Retirement readiness

Academic and non-profit institutions need a new strategy for today’s changing needs.

During that first 10 years of our 40-year careers, most of us contribute very little or nothing to our retirement accounts. At that time in our lives, retirement seems pretty far off – but it isn’t.

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

Ten states and one city have already taken steps to offer government-facilitated retirement programs.

During that first 10 years of our 40-year careers, most of us contribute very little or nothing to our retirement accounts. At that time in our lives, retirement seems pretty far off – but it isn’t.

One may have lots of disposable income, while the other may have to rely on taxable distributions.

A company that employs 10,000 people can save $500,000 a year by getting employees on a more sound fiscal footing.

Employing a range of learning methods, moving the participant to action, and measuring the impact of program initiatives can lead to long-term success through easily understandable information.

Kentucky, Louisiana and New Jersey are among some of the least-appealing places for employees to spend their post-work years, thanks to low scores in affordability, health-related factors and overall quality of life.

Recent IRS guidance and legislative changes show hardship withdrawals is an area where both plan sponsors and participants may still have questions.