At the age of 24, I have not even begun to start planning for my retirement. In fact, 83% of employed individuals do not have a plan of how to convert their savings into a source of income at retirement (Christman, 2010). What is more alarming is that 73% of retirees had wished they started planning their retirement income at least 10 years earlier (Christman, 2010). In today's time, pension plans are decreasing and there is a uncertainty regarding the future of Social Security. Below are some suggestions of how companies can assist with retirement planning:
- Invite a Financial Advisor on Site. There are an abundance of financial firms available that provide advisement services on retirement planning. Research these local firms and invite them to spend a day in the offices. Most of these firms jump to this opportunity because it helps them to increase business. These advisors can either leader group training sessions or have short one-on-one sessions.
- Utilize autosaving. Procrastination is our worst enemy. Employees continually delay registering for plans. Automatic enrollment and automatic deferral allows employees to register for plans quickly and easily. In addition, it can assist employees with understanding their contributions.
- Do not neglect the young employees. Training younger employees on the benefits of saving can have a drastic influence on their savings. They may be able to contribute less over the years or create plans that allow for a more comfortable income at retirement.
- Communicate with older employees. It is suggested to start educating five years from retirement. People are generally starting to plan their retirement at this stage but they also have plenty of time to make needed changes.
- Invite Social Security on site. Research a local Social Security office and contact them about having a representative visit the office. The representative can speak to individuals about how Social Security will function in their retirement, potential changes in Social Security and to address any concerns.