Investors shifted their retirement portfolios out of stocks and into bonds in September, opting for more conservative investments over riskier ones.
As uncertainty looms ahead of the upcoming presidential election, many expect volatility in the stock market.
“People who don’t understand their benefits and who don’t use their benefits are the most likely to be disengaged and the most likely to say they’re going to leave their employer. When you’re spending on ramping people up, you’re not necessarily getting the dividends at the front end. By its very nature, the 401(k) plan is filled with jargon, so you have to make it more approachable. Sometimes, [lower-income workers] are the first savers out of generations in their families, so the 401(k) vocabulary may not be something they understand."