Viewpoints by Jack Barry, at John Hancock Retirement
In this role, Jack leads the development of strategy for John Hancock. In addition, he's responsible for new product development and ongoing product management, including delivering John Hancock’s advice solution. Jack began his career at John Hancock in 1997, during which time he's also led market research and competitive intelligence. Jack also built, and continues to oversee, the Net Promoter Score, which gathers customer feedback from advisors, plan sponsors, and plan participants. Prior to joining the retirement team, he led strategic planning for the U.S. division, where he worked closely with the U.S. executive team in the development of John Hancock's integrated strategic plan.
Jack has also served as a member of the company's global wealth council, working to identify cross-divisional opportunities for the retirement businesses in the United States, Canada, and Asia. He holds FINRA Series 6 and 7 licenses, and earned a B.A. from the University of Massachusetts. Jack is based in Boston, Massachusetts. A regular runner, he's part of the John Hancock marathon program and runs to raise funds for the Boys and Girls Club.
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SECURE 2.0 Act offers good news for retirement savers
The SECURE 2.0 Act passed on December 29, 2022. As an expansion of the Setting Every Community Up for Retirement Enhancement (SECURE) Act that was passed in 2019, SECURE 2.0 includes new ways that employers, the federal government, and the retirement plan industry can help Americans save more for retirement. Here are a few of the ways it can help you save more for retirement.
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Does income replacement really measure retirement readiness?
Income replacement ratios can make appropriate benchmarks for 401(k) plan decision-makers, but participants might want to use a more personalized measure in planning for retirement.
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What are the lifetime income illustrations on my 401(k) statement?
If you’re saving in a defined contribution (DC) retirement plan, you receive a quarterly statement that shows your account balance and investments. To help you see how much monthly income your account balance will generate, your statement will start including two lifetime income illustrations.
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Three participant realities—and ways to improve your next retirement readiness assessment
Inspired by the research in our “State of the participant 2021” report, here are three observations on what retirement plan savers are going through today—and next steps you might consider to ease their journey going forward.
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Financial wellness programs can help increase employee loyalty and reduce stress
Even before 2020 became a four-letter word, financial stress was on the rise among Americans—and the pandemic has made it worse. In our latest financial stress survey, we learned how employees feel about financial programs and the types of help they’d like from their employers.
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The top causes of personal financial stress—they're not what you expect
Whether they consider their financial situation poor or excellent, Americans are financially stressed. Retirement plan sponsors and their business partners need to understand the top causes of that stress in order to put together an education or engagement strategy that helps participants take a step closer to financial wellness and retirement readiness.
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Financial wellness begins with an emergency savings account
Employees who have built up emergency savings are better equipped to contribute to their 401(k) plan and less likely to tap the plan for loans—and that’s good for both employee financial wellness and the overall plan health.
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