 401(k) plans are being controlled by the passengers or plan participants. The industry is putting a lot of responsibility on the shoulders of participants to "decide how much to invest, where to invest it and how to draw it down."
Other key points the article touched on were:
PAi is fully aware of this problem, and we’re actively developing retirement solutions that can create a retirement-ready world. We recently introduced our Co-Pilot 401(k), a revolutionary retirement solution that uses managed accounts, proactive alerts and “years of retirement” to help plan participants reach their retirement destination.
Get your Guide to Offering Co-Pilot 401(k), today.