How to Help Employees Navigate Retirement in spite of Inflation

Financial resilience is more important than ever, and for many, thinking about retirement feels increasingly impossible. In 2022, the Employee Benefit Research Institute conducted a survey that found half of retirees who are worried about retirement noted that the main reason was due to post-pandemic inflation.

Even with ideal circumstances, planning for retirement can be complicated. Employers are an essential resource to help employees manage their retirement savings and financial turbulence. In order to help your retirement participants to stay engaged with their plans, there are some key steps to take in leveraging the relationship with your 401(k) plan financial adviser.

In order to assist your employees in building their retirement nest egg, consider offering holistic financial offerings, such as financial advisors. Providing employees with education so that they can plan and save better is a great first step in assisting future retirees. Financial advisers play a critical role in allowing employees to keep on top of their long-term financial goals, including retirement. Financial investment advice offers employees peace-of-mind, with 87% of plan sponsors saying the company has better plan outcomes with financial advisers available.

Be sure to illuminate your outside resources, such as Social Security, Medicare, as well as long-term-care insurance so that employees can figure out their savings needs. Providing on-demand seminars for staff, as well as fact sheets and retirement newsletters is a good place to start. Hosting employee resource events, enrollment drives and guest speakers also allow your workers to better understand their retirement plans.

For more information contact Eric Allen Kauk, Esq., LL.M. at (813)-203-0208 for guidance.