Through the first three quarters of 2021, only 1.2% of defined-contribution plan participants stopped contributing to their plans, according to data from recordkeepers collected by the Investment Company Institute.
That minor fall-off compares with the 2.2% of participants who stopped contributing to plans in the first three quarters of 2020, and the 5.0% who stopped contributing in the similar period of 2009, another time of financial market stress.
The ICI figures are based on DC plan record-keeper data covering more than 30 million participant accounts in employer-based DC plans at the end of September 2021. DC plan withdrawals in the first three quarters of 2021 remained low, but slightly higher than activity observed in recent years, ICI said.
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Pro-bitcoin professionals, however, say the cryptocurrency has ushered in change.
“LPL has evolved significantly over the last decade and still wants to scale up,” says one industry executive.
Survey findings from the Nationwide Retirement Institute offers pearls of planning wisdom from 60- to 65-year-olds, as well as insights into concerns.
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