American Workers Seek More Security in Retirement and Health Plans

With the decline in pension plans expected to continue. Companies that seek to remain competitive for talented employees must provide excellent employee benefits. This includes a 401(k) plan that looks more like a pension plan but without all the risk for the employer. MOst plan participnats realize that they cannot beat the market. These employees are looking for guidance from their employers. Those employers providing the proper guidance will be rewarded with talented and loyal employees.

English: In the United States, Social Security...
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Retirement security has become more important to many employees

The economic and financial crises over the last three years unveiled a retirement savings crisis long in the making. While Social Security’s shortfalls are a perennial worry, recent steep declines in 401(k) accounts — in some cases combined with inadequate savings over a longer period — and falling housing prices have forced many workers to shelve their dreams of a comfortable retirement, at least temporarily.

Since the economic crisis, nearly two-thirds of survey respondents have been paying closer attention to their retirement readiness. This is particularly true of older workers, DB plan participants and higher-income workers. Over the last three years, retirement security has taken on greater priority for nearly nine in 10 older workers

Business owners/managers will need to focus more on the quality of the retirement plan they offer to employees to attract and retain talented people. A great way to address this is to hire an independent fiduciary to a manage their company retirement plan. This will improve results and reduce anxiety.

Please comment or call to discuss how this affects you and your company.

  • In Retirement Planning, Knowledge Trumps Confidence (money.usnews.com)
  • Small Business Owners: Workers financially unprepared for retirement at crisis level. (401kplanadvisors.com)
  • Benchmarking: The Key to a 401k Plan Sponsor’s Fiduciary Compliance Review (401kplanadvisors.com)
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