Participants in defined contribution plans are more concerned about their own saving strategies than the 2020 election.
However, experts agree that the election and the coronavirus are two motivating factors for savers as they plan for the future. Participants are concerned about job stability, budgeting, and adequate savings strategies, while questions about the election itself have been surprisingly muted.
In the Pensions & Investments article “Savers More Interested in Their Money Than Election,” Jason Chepenik, Senior Vice President of Retirement + Wealth at OneDigital, warns against basing savings strategies solely on the outcome of any election.
There was much more activity at the beginning of the pandemic — about five times the election calls. There was more anxiety around this election, but we remind them that the president doesn't control the economy. Timing doesn't work. The most anxious participants have small account balances and/or are close to retirement. We say save as much as you can and don't have debt. Don't look at the market. Look at your pocketbook.
— Jason Chepenik, Senior Vice President, OneDigital Retirement + Wealth
Read the full Pensions & Investments article here.
Want to read more from Jason Chepenik? Check out his recent article: How to Help Employees Save for Retirement (and Plan for the Future) Amidst a Financial Crisis.
The post OneDigital Retirement + Wealth Leader Jason Chepenik Featured in Pensions & Investments appeared first on OneDigital.
