Early career employees have different needs than an executive getting ready to retire. Employers should group their population by HSA ability levels with the goal of helping their employees' level up their HSA behavior over time.
But don't call it a defined benefit plan. Call it guaranteed lifetime income. That's what the surveys say employees are asking for now. And start the messaging today.
As a benefits professional, you are in a position to help employers attract and retain employees. They need help in telling the story of their benefits package in as compelling a way as possible.
About a third (31%) say their employer's efforts to help with their overall health and well-being has increased in the past year, but fewer than half rate their employer's efforts in these areas as excellent or very good.
Since many higher education institutions can't compete with the desire for employees to work completely remotely, 90% of them said a DC plan is key and half of the colleges and universities have added or increased employer match.
By putting the right financial wellbeing solutions in place, employers can start to alleviate the severe stressors that may exist between races, genders and other vulnerable groups – and help these people stay at your company.
Reducing monthly expenses can extend a retiree's $500,000 savings by more than seven years, according to the financial advisory firm, which examined three sample retirement portfolios.
The retirement age has also risen from 62.6 in 2021 to 64 this year, and employers need to prioritize their employees' financial health by offering tools and resources that make it easier to build wealth, recommends a new report.
Now, experts are saying it should just be a guideline for a retirement plan. Instead, give greater consideration to commission-free retirement annuities, which are built to generate income while also offering predictable income.