Online marketplace for retirement plans

Nov 5th, 2020 | By | Category: Personal Finance/Business

Preparing for retirement can easily be pushed into the “some day” category as people focus on present needs and expenses. Very few Americans have a plan for retirement savings that is adequate for their desired standard of living after they retire, according to results of the Employee Benefit Research Institute’s 2019 Retirement Confidence Survey.

The survey found that workers who have any retirement plan are more likely, along with their spouse, to have saved any money for retirement. However, the U.S. Bureau of Labor and Statistics reports only about 51 percent of all workers participate in workplace retirement benefit options.

For a better approach to saving for retirement, the state Department of Commerce (DOC) suggests using the Retirement Marketplace. The online service (retirement-marketplace.com) helps Washington businesses and individuals shop for retirement savings plans that the state has verified are low-cost, meaning no administrative fees to employers and a cap of no more than 1 percent in total annual fees.

Plan enrollments are managed by private financial-services firms.

“The Retirement Marketplace removes barriers and allows easy access to retirement savings plans,” said DOC director Lisa Brown. “When people are better prepared to live comfortably in retirement, it strengthens communities and local economies.”

Besides its website, more information on Retirement Marketplace is available at retirementmarketplace@commerce.wa.gov and 360-725-5070.

 

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