Are your employees ready to retire? Probably not. Do they think they can? Doubtful. And are they taking steps to pave their way for their retirement? Most aren't.
A new retirement confidence probably doesn't offer any surprises wits.regard to the amount trepidation plaguing workers nearing retirement, but it could very well offer a golden opportunity for you to talk to them about their golden years.
The Employee Benefits Research Institute's 2011 Retirement Confidence Survey – conducted with Mathew Greenwald & Associates Inc. – reveals that U.S. workers are more concerned than they've been in at least 20 years. More than a quarter of them – 27 percent – insist they're "not at all confident" about leaving the time clock behind. That's up a whopping up 5 points from just a year ago.
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That being said, those who remain "very confident" of a comfortable retirement heald steady at 13 percent, the study's lowest recorded rate.
The survey also found "roughly a third of workers and retirees said they had to dip into their savings in 2010 to pay for basic expenses." And those with retirement savings accounts remained far less likely than those without these accounts to tap into their savings.
But you don't need another survey to tell you how frustrated – and downright fearful – workers and soon-to-be retirees are. But it's your job to help assuage those fears but educating them about their retirement savings options.
Are you ready to tell them about your company's 401(k) matching program? Do you think you can use their concerns to educate them about their individual retirement account options? And are taking steps to boost enrollment when the time comes?
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