Retirement plan sponsors are beginning to understand why helping employees get ready for retirement is so important.
In the past, employers weren’t really concerned with employees’ financial well-being. They didn’t think it was their job. Fast forward to today and 39% of employers that offer a defined contribution plan view their employees’ retirement readiness as a current risk.
In its Retirement Plan Governance Survey, consulting firm Willis Towers Watson found that employers are increasingly concerned for their employees’ financial wellbeing and are planning to take action to help them retire in a timely manner. Many of the employers surveyed responded that they plan to shift resources to financial wellness and retirement readiness over the next couple of years.
Author Paula Aven Gladych tells more of the story as the nation shifts away from 401(k)s and 403(b)s and all of us now have to make sure we're stashing enough away to be safe and secure in our later years. If you're not sure about your current budget or how your long term saving plans are measuring up... we can help.