'Future of retirement is going to come from the workplace'
George Castineiras, senior vice president of Total Retirement Solutions for Prudential Retirement, is upbeat about the growth opportunities for the retirement industry in 2013 and beyond. His optimism is fueled by long-term demographics and almost $18 trillion1 in retirement assets that will be put into play over the next two decades.
"As defined benefit plans continue to fade and more and more employees begin to rely on defined contribution plans, perhaps the best source for growth in the retirement income industry is now in the workplace," Castineiras said at Prudential's 2013 Global Economic and Retirement Market Outlook held recently in New York City.
Castineiras noted new engagement models, such as automatic enrollment, automatic escalation and automatic income, will be crucial to the success of employer-sponsored plans. "There is an increasing need for individual plan participants to take charge of their own retirement," he said. "These auto features, coupled with enhanced participant engagement programs and more education, will help employees feel more confident as they map their own course to a secure retirement."
Interested in more of George's outlook? Watch the video above or read the news release. Want to speak with George? Email Josh Stoffregen.
1 Total Retirement Market Assets as of year end 2011. Investment Company Institute ® 2012 Investment Company Factbook, 52nd edition.
Retirement products and services are provided by Prudential Retirement Insurance and Annuity Company, Hartford, CT, or its affiliates.
0238352-00001-00
"As defined benefit plans continue to fade and more and more employees begin to rely on defined contribution plans, perhaps the best source for growth in the retirement income industry is now in the workplace," Castineiras said at Prudential's 2013 Global Economic and Retirement Market Outlook held recently in New York City.
Castineiras noted new engagement models, such as automatic enrollment, automatic escalation and automatic income, will be crucial to the success of employer-sponsored plans. "There is an increasing need for individual plan participants to take charge of their own retirement," he said. "These auto features, coupled with enhanced participant engagement programs and more education, will help employees feel more confident as they map their own course to a secure retirement."
Interested in more of George's outlook? Watch the video above or read the news release. Want to speak with George? Email Josh Stoffregen.
1 Total Retirement Market Assets as of year end 2011. Investment Company Institute ® 2012 Investment Company Factbook, 52nd edition.
Retirement products and services are provided by Prudential Retirement Insurance and Annuity Company, Hartford, CT, or its affiliates.
0238352-00001-00
