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FINANCIAL WELLNESSFINANCIALWELLNESS

Funding their retirement years is perhaps the single biggest financial challenge most Americans face. But it’s not the only challenge. In addition to trying to save for retirement and other long-term goals, individuals also must strive to manage day-to-day finances and protect against key financial risks. It would be ideal for people to work toward all three goals simultaneously.

In the real world, of course, most people don’t have enough money to meet all their financial goals simultaneously and must make ongoing trade-offs that balance their needs and resources.  To address these goals, we bring together PGIM’s retirement income pillars, investment capabilities, and financial wellness expertise.

Only 36% of Americans feel confident about their financial situation and outlook.
Prudential, “Financial Wellness Census 2020,” July 2020.*

*ABOUT THE CENSUS Prudential launched the Financial Wellness Census in 2018 to capture and analyze the financial experience of Americans, including their objective financial health—what they earn, own and owe—as well as their subjective sense of their own financial well-being. In each wave, we surveyed more than 3,000 U.S. adults representing three generations—millennials, Generation X and baby boomers—in October 2017, December 2019, and again in May 2020 in the throes of the COVID-19 pandemic.

 

PGIM RETIREWELL FRAMEWORK FOR INDIVIDUALS

  • Create a budget
  • Pay bills regularly and maintain a good credit history
  • Create a will

You should consult with your attorney, accountant, and/or tax professional for advice concerning your particular situation.

  • Maintain healthcare insurance
  • Enroll in disability insurance
  • Purchase adequate life insurance
  • Set up emergency savings
  • Create a debt reduction plan
  • Save and invest in your employer's retirement savings plan
  • Take advantage of your employer's match
  • Take advantage of your employer's HSA/FSA savings plan
  • Save and invest for short and mid-term goals 
  • How to Review Your Retirement Saving
  • Create a plan to generate retirement income for life 
  • Consider guaranteed income investments 
  • Take advantage of available retirement income tools and strategies from your employer 
  • Ensure you have adequate protection 
  • Evaluate long term care options 
  • Create a legacy plan 
  • Implement a sustainable spending plan 
  • Maintain retirement income plan to help manage spend-down risks and outlive your savings  

With the goal of helping American workers achieve their short-term and long-term goals, we offer a step-by-step framework that individuals can follow as they decide how to best manage their finances today while also planning for their future. Embedded in the framework are links to provide a few examples of the holistic educational content that is available to help individuals embark on each step and increase their overall financial literacy.

OUR SOLUTIONS

PGIM RetireWell™ solutions seek to help the American worker save and spend in retirement.

Learn More

This material has been prepared and/or collated by PGIM’s affiliate, Prudential Workplace Solutions Group Services, LLC (“PWSGS”). PWSGS provides access to a number of Financial Wellness products, services, seminars and tools offered by PWSGS, its affiliates or third parties.  PWSGS is a subsidiary of Prudential Financial, Inc. PWSGS is not a licensed insurance company, does not provide insurance products or services and does not provide financial, investment or other advice. Individuals should consult appropriate professionals when making financial, investment and tax decisions.

This material is for informational and educational purposes only. The information is not intended as a financial plan or investment advice and is not a recommendation about managing or investing your money. In providing these materials, PWSGS is not acting as your fiduciary as defined by any applicable laws and regulations.

Access to third party products, services, seminars and tools (collectively “third party resources”) is provided through PWSGS. PWSGS does not recommend or endorse any third party resources. Any such references are provided for general informational purposes only. PWSGS does not control and cannot guarantee the accuracy, completeness or usefulness of any of the third party resources referenced. Individuals are encouraged to adequately research any such products, services or resources before using. Operators of these third party resources are independent of and not subsidiaries or affiliates of Prudential. When you select a link to a third party website, you become subject to the privacy and security policies of the operators of that third party website.

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All investments involve risk, including the possible loss of capital.

PGIM DC Solutions LLC ("PGIM DC Solutions") is an SEC-registered investment adviser, a Delaware limited liability company, and an indirect wholly-owned subsidiary of PGIM, Inc. ("PGIM"), the principal asset management business of Prudential Financial, Inc. ("PFI") of the United States of America. Registration with the SEC does not imply a certain level of skill or training. PFI of the United States is not affiliated in any manner with Prudential plc incorporated in the United Kingdom or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom.

The content and materials presented here are for informational, illustrative and educational purposes only and should not be construed as investment advice or an offer or solicitation in respect of any products or services to any persons who are prohibited from receiving such information under the laws applicable to their place of citizenship, domicile or residence. The information presented is not a recommendation about managing or investing retirement savings and does not take into account individual investment objectives or financial situations.

PGIM DC Solutions aims to help participants achieve their retirement goals through their suite of “PGIM RetireWell™” solutions. These solutions may include a range of investment options including target date portfolios, retirement income strategies, and managed accounts that can be coupled with our proprietary advice engine. There is no guarantee that investment or retirement goals will be achieved.  Use of the term “RetireWell” and any related phrase is not intended to indicate that such- goals will be achieved.

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