401(k) Specialist Issue 1 - 2021 - 10
401(k) NEWS YOU CAN USE
The 'World's Best Place to Retire in 2021' is...
ACCORDING TO THE International Living's 30th Annual Global
Retirement Index, Costa Rica is the world's best destination for
retiring overseas in 2021. The Central American country reclaims the
top spot it also held in 2018 after falling to second in 2019 behind
Panama and the third spot in 2020 behind both Portugal and Panama.
Panama remains in the second spot in 2021, while Portugal
dropped to fifth in this year's rankings. Mexico and Colombia took
2021's third and fourth spots.
The annual index-created through a combination of statistic
crunching and on-the-ground input from in-country correspondents-ranks
and rates the world's top 25 countries for retirement
across 10 categories, including cost of living, retiree benefits,
climate, healthcare, and more.
High marks in healthcare, fitting in, development, visa and
residency, and cost of living categories propelled Costa Rica to the
top spot, and it also benefitted from its pleasant tropical climate,
friendly and welcoming locals, vast real estate options and its
natural beauty.
How 401(k) Planning and Saving Differs
with Remote Workers
REMOTE WORKING HAS an impact on retirement planning, specifically
in the way employees understand and decide how to invest and save for
retirement. It differs in the absence of in-person meetings or guidance
from HR or benefits staff.
According to Morningstar:
* Remote workers invest differently from local workers in 401(k) plans
and are much more likely to be interested in a personalized advice
option such as managed accounts (also referred to as robo-advisors).
* Remote employees are 7.4% less likely to use the plan default investment
in target-date funds, and 1.3% more likely to use managed
accounts, seeking personalized advice.
* While some of these changes may be due to demographic differences,
the effects persist even after controlling for demographics.
* Participants who use managed accounts tend to save more for retirement,
according to a growing body of research, despite the use of
managed accounts options historically having been relatively low.
* Defined contribution plans expecting an increase in remote workers
may want to consider adding managed accounts options
to their plans if they have not done so. These can
typically be added at no cost to the plan sponsor.
8
ISSUE 1 2021 | 401kSpecialist.com
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401(k) Specialist Issue 1 - 2021
Table of Contents for the Digital Edition of 401(k) Specialist Issue 1 - 2021
Table of Contents
401(k) Specialist Issue 1 - 2021 - Cover1
401(k) Specialist Issue 1 - 2021 - Table of Contents
401(k) Specialist Issue 1 - 2021 - 1
401(k) Specialist Issue 1 - 2021 - 2
401(k) Specialist Issue 1 - 2021 - 3
401(k) Specialist Issue 1 - 2021 - 4
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401(k) Specialist Issue 1 - 2021 - 46
401(k) Specialist Issue 1 - 2021 - Cover3
401(k) Specialist Issue 1 - 2021 - Cover4
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