IRAs The Next Generation. Megan Morgan & Kevin Boyles - Ascensus

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1 IRAs The Next Generation Megan Morgan & Kevin Boyles - Ascensus

2 Today s Presentation Defining the Generations 2

3 Today s Presentation Defining the Generations IRA Ownership 3

4 Today s Presentation Defining the Generations IRA Ownership Millennials and IRAs 4

5 Today s Presentation Defining the Generations IRA Ownership Millennials and IRAs Generation X and IRAs 5

6 Today s Presentation Defining the Generations IRA Ownership Millennials and IRAs Generation X and IRAs Baby Boomers and IRAs 6

7 Defining the Generations 7

8 The Five Generations Homeland/iGen Born 2005 Present Often called Generation Z* 8

9 The Five Generations Homeland/iGen Born 2005 Present Often called Generation Z* Millennials Born Also known as Generation Y or Echo Boomers 9

10 The Five Generations Homeland/iGen Born 2005 Present Often called Generation Z* Millennials Born Also known as Generation Y or Echo Boomers Generation X Born

11 The Five Generations Homeland/iGen Born 2005 Present Often called Generation Z* Millennials Born Also known as Generation Y or Echo Boomers Generation X Born Baby Boomers Born

12 The Five Generations Homeland/iGen Born 2005 Present Often called Generation Z* Millennials Born Also known as Generation Y or Echo Boomers Generation X Born Baby Boomers Born Silent Born

13 The Five Generations 5 Millions Z Millennials Gen X Baby Boomers 1 0 Silent Sources: Centers for Disease Control and Prevention, Live Births, Birth Rates, and Fertility Rates, by Race: United States, , Centers for Disease Control and Prevention, National Vital Statistics Reports, annually from , 13

14 Births by Generation 5 Millions Z Millennials Gen X Baby Boomers million* 89 million 55 million 76 million Sources: Centers for Disease Control and Prevention, Live Births, Birth Rates, and Fertility Rates, by Race: United States, , Centers for Disease Control and Prevention, National Vital Statistics Reports, annually from , 14

15 Births, Immigration, and Diversity 5 Millions Z Millennials Gen X Baby Boomers 1 0 Dark color = total population; Light color = U.S. births Sources: Centers for Disease Control and Prevention, Live Births, Birth Rates, and Fertility Rates, by Race: United States, , Centers for Disease Control and Prevention, National Vital Statistics Reports, annually from , 15

16 Generational Comparisons by Race Race/Ethnicity Ages Millennials in % Gen Xers in % Boomers in % Silents in % White Hispanic Black Asian Other Source: Pew Research Center, Comparing Millennials to Other Generations, March 19, 2015, 16

17 Generational Comparisons by Marital Status Marital Status Ages Millennials in % 4 68 Gen Xers in % 6 56 Boomers in % 8 43 Silents in % 3 32 Married Separated/Divorced Widowed Never Married Source: Pew Research Center, Comparing Millennials to Other Generations, March 19, 2015, 17

18 Gender Breakdown by Generation 2 Millions 1 Millennials Gen X Baby Boomers 0 Dark color = male; Light color = female Sources: Centers for Disease Control and Prevention, Live Births, Birth Rates, and Fertility Rates, by Race: United States, , Centers for Disease Control and Prevention, National Vital Statistics Reports, annually from , 18

19 When Each Generation was 8 22 Years Old Source: Macrotrends LLC, Dow Jones 100 Year Historical Chart, 19

20 When Each Generation was 8 22 Years Old Source: Macrotrends LLC, Dow Jones 100 Year Historical Chart, 20

21 Comparing Millennials, Gen X, and Boomers 21

22 Comparing Millennials, Gen X, and Boomers Millennial Generation X Baby Boomer Celebrates diversity Accepts diversity Assumes diversity Rewrites rules Desires rules Rejects rules Irrelevance of institutions Mistrusts institutions Topples institutions Realistic Pragmatic Practical Nurtured kids Latch-key kids Laissez-faire kids Sources: Darden Employees FCU, Serving Gen Y, Jim Kasch, CEO, Pew Research Center, Millennials: Unmoored from Institutions, March 5, 2014, 22

23 Comparing Millennials, Gen X, and Boomers Millennial Generation X Baby Boomer Celebrates diversity Accepts diversity Assumes diversity Rewrites rules Desires rules Rejects rules Irrelevance of institutions Mistrusts institutions Topples institutions Realistic Pragmatic Practical Nurtured kids Latch-key kids Laissez-faire kids Percent who are religiously unaffiliated * Age ranges are for 2014 Sources: Darden Employees FCU, Serving Gen Y, Jim Kasch, CEO, Pew Research Center, Millennials: Unmoored from Institutions, March 5, 2014, 23

24 Comparing Millennials, Gen X, and Boomers Millennial Generation X Baby Boomer Celebrates diversity Accepts diversity Assumes diversity Rewrites rules Desires rules Rejects rules Irrelevance of institutions Mistrusts institutions Topples institutions Realistic Pragmatic Practical Nurtured kids Latch-key kids Laissez-faire kids Percent who are religiously unaffiliated Percent who consider themselves political independents * Age ranges are for 2014 Sources: Darden Employees FCU, Serving Gen Y, Jim Kasch, CEO, Pew Research Center, Millennials: Unmoored from Institutions, March 5, 2014, 24

25 Generational Transition in the Workforce U.S. Labor Force by Generation, Sources: Pew Research Center, Millennials surpass Gen Xers as the largest generation in U.S. labor force, May 11, 2015, Brookings, Brookings Data Now: 75 Percent of 2025 Workforce Will Be Millennials, July 17, 2014, 25

26 Generational Transition in the Workforce U.S. Labor Force by Generation, Labor Force Composition by Generation % of the labor force Sources: Pew Research Center, Millennials surpass Gen Xers as the largest generation in U.S. labor force, May 11, 2015, Brookings, Brookings Data Now: 75 Percent of 2025 Workforce Will Be Millennials, July 17, 2014, 26

27 Generational Transition in the Workforce U.S. Labor Force by Generation, Labor Force Composition by Generation By 2025, 75% of the U.S. workforce will be made up of Millennials. % of the labor force Sources: Pew Research Center, Millennials surpass Gen Xers as the largest generation in U.S. labor force, May 11, 2015, Brookings, Brookings Data Now: 75 Percent of 2025 Workforce Will Be Millennials, July 17, 2014, 27

28 Generational Transition in the Workforce By 2025, 75% of the U.S. workforce will be made up of Millennials. 28

29 IRA Ownership 29

30 IRA Ownership by Age Mutual Funds Incidence of IRA Ownership Greatest Among 45- to 64-Year-Olds Percentage of U.S. households within each age group that own IRAs, Younger than to to to or older Age is based on the age of the sole or co-decisionmaker for household saving and investing. IRAs include Traditional IRAs, Roth IRAs, SEP IRAs, SAR-SEP IRAs, and SIMPLE IRAs. Source: Investment Company Institute, The Role of IRAs in U.S. Households Saving for Retirement, 2014, ICI Research Perspective, Vol. 21, No. 1, January 2015, 30

31 IRA Ownership by Age Government Insured Roth IRA Source: Ascensus IRAdirect data 31

32 IRA Ownership by Age Government Insured Traditional IRA Roth IRA Source: Ascensus IRAdirect data 32

33 IRA Ownership by Age Government Insured Traditional IRA Total Roth IRA Source: Ascensus IRAdirect data 33

34 Average Account Balance Government Insured $35,000 $30,000 $25,000 $20,000 $15,000 $10,000 Homeland Millennial Gen X Baby Boomer Silent $5,000 $0 Traditional IRA Roth IRA Source: Ascensus IRAdirect data 34

35 Millennials and IRAs 35

36 Millennials are underserved and lacking knowledge. Source: Wells Fargo, 2014 Wells Fargo Millennial Study, 2014, 36

37 The Accumulation Gap Source: Wells Fargo, 2014 Wells Fargo Millennial Study, 2014, 37

38 Millennials and Retirement Saving Millennials are the most indebted generation in history 42% say debt is their largest financial concern 47% use more than half their monthly income to pay off debt Source: Wells Fargo, 2014 Wells Fargo Millennial Study, 2014, 38

39 Millennials and Retirement Saving 55% have started saving for retirement 67% saving through employer-sponsored retirement plans 46% already have an IRA of some type 51% saving 5% of their income or less Source: Wells Fargo, 2014 Wells Fargo Millennial Study, 2014, 39

40 The Millennial Trust Swing Who is your trusted source for financial information? 60% 50% 40% 30% 20% Millennials Boomers 10% 0% Family Financial Institutions Personal Finance Experts Source: Wells Fargo, 2014 Wells Fargo Millennial Study, 2014, 40

41 Millennials Are Job Changers The average worker stays at each job for 4.4 years, according to the Bureau of Labor Statistics, but the expected tenure of the workforce s youngest employees is about half that. 91% percent of Millennials expect to stay in a job for less than 3 years Rollover IRAs Roth vs. 401k Source: Forbes, Job Hopping Is the New Normal for Millennials: Three Ways to Prevent a Human Resource Nightmare, August 14, 2012, 41

42 Millennials and the Four-Legged Stool The Four-Legged Stool of Retirement Saving Personal Retirement Savings 42

43 Millennials and the Four-Legged Stool The Four-Legged Stool of Retirement Saving Personal Retirement Savings Social Security 43

44 Millennials and the Four-Legged Stool The Four-Legged Stool of Retirement Saving Personal Retirement Savings Social Security Employer-Sponsored Retirement Plans 44

45 Millennials and the Four-Legged Stool The Four-Legged Stool of Retirement Saving Personal Retirement Savings Social Security Healthcare Savings Employer-Sponsored Retirement Plans 45

46 Considerations for Millennial Staff New approach to training and technical support for IRA staff Will they stay in the role long enough to learn? Consider how they learn How does support need to change? 46

47 Considerations for Millennial Staff New approach to training and technical support for IRA staff Will they stay in the role long enough to learn? Consider how they learn How does support need to change? Tap into their sense of community and purpose Certifications Make it personal for them People helping people 47

48 Handling Millennials and IRAs Lots of inherited IRAs, now and in future Build bridge from IRA owner to Millennial beneficiary Technology Education Millennials opening IRAs Roth and its potential uses Flexible IRA product design and options Leveraging social networks Fees can open and close doors with Millennials Challenge your traditional views on IRAs 48

49 Generation X 49

50 The Forgotten Generation 37% do not feel financially secure highest of any generation 18% don t believe they ll ever retire 44% still have children under age 18 25% have a parent or older relative in their household Less likely to have sought financial advice than Millennials Sources: Pew Research Center, Generation X: America s neglected middle child, June 5, 2014, Northwestern Mutual, Planning and Progress Study 2015, January 2015, study PlanSponsor, Generation X Most at Risk Financially, May 20, 2015, 50

51 Baby Boomers and IRAs 51

52 Chasing the Boomers (and Their Dollars) Investment providers using the same strategies as with prior generations Many Boomers have different needs and motivations First DC generation Market timing for middle class Boomers Some Boomers will use retirement savings for living expenses Investment types Distribution strategies Smaller percentage will roll more to market investments than prior generations Estate planning for all income levels 52

53 The Changing Role of Credit Unions Probable additional market share Interest rates rise Stock market tumbles Both of the above Not all Baby Boomers will roll over to marketbased investments Looking to have cash for living on in retirement Many cannot afford to guess wrong on investments Something is better than nothing NCUA insurance 53

54 IRA Market Share IRA Assets Trillions of dollars, year-end, selected years Source: Investment Company Institute, 2015 Investment Company Institute Fact Book, 55 th Edition, 54

55 Rollovers Will Hit Record Levels $600 Annual New IRA Rollover Contributions, E ($ billions) $500 $400 $499.3 $474.1 $450.2 $405.7 $427.4 $385.0 $300 $200 $228.5 $214.9 $205.0 $282.0 $316.6 $272.1 $243.7 $271.0 $268.0 $290.8 $323.8 $100 $ The Cerulli Report, Evolution of the Retirement Investor 2014: Understanding 401(k) Participant Behavior and Trends in IRAs, Rollovers, and Retirement Income, 55

56 Rollovers Will Hit Record Levels $600 Annual New IRA Rollover Contributions, E ($ billions) $500 $400 $300 $ % 4.8% 0.3% $228.5 $214.9 $ % $282.0 $ % $272.1 $243.7 $ % $474.1 $450.2 $405.7 $427.4 $ % 11.3% 8.5% $ % 5.4% $271.0 $ % 5.3% 5.3% $ % $100 $0-14.1% -10.4% The Cerulli Report, Evolution of the Retirement Investor 2014: Understanding 401(k) Participant Behavior and Trends in IRAs, Rollovers, and Retirement Income, 56

57 The Continued Contribution Shift to Rollovers In 2013, only 8.7% of Traditional IRA owners in mutual fund/investment accounts made a regular contribution Sources: Investment Company Institute, The IRA Investor Profile: Traditional IRA Investors Activity, , July 2015, Ascensus IRAdirect data 57

58 The Continued Contribution Shift to Rollovers In 2013, only 8.7% of Traditional IRA owners in mutual fund/investment accounts made a regular contribution In 2013, only 8.7% of Traditional IRA owners in time deposits made a regular contribution Sources: Investment Company Institute, The IRA Investor Profile: Traditional IRA Investors Activity, , July 2015, Ascensus IRAdirect data 58

59 The Continued Contribution Shift to Rollovers In 2013, only 8.7% of Traditional IRA owners in mutual fund/investment accounts made a regular contribution In 2013, only 8.7% of Traditional IRA owners in time deposits made a regular contribution Rollovers are fueling higher IRA balances Sources: Investment Company Institute, The IRA Investor Profile: Traditional IRA Investors Activity, , July 2015, Ascensus IRAdirect data 59

60 Operational Concerns and Considerations July 1, ,000 Baby Boomers turn age 70½ and every day after for 18 years RMD strategies 60

61 Operational Concerns and Considerations July 1, ,000 Baby Boomers turn age 70½ and every day after for 18 years RMD strategies Beneficiary/inherited IRA situations Update beneficiaries IRA owner education becomes more critical 61

62 Operational Concerns and Considerations July 1, ,000 Baby Boomers turn age 70½ and every day after for 18 years RMD strategies Beneficiary/inherited IRA situations Update beneficiaries IRA owner education becomes more critical Staffing your IRA desk Technical support Training Succession planning 62

63 Thank you. Questions? Ascensus provides administrative and recordkeeping services and is not a broker-dealer or an investment advisor. Ascensus and the Ascensus logo are registered trademarks of Ascensus, Inc. Copyright 2015 Ascensus, Inc. All Rights Reserved. 63

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