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What if your 401(k) followed you from job to job as effortlessly as your favorite playlist?
Join host Rebecca Hourihan as she sits down with industry experts Spencer Williams and Neal Ringquist from the Retirement Clearinghouse to explore this game-changing innovation. Discover how the Portability Services Network is tackling the challenge of maintaining retirement savings as employees change jobs, what it took to bring this idea to life, and why it matters to the evolving mobile workforce.
Spencer and Neal discuss:
- The fascinating journey of auto portability from concept to critical mass and its impact on small account balances (00:01:06)
- The role of the Portability Services Network and its collaboration with major record keepers like Fidelity and Vanguard (00:05:54)
- How shifting demographics and technology are reshaping retirement savings behavior (00:08:35)
- Navigating the mechanical process of auto portability and its implications for advisors (00:12:24)
- Exploring the significant impact auto portability has on underrepresented communities and reducing cash-out leakage (00:24:56)
- Vision for the future of Retirement Clearinghouse and upcoming innovations in retirement services (00:27:42)
- And more