Will your retirement outlast your savings?
National Retirement Security Week, held annually during the third week in October, is a dedicated effort to raise awareness and help individuals take concrete steps towards a secure retirement. Whether you’re 25 or 55, it is vital to seriously consider a proper saving plan to allow for a comfortable and financially secure life after retirement.
We understand it can be tempting to put saving for retirement on the back burner when you have other top-of-mind financial concerns like paying down existing debt, lack of emergency savings and inability to meet monthly expenses. But the longer you put off planning for your future, the farther you will fall behind. Remember: It’s never too late to start.
To be financially ready to retire, Fidelity Investments says you should aim to have TEN TIMES your salary saved by age 67.
Learn and plan your retirement
We at USI Consulting Group have a robust library of retirement and investment resources to help educate and assist retirement plan participants in managing their retirement accounts.
- 401(k) do’s & don’ts
- Top 5 things your retirement plan offers
- Strategies to reach your savings goals
- Create your savings plan
- Pre-retirement to do list
- Retirement Saver’s Credit: What it is & how it works
- A lifetime of investing
- Diversifying your investments
- Rebalancing your portfolio
- Timing the financial markets
Make sure you are participating in your employer-sponsored retirement plan to start saving for your future!
Why should employers care?
A key component of achieving financial wellness in the workplace is making sure your employees are financially prepared to retire. Employers have begun to focus on employee financial wellness to better understand the barriers employees face in saving for retirement. If employees aren’t able to tackle their short-term goals (i.e., pay down debt, establish emergency savings, afford healthcare), they won’t be able to start to think about retirement.
Your employees may not be speaking up and requesting help, but they need a financial well-being program that does more than offer online retirement income calculators or sessions with investment specialists. Employees need a financial well-being program that helps them improve their ability to live within a budget, reduce debt and save for the future.
Helping employees improve their retirement readiness can also help mitigate the projected economic costs to your business. Our recent article, Is Delayed Retirement Impacting Your Bottom Line?, reports that employers spend more than $50,000 per employee each year an employee delays retirement. A workforce that is financially unprepared to retire can impact businesses in a wide variety of ways, including potentially higher labor costs, increased health care premiums and lower productivity due to financial stress.
How USICG Can Help You
USI Consulting Group has been helping employers enable their workforces to successfully plan and invest for retirement for over 45 years. To learn more about USICG’s solutions and how we can help you improve your employees’ financial security and retirement readiness, contact your local USICG representative, visit our Contact Us page, or reach out to us directly at information@usicg.com.
This information is provided solely for educational purposes and is not to be construed as investment, legal or tax advice. Prior to acting on this information, we recommend that you seek independent advice specific to your situation from a qualified investment/legal/tax professional. 1022.S1013.0063a