It’s often difficult for those not immersed in the everyday concerns of retirement saving to know what to ask (let alone how to interpret the answers). It’s up to plan sponsors and the service providers they employ to guide plan participants along the proper route.
Education
This is the decade in which retirement savers need to accelerate their savings efforts in order to take full advantage of the positive impact time has on the growth of that savings.
It’s not rocket science, but it’s not easy – either saving in the first place and then investing for the long-term, which means 20-year olds better be as comfortable riding the market as much as they are riding an amusement park roller coaster.
Remember, it’s not what you know that’s important, it’s knowing that you don’t know what’s important that’s important.
“Nothing is more in the best interest of the child. The judicious carrot of spending, when managed properly, actually instills a strong sense of and desire to save and, ironically, not spend.”
Only by focusing on these steps from the bottom up can the builder consistent construct homes of superior strength, durability, and functionality. How might one take the same approach with retirement?
Financial professionals may have an idea of what millennials want, but millennials have their own ideas – and their “trusted” sources of information may just surprise you.
What if I told you that something vital to top business schools, the financial services industry, your business and your clients’ success and satisfaction doesn’t work as advertised?
A five-point plan all 401k plan sponsors can implement right now to help employees make better retirement saving decisions.
“The want/should dichotomy addresses headed on the conflict between the instantaneous gratification derived from buying something today and the delayed gratification inherent in saving more for retirement.”
