From the course: Helping Your Employees Meet Retirement Goals
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How to engage different groups in your retirement program
From the course: Helping Your Employees Meet Retirement Goals
How to engage different groups in your retirement program
- The road to retirement is a long and winding one. And because everybody makes their own way down this path, your retirement plan needs to address the needs of your specific employee population. So let's review different population sets and see what their common needs are so that you can model your programs to target those needs. First off, it's important to understand that age has a significant impact on retirement planning. Gen Z and younger Millennials are just starting out in the workforce, and may be carrying student debt. As a result, this group tends not to be as active in retirement programs. In fact, when 25-year-olds were offered enrollment in an optional retirement plan, their participation rate was a paltry 27%. So for this age group, the focus could be on getting them on solid financial footing. That means offering education programs, budgeting tools, savings plans, debt reduction plans, and access to a financial advisor. In fact, contributing to a retirement plan before…
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