Retirement readiness

While these services are far from perfect, they are a useful way to start a conversation with employees planning for their post-work years.

Employers should concentrate on adopting measures that enable seamless plan-to-plan savings portability for participants, especially for employee accounts with less than $5,000.

While these services are far from perfect, they are a useful way to start a conversation with employees planning for their post-work years.

Benefit advisers have a definite role in helping employers take steps toward building a more financially-secure workforce.

Fiscal literacy isn’t taught in high school and colleges, so employers must counsel their younger workers about saving money.

Starting small, with financial checklists and cash flow worksheets, can have a large impact on plan participants.

Clients are advised to keep track of their financial information and have a trusted person who knows where to locate it.

Employees who have access to a workplace plan and start saving early are in the best position to retire when they finally reach the age of 65, says the EBRI.

One of the misconceptions is that payroll taxes should be raised and benefits should be cut considerably to save the program.

EBRI finds that employees with access to a workplace plan and start saving early on are in the best position when they finally reach the age of 65.