With five generations comprising today's workforce, ensuring employees at all career stages are equipped for retirement is often challenging for employers. Touting retirement plan options that are tailored to employees is a valuable tool for employers in employee recruitment and retention efforts.

Innovation in the retirement industry

Is today's retirement system broken? Does it accomplish the mission of helping hard-working Americans save for and enjoy a desirable quality of life during their retirement years? This has long been a hotly-debated topic with plenty of supporting evidence on both sides of the argument. I contend today's retirement system has areas that need to be addressed (and actively are, with regulations such as SECURE 2.0), but the overall framework does work. In a world where immediate gratification is king, what appears to be broken is the lack of engagement on a topic where delayed gratification reigns supreme. Regardless of how well-prepared you are (or are not), one thing is certain – millions of Americans need advice on their finances and it's the driving force behind innovation in the retirement services industry. These employee-centric advancements are squarely focused on meeting the demands of today's consumers and helping them feel more confident with their financial direction. More on this in a moment.

Retirement savings vehicles have transformed significantly over the past decades. Those of the five generations in today's workforce closest to retirement likely remember (and if fortunate enough, are privy to payments from) pensions plans while the youngest of today's workforce will be the first generation to have to shoulder to the weight of savings for retirement solely leveraging the structure of a 401(k) plan. While the defined contribution structure places the savings risk on the employee, employers have a responsibility to help their employees adequately prepare for retirement. This responsibility looks like properly designing their retirement plan and monitoring investments as a fiduciary, making (or exceeding) adequate matching contributions for your employees, and making accessible the latest and greatest tools and resources the industry has to offer to support their financial journey.