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Week ending July 26th, 2019 |
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Being a habitual saver and having a written plan for retirement are two key steps plan participants can take to prepare for a secure retirement, but research shows few have a written plan. What is included in that written plan is important. Recent research found that fewer than half of workers (48% global and U.S.) are currently factoring future health care expenses into their retirement savings needs, and in the U.S., only 41% of workers have a backup plan to provide an income in the event they are unable to work before they reach their planned retirement age. Planning to work past normal retirement age is part of the plan for an increasing number of employees, but these plans can be thwarted by health problems, job elimination and even age bias, so a backup plan is important. For a majority of employees, lack of education about how to spend down assets in retirement is confusing their plans, and they need education about the part Social Security will play in retirement income. In this edition of PLANSPONSOR Weekend, articles explore ways plan sponsors and retirement plan advisers can help participants plan for retirement. |
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