UBP blog

09/09/2009

Are your employees financially ready for retirement?

Filed under: Uncategorized — ubpblogger @ 9:02 am
Tags: ,

And are they equipped with the financial planning tools and know-how that will help them out along the way?

 

According to the recent Study of Consumer Finances (SCF), 30% of U.S. households have no retirement wealth whatsoever. On top of all this, most of the people in these households are adults over age 50 who believe that they’re financially prepared for retirement.

 

From these results it’s safe to assume the following:

 

  •  Many  employees ages 50+ are ill-prepared and under-educated on financial preparedness for retirement

-or-

  • They lack the skills to plan for their future fiscal well-being 

 

What can employers do?

 

A possible  solution for employers to consider is providing  employees with the noncash benefit of financial planning.

Here are three possible options to offer to your employees to help them plan for and achieve a healthy retirement:

           

–          Bring in a third-party professional to educate and assist your employees with their personal financial needs

–          Hold a mandatory orientation meeting for new employees to ensure they understanding their own financial needs, and are aware of the retirement plan your company provides

–          Provide tangible information for your employees to learn about the benefits of proactive financial planning for their futures (i.e. pamphlets, memos, etc.)

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