The Retirement Reshuffle Is Impacting Plan Sponsors
Across the nation, more and more workers are expecting to postpone retirement. In fact, a survey by the Nationwide Retirement Institute shows that 40% of older employees plan to retire later than anticipated because of inflation. And delays don’t just affect employees — more than a third of employers are concerned about increased health and benefit costs, negative impacts on their staff’s mental health and barriers to hiring new talent.
Employers Can Help
If you sponsor a retirement plan, you’re already doing something important to encourage employees to retire comfortably and on time. And if it’s part of an overall financial wellness plan, that’s even better. However, while 68% of American workers have access to a 401(k), only 41% are actively contributing to it. Working with your advisor can help you design the right benefits package for your organization — and find ways to increase participation and contribution rates through access and education.
