Plan sponsors need to rethink their approach not just to retirement savings plans but health savings accounts (HSAs) as well—and not just the design of the former, but promotion of the latter to employees as a supplementary means of retirement savings.
That's according to a Society for Human Research Management report, which points out that when presented separately, as the two accounts generally are, they leave employees in ignorance about how effective they can be to boost retirement savings when used in tandem.
In the report, Kevin Mahoney, senior institutional consultant at The Mahoney Group of Raymond James, says, "Increasing numbers of employees are postponing retirement, many driven by financial necessity," and urges employers to consider a new approach to both accounts.
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