01.26.22

Retirement security isn’t a guarantee anymore. How employers can help

Retirement Security and Financial Education

Retirement security is far from guaranteed. That’s why it’s essential companies help their employees better prepare for their eventual retirement. Amanda Schiavo from Employee Benefit News (EBN) recently interviewed me about this topic and other retirement planning issues. Some insights from this interview include:

  • The need for businesses to provide financial education for employees. Financial education helps your staff fully understand the benefits your company offers.
  • Employers should give their staff several different savings vehicles/financial tools options. When employees have more options, they’re more likely to utilize at least one of these vehicles/tools.
  • The reason employees need to utilize an employer contribution match, if possible. An employer contribution match is free money for an employee. You’re costing yourself savings if you’re not contributing to the match amount.
  • When able, employees should take advantage of medical spending accounts; medical spending accounts protect employees from one of the most significant sources of debt in America – medical bills.
  • How maintaining good health is beneficial for your retirement security. The better your health, the less costly your retirement will be.
  • And what employers can do to help them maintain good health and, subsequently, positive finances.

If you want to learn more detail about these topics, read the entire article here: benefitnews.com.

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