Once a person enters retirement, the number of scenarios proliferate. Unless the plan sponsor is a financial professional, it’s going to be a challenge to quickly comprehend all these options.
Tag "spending"
This isn’t to say younger employees should be left out of this type of education altogether. They shouldn’t. It’s important the message is drip, drip, dripped from the beginning of the onboarding sequence.
The mistaken promise of participation may have an all-too-familiar ring to corporate retirement plan veterans.
Perhaps, just as plan sponsors have developed onboarding programs for new hires when it comes to saving for retirement, maybe they should add “unboarding” programs as a bookend for those nearing retirement.
The real prize, though, comes courtesy of following Ben Franklin’s advice. Once you convince them to save and they see the perpetual motion machine known as “compounding,” your job is done.
If retirees could go back in time 50 years, this is what they’d want to know.
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