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Defined Contribution Quarterly Q4 2021

The Future of Retirement

Retirement plan sponsors today are offering more than retirement plans. They are offering full cycle retirement programs. This can include financial wellness programs, health savings accounts (HSAs) to save for health expenses in retirement, 529 college savings plans, student loan repayment and restructuring programs, automatic emergency savings and voluntary benefits such as long-term care insurance.

Retirement programs in the future will continue to expand to provide resources to help individuals save and invest on a tax-advantaged basis, focus on building the financial resiliency of the workforce, address the barriers to savings that prevent positive retirement outcomes and focus not only on accumulation but also on spending (i.e., decumulation).

Aligning Company and Employee Goals

Tomorrow’s DC plans will need to support a broad range of organizational needs.


Sources: ¹ PwC’s 9th annual Employee Financial Wellness Survey COVID-19 Update, PwC US, 2020. ² Cerulli Associates as of July 22, 2020. ³ Bloomberg Law.

Addressing Retirement Savings Gaps: Focusing on Barriers to Success

Defined contribution plans started as supplemental retirement plans but have evolved into the primary retirement vehicle for most Americans. The challenge: A DC plan alone has not been enough.


Sources: ¹ U.S Bureau of Labor Statistics, as of March 2021. ², as of July 2020.  ³ PWC 9th annual employee financial wellness study, as of May 2020. ⁴ America's Health Rankings analysis of U.S. Census Bureau, American Community Survey, United Health Foundation,, Accessed 2021. ⁵ According to joint study (Caregiving in the U.S.) by National Alliance on Caregiving and AARP, May 2020. ⁶ Alliance for Lifetime Income, as of July 2019. ⁷ 2020 EBRI Retirement Confidence Survey, as of April 2020. ⁸ Office of the Assistant Secretary for Planning and Evaluation; advisor to the US Department of Health and Human Services, as of April 2019. ⁹ Fidelity 2021 State of Retirement Planning Study. ¹⁰ Social Security Administration, Summary of the 2021 Annual Reports, August 2021.

Retirement Program Strategy: Creating a Full Cycle Retirement Program

Retirement programs in the future will continue to expand to provide resources to help individuals save and invest on a tax-advantaged basis, focus on building the financial resiliency of the workforce, address the barriers to savings that prevent positive retirement outcomes and focus not only on accumulation but also on spending (i.e., decumulation). 

For Informational Only.
Sources: Goldman Sachs Asset Management, as of August 2021.

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