Retirement is a significant life change, and employees want to be financially prepared. Companies can play a crucial role in helping employees stay on track for retirement by providing them with information and resources.
One of the most important things companies can do is help employees understand their retirement savings options. Many employees need help figuring out where to start when saving for retirement. Companies can guide them in choosing the right savings plan and setting realistic savings goals.
Companies can also help employees stay on track for retirement by providing financial planning tools and resources. Many employers offer financial planning workshops or one-on-one counseling to their employees. Companies can also direct employees to online resources, such as retirement calculators and financial planning solutions like SAVVI’s Financial Wellness platform
Another tip is to help employees stay on track for retirement by conducting year-end reviews at the end of the year. During these reviews, it is important to point out retirement savings goals with employees and help them develop plans. You can also remind employees of deadlines for changing their retirement savings plans.
Here are some specific things that you can do to help employees stay on track for retirement at year-end reviews:
Review employees' retirement savings goals with them.
Help employees develop a plan to achieve their retirement savings goals.
Remind employees of any deadlines for making changes to their retirement savings plans.
Discuss retirement planning resources with employees, such as financial planning workshops and one-on-one counseling.
Encourage employees to take advantage of employer-sponsored retirement savings plans, such as 401(k)s and 403(b)s.
Educate employees about the benefits of saving for retirement early.
Help employees understand the risks associated with retirement, such as inflation and longevity risk.
By taking these steps, you can help employees stay on track for retirement and achieve their financial goals.
Here are some additional tips for helping employees stay on track for retirement:
Offer auto-enrollment in retirement savings plans. Auto-enrollment is a great way to get employees saving for retirement, even if they need help deciding where to start.
Match employee contributions to retirement savings plans. Matching employee contributions is a great way to incentivize employees to save for retirement.
Offer educational workshops on retirement planning. Retirement planning can be complex, and many employees need assistance. You can assist employees by offering educational seminars on retirement planning.
Create a culture of retirement planning in the workplace. You can create a culture of retirement planning in the workplace by talking about retirement with employees and encouraging them to save for retirement.
By following these tips, HR executives can help employees stay on track for retirement and achieve their financial goals. Interested in learning more? Click here to schedule a 15 minute chat now to discuss how SelectSmart might work for you. Or simply call us at 781-583-7017 or email us at sales@savvifi.com.