Many employees look to employers for help with planning for retirement. Generation X, arguably, may need the most help right now. But, employers can help all generations by strategically designing a defined contribution (DC) retirement plan that will improve outcomes for employees. Offering calculators to employees can spur them into taking more actions to help themselves, and there are lessons from other countries about helping employees do this. Education is also important, as employees need to understand the risks they will face pre- and post-retirement and that with changing market dynamics and improved longevity, investment strategies need to evolve from traditional ideas. Enjoy this edition of PLANSPONSOR Weekend!
As a growing number of America’s aging workers delay retirement, employers should consider applying a multiyear strategy alongside their 401(k) plan to find ways to improve their employee’s ability to retire on their own terms and minimize the higher costs associated with those who are forced to keep working.Read more >
Nathan Voris, with Schwab Retirement Plan Services, discusses how retirement calculators can be a useful resource for employees—by spurring them into action and providing them with more confidence about retirement readiness.Read more >